jp morgan valuation, page-16

Management has lost credibility in the key issue - Chinguetti. SP clearly stated flows were pretty well stabilising and now we see they're looking at reduced flows into Q3 - but they won't suggest for how long or what they might drop to. I took some cash today, way too late but I feel better lightening up when personally I have no faith that SP means what he says.

He needs to prove himself and in my view Tiof announcement won't be enough. I want to see Uganda declared commercial and development before I invest another cent in HDR.