shell interested in mauritania?, page-5

Lulu

Shell's target if any is most likely WPL still. I would hate to see the government allow this takeover but it is possible. The last time it was turned down was in an election year - so that could protect WPL again this year.

We believe that it was Shell or Exxon that wanted to buy ENI's share so they are very likely to be interested. Now that HDR has reduced its equity from 35% (same as ENI's when Shell/Exxon made the offer) it may b e less attractive. Dana however is very attractive I would think. With its large equity in blocks 1,7 and 8 and with blocks 7 and 8 in the north near Morocco where export facilities already exist - it presents a tasty picture for the majors. It also has good equity offshore Kenya and its North Sea producing assets.

We don't want a takeover but Shell is a bit desperate at the moment and could move in a couple of months once the dust settles on its current problems.

Cheers

H