Mauritania, page-6

Please check my maths.

If Twin Lions has 300 mbls of oil in place and POS of 49%, and say a 30% recovery factor. Then the fair value of the well should be nearly 20c to HDR. Same as Chinguetti!?!?.

i.e. 300m x 0.49 x 0.3 x 30% interest x US$3.5/barrel / 0.56 (exchange rate) / 424 million shares on issue = 19.5c.

Well let say this is built in the share price currently with minimal NPV discount in view of the closeness of the drilling. I expect HDR to fall by 40c if the well is dry....