HDR are in JV with Dana Petroleum (UK listed and with "ties" to HDR - I think Alan Burns was a director) in blocks 1,7 and 8 which are to the north and south of blocks 2-6. The focus in the near-term is on block 7 where WPL farmed -in and is earning 35% by largely paying for a 3D seismic survey. This is a follow-up to 2D shot last year. The JV is to decide on drilling targets in the next few months. There was some intention to identify a target in time to co-incide with the end of the drilling by WPL/HDR/ROC/FOG - so as to use the same drill ship, but its not clear if that will be achieved or whether drilling in block 7 will be early 2003.
WPL were keen to farm-in to block 7 and there are many promising prospects there. Unfortunately, in the current market even an announcment of committment to drill may well be met with a yawn.
Regards
H
HDR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
