unformatted huntley report, page-3

Hi angers,

Although I don't have a lot of time for Huntley's, I did like this sentence! :)

"Chinguetti will be followed by the Tiof development which could boost annual equity production to in excess of 10mmbo by late CY08. This would see HDR generating after tax earnings approaching A$500m, assuming a US$60/bbl oil price."

At an extremely conservative PE of 10, That would value us at $5 billion or $7.59 per share. :)

Back to the patience game!

Cheers,
xmagx