From memory, jyDollars is correct, the gas compressor wasn't commissioned before it was turned on. That's how I understand it. Simon told us at the AGM that a team from WPL was being sent to Mauritania this week to determine if it was a mechanical or design fault.
We were also told after the AGM that none of the insto's in the UK who took up the placement have sold out. They were informed in the investor presentation that Ching was producing at a lower rate than what had been anticipated. The pres is on HDR's website, the info is as clear as a bell. I assume that the Aus market glossed over this when it was released.
I lay the blame squarely at WPL atm, they are proving that they are quite incompetent!!! First we have the problems with Ching, then the AFP investigating the dispute resolution. IMO, these are the two major reasons for the share price dive. Unfortunately, both of these problems are out of the control of HDR, as WPL are the operator. The sooner we get another 2 income streams online, the better.
HDR
hardman resources limited
