re: tiof drill result Edd, just jumping in before hardmano gets...

re: tiof drill result Edd, just jumping in before hardmano gets out of bed(we're got a couple of hours headstart on you aussies).Hdr has been a good spec play during its mauritania drill season for the last 3 years. 2004 will probably be the same. I believe with production still being 2 years away that hdr will go through its "boring periods" and we will see the price fall well below fundamental value. Unless theres a late summer drill programme in WA by April next year it will be at or around its years low. Who knows what this will be but this years 40ish mark may not be out of the question.Under your two scenarios Edd I would hope this low would be higher.
This rollercoaster ride will continue until Chinguetti begins to appear in the books in 2005/06. A bit like psa,amu and even ayo the market will wake up and be forced to recognise the impact of the cash flow on the profit figure and balance sheet. Similarly, around this time is when institutions will really take notice of the company.