dilution, page-18

re: dilution - hardmano I am cycnical but am also a long time believer and investor with HDR. I also believe Sterling have got a great deal.

My understanding is that the Mauritnian government has always had the right to buy into the project(at any time) using oil revenue proceeds. They could have done this in 2006 after production had started. They never had to provide initial CAPEX funds to the Project. I suspect Sterling have offered them some cash up front.

It would be interesting to know how to equate the value Sterling have assigned to the development based on their funding commitment and expected return. To do this, you need to better understand the agreement between the 2 parties.