what a difference management, page-12

dodds

I agree again. After years of building up the company to then just give it away at the first sign of difficulty ... it just STINKS!!

Acamas ... HDR had plenty of cash and I'm sure it could cover its major committments and pay the interest on borrowings from Ching production....so no need for a fire sale. There may have been a problem borrowing more though for say Tiof, and of course we have to keep in mind that WPL may eventually spit the dummy and exit Mauritania... which would also have made it tough for HDR.

Thing is that in 6-12 months time HDR's cashflow would have improved significantly will Ching phase II and remediation and we would have accrued some value from Guyane and I suspect significant value from Uganda. So why capitulate now. The board could have simply said to Tullow ...we ain't interested!!

H