completes purchase of eni's equity

Good news and an excellent result. HDR has now shown that it can raise debt capital to fund its Mauritanian activities which is excellent. HDR notes in the announcement that they may sell down up to 10% of the ~14% new equity in areas A&B to fund development and exploration activities. They would get a very significantly higher price for the equity than they paid ( possibly double since Ching commerciality and the Tiof discovery) - which may net them A$30-40m. Nice, and they would still have an increased interest at an average of 25% - which would mean less capital recquired than if they keep the 35% interest.

I wouldn't be surprised to see WPL or perhaps another major step up to buy this equity sooner rather than later. Its all good.

H