drilling update....yawn!, page-42

re: one discovery a year, we are due Interesting times for HDR.

In the last four years one new discovery per year:

2001 Chinguetti, oil, big rise in share price
2002 Banda, mostly gas, high expectations, big fall in share price
2003 Tiof, large oil field, big rise in share price,
2004 Tevet, small oil and low risk all other bigger prospects come up dry, drop in share price.
2005 .... according to this pattern we are due for a significant success. Current share price certainly doesn't reflect any exploration upside.
(Pelican "technical success" no chance of being commercial at this stage of the game)
This pattern does not reflect that Woodside is getting better at making discoveries in Mauritania. The bigger exploration programs of 2004 and 2005 have yielded less success so far, than the smaller programs in 2001, 2002 and 2003.

Nonetheless I am in for the long run and odds are that many more discoveries will occur,

Best whishes to hdr holders