macca's warrants, page-12

re: pelican duster??? and wpl Hardmano

I too want to buy a bit more, but hesitant on concern if Pelican is a duster. You may see HDR back to low 70s. Would be a great opportunity then. But all depends on you liquidity and time horizon. If you have spare cash around, by all means, get a bigger stake in HDR.

As to your questions below, all interesting scenrios:

what if 1) Pelican is a ripper

[then we may see HDR over 85-90 but hard to see it go beyond this. Any price above this would be strange because the agip deal works out to be worth almost three Pelicans and the market has hardly budged].

2) Ted comes out with a Corporate file that says Tiof likely to be humungous.

[Again, market is still going to be non-believing. I've called the deal the deal of the century for HDR and many people think it as just that, too good to be true!!!]

3) Ching commerciality is announced today or Monday.

[Yes, this will have a sustained positive effect and give reasons for institutions to start accumulating HDR. At the moment, whether we like it or not, HDR is priced as an explorer with a shXte load of oil but no production. Ching commerciality decision will go a long way to address this].

Hope this helps. But by all means top up. HDR will make a lot of holders RICH(er), but stay in the game and don't be tempted by profits on offer now. They pale in comparison to what HDR is worth. Buy them for you superfund, or for your kids.