ChinguettiHope you are hanging in there as I shake my...

Chinguetti

Hope you are hanging in there as I shake my incredulous head at HDR sellers. I realise that there are opportunity costs in holding a stock which is yet to realise tangible returns but what OPPORTUNITY COSTS!!.

I take the 30% recovery factor to derived the recoverable reserves from the oil in place at Twin Lions as this is the usual recovery fator applied by the industry which I understand ranges from 25% to 35% of oil in place.

Re Chinguetti - a 150 mbl recoverable reserves amounts to aound 47c to HDR based on the same assumptions I have used above. The same could be applied to Banda which is also a 100 million barrels find. Plus Jingemia which is 4c and Banda gas, if developed would be extremely valuable to HDR, Woodadda gas field would produce $5 million in cashflow to HDR annually and has a NPV of 6c, plus HDR's cash on hand of 10c per share.... I wish I had 200 million dollars so I can buy the whole damn company.