hdr up 5% in london, page-15

re: csfb say $3 on derisking tevet and tiof Zinc et al

In the SMH this morning Credt Suisse first Boston re-iterates its "outperform" rating on HDR with a target near-term of $3 on this year's likley de-risking of Tevet and Tiof (plus Ching production of course). I take that to mean that appraisal success then development approval .. and Tevet can now probably be given a tick, and a Tiof decision (early partial development I reckon) is not too far away. Their target is VERY conservative IMHO .. I reckon Tiof approval will see a major rise, and any exploration success at one or more of the 6 known targets yet to come (includes Tevet and Colin Deeps) will see $3.50+. Just my take..and its nice to be able to be so positive again after the recent disappointments at the Sotto and Espadon "scientifics".

POO up strongly overnight plus Tevet 2 results today in-line with expectations should add another 5-10 cents.

Cheers

H