BANDA reserve estimates, page-3

Chinguetti,

Quite right IMHO about the warrants.. a poor (or result on Chinguetti-4-2) will really knock the warrants on the head and for the brave it will be an opportunity of a life-time!! I think anyone would be hard-pressed to find a more highly leveraged warrant than HDRWMA escpecially if Chinguetti-4-2 fails and the warrant gets knocked down to 2-3c (or lower)... this would really position the brave into quite a remarkable position if BANDA succeeds.. I think all that is very speculative due to the limited number of warrants on circulation and the likelyhood of many being held by long-term HDR holders.. still an even better scenario is a huge success on Chingueti-4-2 since this will make the warrants highly liquid and offer more choices to longer-term-holders.

Regards