HDR--CPC Mauritania, page-4

JV with WGR and interest in ARQ CPC and WGR are both controlled by Danny Hill and they have a JV which is looking at buying oil prodcution type assets. 5% stake in of ARQ was the first cab off the rank and was basically because they thought it was well undervalued at 47 cents and a broker appraoced them looking to sell HDR's stake. At least they're sitting on a good profit on that one so far. According to the company this is supposedly a passive, strategic interest and they have spent the last few months looking into more direct interests. They are a presumably closer to do doing something useful with that cash then they were a few months ago but haven't heard anything concrete.

I note that there has been a bit of price action in WGR recently and that may indicate something is brewing.

Anyone got any ideas here?

I hold WGR and CPC

Cheers
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