Wisenut
WPL briefing on ASX is slow to download but I've had a look. They plan to be producing from Chinguetti by 1st Quarter 2006 (preliminary plan is to have a permanent FPSO in place so it looks like they will be buying/building one rather than leasing). It also looks like Banda deveolpment is in the plan. Mauritania is a prime growth focus. They will be trying to accelerate exploration and production wherever possible. They plan to drill ALL the "high value" prospects offshore Mauritania before the PSC's expire from 2007-09. They are planning for the exploration expenditure.
This certainly makes development of offshore Mauritanian oilfields look definite not just possible. Looks good for HDR, but the level of expenditure on exploration going forward may strain the cash balance. With this level of focus on Mauritania for growth, WPL will no doubt at some stage want to get both the control and the barrels of oil that HDR can offer. A takeover by or before 2005 is looking very likely IMHO.
All good for HDR but some serious patience required for shareholders.
Cheers
H
HDR
hardman resources limited
