Olive Blossom, Because HDR has no operating cash flow as yet, it...

Olive Blossom,

Because HDR has no operating cash flow as yet, it has been severely oversold relative to both WPL and ROC. If one takes the time to do a thoughtful exercise giving fair values to all the various components of all three companies, one discovers that both ROC and WPL have price allowances for ALL their operations, whereas HDR has been selling for some 60% of its value of Chinguetti alone.
With oil production from Chinguetti due to commence tomorrow, the market will correct these anomalies, and we will find that for once in his life Ian Huntley and crew have their values about correct at circa $4 per HDR share.