re: rayrac - hdr unrisked vaue 177p ($4.59) From The UK Oil &...

re: rayrac - hdr unrisked vaue 177p ($4.59) From The UK Oil & Gas Sector Cannacord Capital Corporation ....
"With six new exploration targets to be drilled in 2004 and around 20 additional prospects identified for future drilling, activity levels will remain high for some time. However, our core value is only 26p/share reflecting $3 per barrel for Chinguetti reserves plus current cash less the anticipated drilling costs for 2004, while our
exploration/appraisal value of 46p/share includes a riskedassessment of Tiof and the 2004 exploration targets. There istherefore a considerable degree of 2004 drilling success built in to the current share price. Nevertheless, we are convinced of the potential in Mauritania to add substantial further value (our
unrisked valuation for 2004/early 2005 drilling is 177p/share) and Hardman is the purest way to gain exposure to Mauritania. In addition, the company is at a relatively early phase of exploration in two prospective countries, Guyane and Falkland Islands, for which we have not attributed any value."

sailorgirl says ... "why would anyone want to sell????"