re: what potter didn't say! Dozens of pages but not much "news", and quite a bit unsaid. As CS First Boston said this morning the market wanted news and it was unlikley to get it .. and they were right! Here's a quick list of what Simon didn't tell us:
1) Where CSEMI was and wasn't used
2) We didn't even get a hint of a Chinguetti reserves upgrade as a result of the extra drilling
3) He intimated that Sotto and Espadon were "scientific" but didn't say it outright .. at least they have no implications for exploration going forward
4) A date for a well or wells in Uganda .. at least its happening and they are looking at 2 wells
5) A date for a well in Guyane ... but at least its happening.
And a few disappointments for the market:
1) HDR reported a loss and its not producing .. so those punting on POO may look elsewhere short-term
2) HDR going it alone in Guyane .. no farm-in announced or likley near-term
3) Gas commercialisation is only now being negotiated
Plenty of positive stuff in the Open Briefing particularly about Chinguetti flow rates..awesome, cash flow expectations and HDR's intention to be procative in their holdings outside Mauritana. But Ted was more exciting!!!
H
HDR
hardman resources limited
