hardmano - come home, all forgiven, page-2

Howdy snoball. The price seems to have stabilised a bit now which is good. We'll have to see how this afternoon goes. Hopefully the bargain hunters will dominate.

Looks like we'll have a lot riding on Faucon, Zoule and Uganda now in the short term. I still think it's unfortunate that Hardman couldn't push for a low risk well to be drilled smack bang in the middle of the oil hot-spot near Chinguetti, just to lock in another discovery and keep the shareprice from being hammered down. Even on one of woodside's presentations, you can see that it was very borderline whether Labeidna was going to encounter any of the fairway sands. It's sole purpose was to test the southern extent of the sand channel, in the same way that Espadon and Merou tested the Western flank of the Tiof sand channel.

What I think a lot of investors (and brokers especially) fail to realise at this stage though, is that none of the exploration wells in Mauritania have been targeted at the known oil hot-spots in the proven Ching or Tiof sand channels, with the exception of Tevet. I think once they progress to that stage we'll see oil discovery after oil discovery, aka the run of success exon-mobil has had in angola recently. It's just a matter of when they're going to start building the reserves and stop finding out where the oil "isn't". From memory the 13 out of 13 successes that exon-mobil had in angola was in an area of similar size to the Chinguetti EEA, so you can imagine what's in store for us when they finally start sinking some wells in there. This is the main thing I want Simon to address at the agm or the roadshow presentations coming up.

Still a very small chance of something positive coming out of Labeidna, although I'm not holding my breath on it. It would be pretty costly to spend another 2 days running additional logs, so there's obviously good reason for it.

Might not catch up with you guys at the sydney presentation this year - I'll be going to the melb one instead. Will be good to catch up with xmagx, abuman, 618, etc

Cheers,
Butcherano.