not so much a question of loving the stock too much, as...

not so much a question of loving the stock too much, as expecation Chinguetti would work as predicted may have kept many in HDR despite the huge volatility and disappointments the last few years.

Essentially that means trusting Woodie had the nous to understand issues and risks at Chinguetti, which clearly with hindsight they haven't despite all the money spent on lengthy computer studies.

I was also caught out by HDR management's positive spins on Chinguetti and all other fronts Hardmanish at the time of the AGM. Sad to say I think they duped me and others on numerous (virtually all) fronts, SP's positive interpretations on Ching at the time (flows stabilizing nicely, reserves still there so don't worry etc, 2-3 more wells soon etc... drilling low risk wells in Suriname this year etc, we also didn't hear that the Ah would leave Mauri for most of next year. And re. Uganda, SP confidently stated they had 60mmbls recoverable and now turns out their P50 figure is 30mmbls. How can that be defended as anything but (euphemistically) a "gross embellishment of the truth"?

However, on the above it seemed quite resonable to continue holding HDR; then the truth comes out sometimes AFTER major sp declines have already occurred, or as a bolt from the blue when the sp has already tanked before one can get to a computer screen.

As I say not so much loving HDR for me - I never have - but due to above factors just unfortunate to hold too many having placed too much confidence in Woodie being competant and HDR management being reasonably forthright with shareholders.

It'll be interesting to see how SP fronts up to shareholders at next year's AGM. He'll need to be a busy boy before then if he wants to avoid a lynch mob. He'll be praying Tiof gets the nod and Ching flows hold up - so will I. Fortunately Woodie sp taking a big pounding also so may force them to progress Tiof decision faster they've been capable of to date.