tullow would be buying 50% of uganda for $0. they could then sell it to CNOOC or other oiler at a tidy profit. all of a sudden they have their 50% of uganda for nothing, will have recovered their expences and have cash for uganda exploration and development.
hdr cash of $130 million will be directed to Mauritania, fixing ching and exploration and retiring some hdr debt.
ching cash flow will be primarily directed towards guyane and other exploration requirements within their portfolio.
mauritania gas will be locked away for sale or development sometime down the track.
just a saturday morning guess.
HDR
hardman resources limited
since everyone is guessing, page-6
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