chart - geothermal sale, page-41

disagree marmaduke.

HRL own the opposite side of the copuhue volcano so any upward swing on EHR will bode well for EHR. We havnt even considered that area and EDC werent even interested in that area either at this point.

EHR has nearly 3 times more dilution than HRL forcing them to attract debt and preserve capital of shareholders. HRL = Free carried for some time on 4 major projects. no need for dilution this year.

At least EDC will be earning into the projects and will fund wells at 4 prospects. the EDC deal is precursor for a takeover down the track should they view further HRL assetts as being valuable. the EDC deal also provides a significant capital expenditure on 4 projects giving us great exposure up till the point whereby hot rock gets to decide on the investment of the project or not. this preserves shareholder wealth moving forward.

EDC own all equipment for all aspects of geothermal exploration and will be drilling production wells instead of slim line. EDC have the latest technology in the world and actually brag to be able to do it better than everyone else. http://www.youtube.com/watch?v=Wu6xXjQohZE
EHR will need to rely on drilling rigs being available etc and with all the activity going on in geothermal now, i suspect rigs will be scarce and delays more prevalent. HRL have a rig ready at any time. No long lead times.

HRL get to decide to invest in the project at the point of financial close. Big plus as we can stay away from the duds and pour capital into the good ones.

my best bet is origin energy to enter in HRL down the track and it will be for peru.

if you attended the intersuisse broker meeting your view would be alot more bullish i can assure you.

im calling for 12c before a retracement.