as always HDR is too difficult a call, the reserves for Uganda aren't particularly what I'd hoped, but hopefully is conservative and HDR book some of this by year end to help compensate for Ching. From the presentation even with 30mmbls they seem to have enough for a commercial development - easily enough for a power station and min-refinery in Uganda - and hopefully can build on that position over time.
I'll will probably hold my much reduced shareholding for a while longer, as the medium-long term potential remains.
A useful point about the presentation is the production curve for Ching (on pg 5). I'd been doubting Simon's integrity at post AGM presentations when he said flows were stabilising nicely, only a week later to announce ongoing declines. But the flow data indicates a sudden reduction occurred just a few days after Simon's presetations in May. SP seems to have made a fair call at the time with what info he had to hand.
HDR
hardman resources limited
