osh - moving along at a nice clip, page-2

philip

Yes HDR is undervalued, but this movement is more likely to be associated with the results of the second well in Yeman (Neheb-1) which was at 1200m last week and should be at or approaching the primary target zone at 1780-1900m (same as in the 1st well which struck oil recently). A 4-5 cent move ahead of results is not unusual for OSH but it does push it into new territory. Good to see.

If the pipeline is approved by the JV OSH should be rerated over $2.00 IMHO.

H