2.10 hmmmm, page-12

re: 2.10 hmmm Hi Accamas
I dont think it makes any difference to the Tullow take offer scenario any different.

By the very nature of Tullow buying HDR makes them a more attractive take over company . Their market cap increases substantialy as does their acerage and blue sky diversity.

Dont forget Merryl Lynch have 13% of Tullow as well as 9% of HDR.

Tullow wont have any more cash they just dont have to borrow to buy 60% of HDR at $2.02

By issuing 100% scrip they are effectively having a capital raising ? with the current Tullow price swap at about $2.16 they would be doing cartwheels to do a 100% scrip offer given that their share price has gone up since the HDR offer.

The only reason they never offered 100% scrip is the mums and dads wouldnt have gone for it . The pommy instos will be happy to play the abitrage and mop up all those on market who want to sell for cash below the conversion scrip price .