Potter did not tell the truth in May when asserting Ching problems were quite manegable with flow rates stabilising nicely, what a joke that's proved as his own data on Ching daily flowrates have shown.
Then several times since May the sp has been boosted with quite promising news, only to be savaged over the next several days by Potters posting of more ills. I brought a few HDRs last time around 160 only to see the price drop 25 odd cents half an hour later when Potter put out his statement inferring massive reserves downgrade... though the operator has yet to review the reserves position. And some have been profiting from timing of bad announcements after good announcements... I can't recall who it was but somebody posted a while back that when HDR starts going up or puts out good news, bad news will follow within 48 hours. Thats very often been true.
TLW is a well run company I beleive and wouldn't take a massive risk, so in my view Potter has just been selling HDR short because he's a poor manager made much poorer by not having his heart in the company, just a stepup for him which hasn't worked like he (or we) hoped. And I figure he would be pushed out the door by some upset placementees.
I'm not surprised he's the guy BP used in Russian dealings. My own view of him is cunning, devious and prepared to state the picture of HDR that suits him at the time, whether or not it is a reasonably balanced view. I beleive he did that at the AGM and post presentations, on the optimistic side, and now he's still doing it with an under optimistic picture of HDRs position in particular on Uganda. (Interesting when Potter took over his Coprporate file interview he mentioned he thought HDRs best prospects were Gutyane and Falklands, not Uganda.)
Anyway I will probably sell out soon enough because HDR have no future at all given the current managements view of HDR, and chronic inability to deliver anything. Ching isn't their fault but what about at least pushing the operator hard ? we've paid huge sums to Woodside over the years for more than the incompetant development they've delivered, or else HDR should threaten damages, the field should never have underdelivered as it has.
With a few of my HDRs I'll probably buy a Woodie share and give them hell at their AGM next year on the Ching debacle, a catastrophe for HDR. Any others thinking of doing the same?
HDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
