HDR hardman resources limited

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  1. 16,072 Posts.
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    I echo your sentiments and analysis. Its not over if Banda fails but it will be a serious blow to confidence.

    I have been investing in HDR since late 1999 after considerable research and so far its been a good story. What first gave me confidence was that WPL was involved, it was the biggest thing they had done exploration-wise since the NWS and the territory was large and underexplored. Now its a proven oil province.

    After Chinguetti 1, I stayed in because I reasoned that Courbine was bigger and they had so many good prospects - surely they would not pick a dud. I was of course mistaken in not realising that they were "exploring" (testing) the trap in the different types of structures to decide which to target going forward.

    With Banda the only thing that concerns me is this last point - they have stated that it is a different type of trap (not a salt dome). Nevertheless, you would think that as they want to develop Chinguetti tied-in to another field that they would this time have picked the most likely prospect. So my reason for confidence is that the new 3D seismic put Banda ahead of 3 other good prospects some at least of which were salt domes. I hope this reasoning is not misguided.

    Let's hope they know what they are doing and that what they are doing is developing a new oil province successfully.

    Cheers and good luck.


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