ubs price target, page-14

Timetraveller you really should get a life. Even if all exploration wells in the current drilling program are dusters, the shareprice isn't going to fall to $1.38. Oil will be in production early 2006 so the closer we get to that date, the firmer the shareprice will be. Valuations on hdr once production starts range from $3-$4. That is a pretty solid foundation on which to buy at current levels in anticipation that more oil is found and the shares do even better.