article on petroleumnews.net, page-5

Wandarra,

Thanks for the full article. It certainly enlightens the situation for myself. Two items hit me straight in the eye:-

a) It is understood that HDR had been talking to at least two other companies Dana & Premier about a possible sale before accepting the Tullow bid. I read that as saying Dana and Premier had a lower valuation than Tullow in regard to HDR's worth

b) Capital is needed to develop assets sometimes mergers are more attractive than farm-out or capital raisings. Obviously in this instance The Board agreed with this article's writer

It also goes someway to alter the view held of The Board in selling out the company to Tullow as an act of desperation. It would now seem they had three bids on the table and recommended the bid they thought was best for all concerned. In this case Tullow.

The article also makes it clear to me that Australia will continue to lose its companies to overseas preditors in much the same way as UK are now experiencing

regards

Acamas