hdr sells eni-agip percentage, page-2

Sensational news! What a price - US$132! They will have something like $90m in the bank after paying back the ANZ facility (plus whatever is left of the $30m at bank at the end of last quarter). That should please the market! No need for a capital raising for exploration and ongoing needs and ANZ will most likley fund Chinguetti development.

Although their equity and therefore potential reserves will be lower so will their ongoing costs. Seems a great deal to me. Any comments?

H