I just listened to the presentation now. Here's my favorite quote
“We’ve had two analyst reports by Rodman and Renshaw and Howard Weil and also our partner Dana Petroleum (which is now a subsidiary of the Korea National Oil Company) and all of them had an evaluation of approximately $6.50 per risked barrel. So what that comes out to is a value of about 4 1/2 - 5 billion dollars, or about $30 a share, given our 150 million shares outstanding. Now we have strong expectations with the 3-D seismic. The risk factor; the chance of success will go up and we believe that risked resources number will go up considerably. So as you can see, there’s a severe disconnect between our $4 share price now and the value of the resources, based on third party estimates and we think that really it’s going to be the drilling that will close that gap.”
I found the presentation much more objective than what I first surmised by some early posts. Totally professional presentation. He spelled out clearly the disconnect between resource value and the value the market has currently put on HDY. Then he follows up with how that disconnect will likely close.
He then follows that up by spelling out very clearly the how and why of the management strength that has been assembled over the past two years.
"You may look at this as a high risk prospect and of course the company has no reserves in production right now. Why are people leaving perfectly good positions with major companies? It's because when they take a look at the geology here, it's very difficult to find anywhere in the world a basin this good, that's undrilled, on this good of fiscal terms to go forward on with this much upside."
He then closes by laying out the fiscal moves that turned HDY around and how that lays the basis for future exploration. In short, he answered every criticism that Motley Fools et. al. have ever levelled at the company.
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