H,
WPL have stated publicly that they are content to remain at 10%ish to keep HDR voting with them in the Mauritanian JV. The logic escapes me a little.
It seems that we will only see the "unsurprising" Ching early production hole drilled before early October.
That means that WPL can move on HDR without any significant new oil reserves being revealed.
Call me a cynic but I think WPL would like to pay as little as possible and would therefore need to move as early as possible.
Reject The Takeover. (when it comes)
Our company is undervalued at current prices if we are looking at Mauritanian production in late 2005/early2006.
HDR
hardman resources limited
