The last Tiof well that was planned is Tiof 5, which is being drilled east of Tiof 1.

Tiof 2-4 are to the west I believe.

Tiof 4 put a boundry on the Tiof Discovery to the west as I understand it. Tiof 5, and an unplanned Tiof 6 are to determine the boundry to the east.

Tiof is due to produce oil 18 months after Chinguetti. (2007).

Expect Tiof 5 or 6 to be dry or not commercial, this may again affect the price, even though it makes good sense to be sure of what the PSC partners have at Tiof.

Tiof is already many times larger than Chinguetti. I take that from HNR AGM document.

prop said the price of SEY would flucuate during drilling and it certainly has, as has HNR.

I ask, can we take a chance on Tiof 5 and possibly 6 being dry or not commercial?

If they do find enough of what they are looking for, this week or next at Tiof 5, then this will shoot up imo.

There is no way to predict wether that is going to happen, it may be better to buy on upward momentum, then again anyone wanting to buy may miss the boat.

I have bought a few more today, back up to my previous levels and at a fantastic dicount comapred to my last lot.

I do not see me losing my deposit in the long term what ever happens in the immediate future.

Whatever you do, you decide.

Good luck chap!

As I wrote the above the spread is now 2p wide 59 to 61p.

Seems that may be support!

Maybe not!

On the other hand I may be right, the MM are dropping the bid but leaving the ask.

That looks like support to me.

I will have a look and see later, say next year to see if I was right!

I'm hanging on but so tempted to top up. I just can't make up my mind. Did top up with SEY today, only a small amount though.

MS

Unlikely even really good news will take up the slack in the discount.

You can afford to wait imho.

Talking of slack, how's the Mother in Law?

Moo!

MS

This has fallen again today. Is it time to top up or is 50p looming. Any ideas?

MS

Takes awhile to load with broadband.

I would not recommend dial up modems unless you have nothing better to do.

Its a Woodside PDF more up to date than many seen before.

http://www.newsite.woodside.com.au/NR/rdonlyres/em2x256d2zpduga4oarmn7zz2d32ktkbwps3jt2bmkxxbwt3vlqmeiqncynyj6csv35xrxf5dpacx2apjmbqqwp3edb/IR+-+Nov+04+-+Investor+Briefing+Day+Clegg+%28Africa+Business

December 15 2004

Australasian Investment Review - (AIR)

Macquarie has taken advantage of recent weakness in the Hardman (HDR) share price by upgrading its short-term recommendation on the stock to Outperform from Neutral, while retaining its long-term Neutral rating.
While noting the company will not commence production until early in 2006, the broker suggests there remains significant potential from the ongoing exploration program. The analyst notes the company is currently in discussions for the timetable for 2005's exploration program in Mauritania, the announcement of which should give the stock a boost.
In addition, approval for the development of the Tiof and Tevet fields should also provide a catalyst, especially as the broker values the impact of Tevet at 19c.
Earnings have been adjusted slightly, with FYO5 down 4% to $0.3m, FYO6 to $2.8m and FYO7 up 5% to $4.7m to account for revised exploration commitments.
The broker's valuation on HDR is $1.53, while its share price target is $2.10.

Any idea what that broker's valuation equates to in sterling?

83 pence sandrew.

Nice as we bought around 60p ish.

The price is rsing inbits today which is not normal, its normally lumps up or down of 3 to 4 pence, so this was obviously released o=vernight and digested as people have got to it.

As you can see Tevet is seen as a bonus to that price.

I had an email advertising the fleet street letter the other day insisting now was the time to get into oils especially smaller companies( don't know which exactly as I don't subscribe), but they also were predicting $80 per barrel next summer. Don't know what they are like on predictions but thought it interesting nonetheless.
Shouldn't think the sp will take too long to gain back to previous levels as no real justification for price dropping as it has, just a bit of bad news at the same time as the general oil price drop. IMHO anyway.

Maybe your opinion, but I agree completely.

My feeling is that this sector will rise to acceptable levels and stabalise in the forseeable future.

$80 is no more unreasonable than any other amount.

Next July USA will have another panic on about inventories, remember they released their reserves this year to try to bring down the price per barrel and failed to hold it.

I reason they will need to fill both their reserves and their inventory for next winter.

Price rise is guaranteed.

Mauritannia just over the pond and producing, who is gonna buy it?

You guessed!

83p pence for HNR will seem cheap by then.

Just out of interest that advert also predicted a market crash within the next 90 days. This is the second time I have heard such a rumour lately, the first one predicted end of Jan -beginning of Feb. Any thoughts or opinions on this?

sandrew64 what advert?

Sorry ..the fleet street letter.

A crash or realignment. Sounds a bit drastic. What pointers are there that a crash is going to happen.

MS

I can't see any at all so thats the end of my involvement in this conversation.

Probably best forgotten, certainly something we don't want to talk ourselves into.

good idea.

chinese whispers