some agm comments

Several interesting comments were made during yesterday's AGM.
Here are some for those interested.

Alan Burns - believes shares could possibly go tenfold again
- company should be able to avoid many more placements/dilutions
- huge amount of excitement about Mauritania as we have only "peeked on a corner of acreage so far".
- "just about everywhere you drill in Mauritania you get oil shows".

Ted Ellyard - "we are very confident that all current shareholders will make money" (referring to both $0.70 and $1.10 placements).... Reference to the belief that the share price will exceed $1.20 was made several times
- HDR is continually being approached by other oil companies for possible farmin to Mauritania

A question was asked (by me) on what support would be expected if Shell took over Woodside. Alan Burns made two basic comments:
- He believes the relationship between Shell and Woodside is currently very good
- Mauritania is now a sought after area and any major oil company would support it.

It was mentioned that deep water drilling only became trully technically feasible in the early 90's.....I surmise that this could explain why Shell was previously not interested.

Cheers