If WPL/HDR end up drillng anything like 10 exploration + appraisal wells in 2004, or even half that number, then it will be a two-rig programme. West Navigator drilling wells for Chinguetti oil production (5 off in addition to the well drilled last year), water injection (4 off), and gas reinjection (1 off) + a couple of nearby exploration or appraisal holes (eg Teve't, Banda - although I doubt the latter is likely). A second rig to come in and drill Tiof appraisals and any other exploration wells.
Personally I would only expect to see 4-6 "firm" exploration and appraisal wells (in addition to the Chinguetti development drilling) once the JV filters through its list of candidates. At this time of year Hardman are always bullish about the number of planned wells.
All the same it's going to be a very busy drilling programme in 2H04.
And a capital raising any time between now and July-August is as certain as death and taxes.
HDR
hardman resources limited
