preopen, page-67

re: hdr / roc
With both HDR and ROC halted until 2 April. Whatever transaction is going to take place would likely involve both companies and probably pertains to Mauritania

Unlikely to be transactions among these two companies as HDR wouldn't want ROC's stake nor vice versa.

I suggest a takover offer for HDR given that it has the biggest and purerest exposure to Mauritania. Acquirer may also want ROC's stake so ROC may be bought up as well. Whoever the acquirer is would be sizeable and perhaps a major. I'd say both HDR and ROC is on the auction board right now and formulating a target's response.

I want to see a good price. DON't sell cheap.