11.30 scoreboard, page-7

I would say with almost 40% of the stock changing hands since the bid was announced somebody will have more than 10% by now. The question to which we do not know the answer is are they in or out of the Tullow Camp.

The risk is if they are out of the Tullow Camp then a another bid will appear. Not necessarily for HDR it could be a bid for TLW. If they are in the Tullow Camp then it is a done deal. We have to bide our time and wait for the tale to unwind. I speculate and rule nothing out. The Mellon Organisation is a huge beast