Hooter, I have found the UBS conclusion to the full report - 60...

Hooter, I have found the UBS conclusion to the full report -

60
While we can not fault the Mauritania joint venture partners’ current goal to get
Chinguetti fully developed on time and budget in Q106 and evaluate Tiof for a
potential early development scheme in ‘07, we eagerly await the future
resumption of Mauritania exploration drilling activity. Despite the relatively
poor recent exploration drilling results, we believe the Mauritania deep water
Salt Basin remains relatively unexplored with a better than industry average
success rate (5/11, or 45%). In our view, the resumption of offshore Mauritania
exploration around April/May has potential to create a catalyst for a positive
share price performance should investors choose Hardman in order to position
themselves for exposure to the potential upside from the wells. For example, the
Petrel prospect which Hardman estimates has 100 –250 mmbbl (gross) potential
is likely to be drilled in 2005.
Outside of Mauritania, we have tended to heavily discount the other frontier
areas of Hardman’s operations, particularly since they are often in an early stage
of evaluation and have not involved significant capital investment. Thus, the
fact the Eritrean Cabinet has recently refused to award a PSC to Hardman, after
previously establishing a MOU and worked through PSC terms, does not make
us overly concerned. There also possibly remains other non core areas of
Hardman activity that we think have limited potential that could also be exited
when it is appropriate to do so. Conversely, two frontier areas are, in our
opinion, noteworthy since they appear to have potential for reasonable upside:
1. Offshore French Guyane (HDR 97.5%) in South America hosts the very
large “Matamata prospect” with multiple objectives subject to farm-out
negotiations (delayed) for potential drilling in 2006.
2. In addition, “several highly ranked prospects” in the Albert Lake area
Block 2 (HDR 50%) of Uganda, East Africa looks interesting.
In summary, we believe the resumption of exploration activity around
April/May '05 offshore Mauritania, potential confirmation of Tiof development
go ahead in ‘05, and the Chinguetti oil field start up in Q106 combine to provide
positive support for a future Hardman share price re-rating.

My apologies for some of the text being mangled in transition.