I had a slightly different reading of the report. I see the Sandpiper commentary as very positive - it seems clear to me that Dr Reid sees Sandpiper as a project that is economically feasible and, even more importantly, able to be rapidly progressed to production. I am confident in the potential for it to deliver value.
On Mehdiabad my reading is to expect nothing for now but the company is keeping the iron in the fire. It's in a holding pattern, this could change (either way) at any moment but they don't seem to hint at when. Personally, as a long term holder, I've mentally moved on from Mehdiabad - bonus if it comes through but contributes virtually nothing to current market cap. I'd be quite happy to see it expedited to Arbitration or even to negotiate a sale of our interest back to the govt.
Sandpiper all the way, roll on the next commodities bull run as we should see RP continue on. I think it's about to start as the massive US bailout will surely weaken the US dollar further and also deliver a transfer of US wealth to foreign countries with the opportunities that are going to open up to buy into their financial sector.
UCL Price at posting:
1.0¢ Sentiment: Buy Disclosure: Held
