hdr sells eni-agip percentage, page-24

So...... the rough calcs for the money that ENI threw away because they had a dummy spit and weren't the operator:

Sold 35% for US$77 M (including all future bonus payments.

An averaged 12.35% (over both blocks) is now sold on the market for US$137 M (BG assumed a US$5 M liability) - thus 35% approximates $US388 M for a $US 311 m destruction of shareholder wealth - congratulations: right up there with good old BHP.

This also gives HDR a rough value of $US255 M for the remaining equity in the central PSC's alone + US$100 M or so from the sale after ANZ repayment = A$444 M (@ 80c) + A$20 M cash = A$464 M = $0.96/share effectively cash backing without ANY allowance for the other sexy acreage & the other discoveries to be made in Mauritania....

Cheers