powering, page-2

Wayang,

I was suprised also, however I think some of it may have been Mauritania related, rather than just Jacala.

HDR put out a lot of discussion on their various assets today, in particular adamant Tiof would be proceeding, and upbeat on Faucon, and Banda, and on further exploration. Whether reflected in today's upsurge, I am taking the position that the inevitable investor rerating of the Mauritanian assets has either commenced or is imminent. Hard to tell with Hardman sp ,as now so focussed on Uganda.

Africa seems to me the most potentially rewarding region available to ASX coys, albeit with high soveriegn risk.

Anyway I am banking on a great year for both stocks, perhaps a bit risky, with half my portfolio in these two African dominated oil stocks. Until Jacala is out of the way I feel more comfortable topping up HDR than ROC.

Entropylord