Guys,
ROC's investor presentation released today states as follows at slide number 50: "[in relation to Chinguetti Gross 2P remaining reserves 1/7/2006] 46.5 MMBO" with the addition of a rather ambiguous footnote stating "Technical expert's estimated reserves". That puts HDR's share at roughly a mere 8.8 MMBO. As Acamas would proclaim "by the by".
Which technical expert? Who are they employed by? Where's the transparency? Why haven't the other partners had a say in this? Why does ROC always followup a positive Tuesday announcement from HDR with a downgrading of reserves at Chinguetti that cannot be scrutinised for rigour or robustness? These are all valid questions particularly in light of the material impact on the SP and the intriguing timing of these curious 'Wednesday' announcements.
Remember this gross 2P reserve estimate is stated as at 1/7/2006...
Read ROC's investor presentation and, again, read between the lines and then visit the history of announcements for both ROC and HDR and see the patterns emerging - particularly since the timing of the 'China connection'. Today's drop in share price and the huge volume associated with it are more than mere coincidence... the same is true for past Chinguetti reserves and production 'downgrade' announcements. ROC is always first to the post.
China, I believe, is also very interested in African elephant hunting... guanxi ;)
HDR
hardman resources limited
