takeover

Subject: HDR - bid speculation
>
> There is some speculation of a bid for HDR around $1.50, coming out of
> London.
>
> Our base case valuation for the stock is approximately $1.40. This is
> all attributable to the groups stake in the Chinguetti oil field.
>
> It is possible to attribute a value over $2.00/share if Woodside were
> to bring forward the development of the Tiof oil field.
>
> The company has been very good in the past in talking up their own
> book!
>
>