HDRs run rate yields a value of $11.61 HDR has scored 2 out of 3...

HDRs run rate yields a value of $11.61 HDR has scored 2 out of 3 wells. I was curious to see what HDR would be worth if this hit rate continued. The answer is about $11.61, although I don't consider this likely, there will probably be some reversion to the industry average hit rate of around 30%. Nevertheless if Banda comes through in Sep/Oct I wouldn't be surprised to see $3-$4 within 12 months.

See the math here:

http://home.mindspring.com/~smstuart/myfiles/mauritania_winners9a.xls