Been thinking that there was going to be a pull back before...

Been thinking that there was going to be a pull back before drilling for a while now.....but it just isn't happening....HDR will be comparable to Santos in production terms by the time TIOF comes into production , 2008.

HDR negatives,

* Extra six months before production starts at Ching , March 2006

* Extra costs to develop Ching

* Arabs are trying to get price of oil down, ( If they can with northern hemisphere going into winter)

* Will cash hold out the extra 6 months? Will they need another raising?

Hdr positives......We all know these...I look at STO shareprice for comparison of where HDR are headed.
STO have a few less shares on issue & their production may be a little cheaper but HDR are headed for the same ballpark.




Luck All



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