OTM, going back a little earlier in the HDR story. They had been...

OTM, going back a little earlier in the HDR story. They had been a typical junior sitting around the 5c level for quite some time. As spud date arrived their sp got to the mid 30's.

It rocketed to $1.05 on success (bear in mind the oil price was in the mid 20;s per barrel) at their first drill called Chinguetti. In the next 6 or so weeks it peaked at $1.30 while waiting on the drilling of their second well.

Unfortunately for HDR the second well was a dud and the sp fell all the way back to 45c before recovering to 60c.

As I recall the shares on issue were not dissimilar to Neon but the major differences is that Neon has a useful production base, low sovereign risk compared to HDR's Mauritania, much higher oil price in real and actual terms, Neon has proof of hydrocarbons as opposed to HDR's true frontier wells and we have far greater infrastructure and markets immediately available locally to the drill sites.