CJ, 107Mb was what HDR claimed but that was 2P and contingent combined.Given contingent is blue sky the figure needs to come back to 2P.
The Mauritanian assets were subject to a number of downward revisions including Chinguetti which had gone from a pre drill target of 180MB(gross to jv) to an independently assessed 53MB(gross to jv) at the time of the takeover.
To compare HDR with Neon at the stage Neon is at today all HDR had was the Chinguetti discovery and a some very minor production reserves. They did have wide portfolio of acreage with promise but the following Mauritanian discoveries/Uganda etc came at a later stage in HDR's life cycle.
For Neon to compare with HDR's takeover time frame I imagine Neon reserves will have been expanded substantially given the prospectivity of both Vietnam blocks and CA ongoing development, let alone Indo.
NEN Price at posting:
33.0¢ Sentiment: LT Buy Disclosure: Held
