re: slugcatcher ... abu what about bg? Hi all,
The BG deal was a steal but a move HDR had to make as discussed at the time.
I feel a 5 billion barrel estimate of the field is very conservative. That equates to over a billion barrels to HDR OIG. Lets go ultra conservative and say $5 a barrel profit giving us a net worth of $5B. Divide that by shares on issue equals over $7 per HDR share.
Between Chinguetti, Banda and Tiof, a conservative estimate of recoverable reserves to date is equivalent to around 200MB to HDR (page 9 of latest prospectus). So without including the 40 + Miocene leads and assuming a conservative $5/B = $1.54. If we assume $10 a barrel net to HDR (Oil at $30 a barrel) then 200MB equates to $3.07 per HDR share today.
So in reality, we get interests in over 40+ leads in the 100% successful Miocene plays discovered in 2 different fairways, another potential Mauritania in French Guyane, the prospective Gabon and Uganda, Eritrea, Falklands and New Zealand for little or no premium.
Good Luck to holders.
Cheers,
xmagx
HDR
hardman resources limited
