WPL has a $2b warchest for acquisitions
Sounds like WPL is on the warpath. For $2b they could buy out HDR for $5 a share. If the 2002 drilling program is a success I expect a bid.
from todays smh
The Perth-based oil and gas company said operating cash flows would allow a higher portion of self funding, and that it had $1 billion to $2 billion to fund acquisitions for new projects at a gearing ratio of no more than 50 per cent.
Woodside said it would continue to screen acquisitions following its failed bid for Germany's Veba Oil & Gas for around $2 billion in January.
But chief financial officer Doug Bailey told investors the company was very selective when it came to potential targets and warned "the number of opportunities will be small and often opportunistic".
He said growth would come from exploration and acquisitions. "The extensive development program for Australian assets encourages an international emphasis and focus for both new exploration projects and acquisitions," he said.
...
Mr Bailey said northwest Africa was underexplored, with potential for large discoveries, while north Africa was also considered underexplored with adjacent large markets.
