HDR valuation spreadsheet

The URL below points to the latest Mauritania prospect valuation spreadsheet:

http://home.mindspring.com/~smstuart/myfiles/mauritania_winners7.xls

On a risk adjusted basis HDR is worth around $1.44 using extremely conservative probabilities of success. More realistic POS's give a valuation closer to $5.00. Unlike other speculative stocks, the resolution of HDRs uncertainty will occur soon. At the conclusion of this years drilling season, within the next few months, HDR will be worth either five dollars, or fifty cents. It's a gamble, but unlike the lottery, you can buy a ticket thats worth $1.44 for the price of $0.75.


Disclaimer: The information contained herein is believed to be reliable, but its completeness and/or accuracy is not guaranteed. Opinions expressed may change without notice. No part of this report is to be construed as a solicitation to buy or sell any investment. No liability will be accepted, whether direct or indirect arising from the use of information contained in this report. Readers must do their own research and/or consult an expert in the area of interest, also taking into account their own particular circumstances, investment objectives, financial situations and needs. I am not an adviser or a broker. Reliance on information from others, including forums, should never be a substitute for your own quality research.