why?, page-11

re: capital raisings trender

only prob with holding back on exploration for two years until Chinguetti is throwing off cash (eg the ARQ energy approach with Hovea) is that Hardman don't set the exploration timetable, Woodside do. Also they need to prove at least one more commercial field for the market to take notice I reckon.

Not that much HDR can do about the level of spend (except not waste money on peripheral assets etc) so they have to address the funding problem IMHO