Hardmano, i`ll post a full response tomorrow ( it`s Ekka day in...

Hardmano, i`ll post a full response tomorrow ( it`s Ekka day in Brisvegas and i`ve just spent a small fortune )

1. The "market" still appears to value HDR according to it`s upcoming success or otherwise of this years exploration. Markets can be silly or strange at times!

2. To the best of my knowledge HDR have not yet hedged any production. Both the Cazenove report and seemingly the Euroz report ( I`ve not read the Euroz one. [email protected] ) would value HDR higher if some production was hedged around todays prices.

3. There is another thread around today trying to put some sort of cashflow/profit figures together based on current spot/futures prices. I havn`t studied them fully yet but i`m with you that HDR is way undervalued based on only the oil discovered. Most reports ascribe little or no value to any gas , no matter how much there is until a long term sale contract is signed.

As usual it`s a waiting game.