wpl ching spin, page-6

Hardmano,

Fusion's indication of 220 mm bbls rec. for Chinguetti agrees with the early estimates of Ted Ellyard who gave the figures in various shareholder seminars. Similarly, he estimated 1200 mm bbls rec for Tiof. I am more than happy to see capital costs rise above estimates if the oil reserves are correspondingly upgraded. HDR is looking more and more like an $A8 to $10 stock. Sailor Girl will still be looking for her $20.