re: guyane and uganda Steve,Just topped up 30k at $1.90, as I am...

re: guyane and uganda Steve,

Just topped up 30k at $1.90, as I am convinced the market is wrong.

HDR has modes reserves, but heaps of resources for appraisal, and most importantly huge acreage, and the CASHFLOW to drill it. Much of it very prospective, and much on very good fiscal terms, ie Mauritania and even better Guyane and the Falklands.

I"ll never understand the HDR sp, but I like to run some comparative value approxiamations, eg against ROC in the past. That caused me to switch to ROC mid 04 after the exuberant ride up from 70 c to nearly $2 (then beyond after I sold). Meanwhile ROC seemed clued to the spot. I held faith in my valuations and ignored the market, which IMO had no logic then and none now (except momentum, bandwagon, flavour of month vs out of favour).

Well ROC has doubled and I have been buying back into HDR around exit prices. I intend holding both as good exposure to some very good frontier areas.

I am prepared to be patient, and eventually the sellers who may be stale bulls, or maybe too timid to stray far from a percieved WPL valuation? Soveriegn risk? Still reducing Tiof valuations?

Maybe we need astrocycles or something to understand the sp, but sooner or later IMHO it will be the market darling again, and no doubt get overvalued (again).

Entropylord

PS Price always drops day after I buy.