hmph,I have read the 30 June accounts and can see from where you...

hmph,

I have read the 30 June accounts and can see from where you have taken your figures correctly. However I do not believe we can take them at face value because they are based on P2 recoverables of 123 million barrels for Ching. We now know since August that these figures are going to be reworked to show something quite different when they adjust P2 recoverable reserves to 80 million barrels or even lower.

So although we hold differing views currently. I remain unconvinced of HDR's ability to stay financially sound much past this time next year without other revenue producing assets. WPL do not seem in a hurry with Mauritania. Uganda is more than one year away and Guyane will not start until the end of next year if Tullow are in charge of operations

regards