re: broad range to cover his backside aka hooter,Whatever kpmg...

re: broad range to cover his backside aka hooter,

Whatever kpmg come up with it with have a number of ifs and buts attached to it. There was a very interesting article posted some months ago on how you value an oil company. The bottom line was with great difficulty. How does one value reserves?

Once the report is published any second bid for HDR will still need to assess the report and make comparisions with their own judgement of the Company's value to themselves.

We tend to think that they are going primarily after Uganda but I think it is also interesting that TLW have been so bold as to state they will drill Guyane next year before they have even got their feet under the table at HDR. With both areas active I doubt if it would take much time for TLW to re-coup any initial outlay

regards