hardmano..guyane, page-12

re: conix: hardmano..guyane Conix,

Currently it is a one horse race. Why should TLW lift the original bid? What do you think will happen to HDR's share price if Tullow withdrew and there were no bids on the table? The sp would drop significantly in the end the administrators would be required to sort out the mess. IMO Hardman do not have sufficient funds to keep all their major projects afloat.

As HDR have recommended TLW to the shareholders we can bank on theirs being the best bid around at the time of the recommendation.

So until a second bidder comes to the table all Tullow have to do is wait for the December vote.

If there are no further bids by then to vote against Tullow would be akin to shooting ones self in the foot

Tullow want the other 50% of block 2 in Uganda but if they fail to get it they have the cash facilities to look elsewhere for outside growth.

Where can HDR go at this time if Tullow walk away?

regards