jp morgan valuation, page-14

618, i think arrogance and ego is a big problem within hdr management.

as you would remember i got a bit heated over the failure to log mputa and waraga. at the time it appeared they were going to walk away from testing both wells until a much later date. this concerned me because hdr needed to demonstrate that they could drill a hole and get a conclusion. all we heard was that they think they have made a discovery but the logging equipment failed so we will move on and test it at a later date. this didnt happen once but twice. people can knock the ugandan government but im sure if they didnt apply some pressure we wouldnt be testing today. instead we would be drilling more holes and very likely without a conclusive result from any of them.

i do believe in hdr's project areas but managements ability to exploit them is the question.

cheers.