re: slugcatcher ... abu what about bg? Hi all,
The BG deal was a steal but a move HDR had to make as discussed at the time.
I feel a 5 billion barrel estimate of the field is very conservative. That equates to over a billion barrels to HDR OIG. Lets go ultra conservative and say $5 a barrel profit giving us a net worth of $5B. Divide that by shares on issue equals over $7 per HDR share.
Between Chinguetti, Banda and Tiof, a conservative estimate of recoverable reserves to date is equivalent to around 200MB to HDR (page 9 of latest prospectus). So without including the 40 + Miocene leads and assuming a conservative $5/B = $1.54. If we assume $10 a barrel net to HDR (Oil at $30 a barrel) then 200MB equates to $3.07 per HDR share today.
So in reality, we get interests in over 40+ leads in the 100% successful Miocene plays discovered in 2 different fairways, another potential Mauritania in French Guyane, the prospective Gabon and Uganda, Eritrea, Falklands and New Zealand for little or no premium.
Good Luck to holders.
Cheers,
xmagx
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energyreview's slugcatcher says hdr is a bubble , page-22
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