We have seen an excellent result so far, and many people have...

We have seen an excellent result so far, and many people have asked me "what will be the commercial significance of Waraga and Mputa, if testing and drilling prove up the pre-drill estimates of 150 million bbls recoverable for each field." A rough set of numbers might look like this, and all comment and debate is invited.

300 million bbls of oil produced over [say] 15 years would average about 50,000 bbls per day. This compares with Chinguetti which is producing at about 75,000bbls /day. But HDR and TLW would each own 25,000 bbls/day, whereas in Chinguetti, HDR owns only 14,250 bbls/day. Production from Uganda could commence about mid to end 2007 if all goes well. Put simply, if both fields prove up to their early estimates, HDR's asset backing from Chinguetti alone will be more than doubled by Uganda. And there are more than 20 more structures to test in Uganda.