abuman et alI really doubt WPL would be interested in bidding...

abuman et al

I really doubt WPL would be interested in bidding for HDR, now or anytime soon.

I believe WPL have a few key drivers at present, being:
> diversifying their asset and production basis to reduce their dependence on the North West Shelf
> seeking to fill the earnings gap as Laminaria production rolls off over the next 2-3 years
> controlling their own destiny and being less reliant on decisions made by big JV partners such as Shell

Obviously WPL would be hoping that Mauritania can play a big part in diversifying and growing their earnings in coming years.

Their 10% investment in HDR last year basically secured their operatorship of the Mauritania project, giving them the greatest say in the future shape and timing of exploration and development of their acreage. It also removed any risk of the next exploration phase being delayed while HDR tried to raise funds. Plus it gave them a defensive position against (say) ENI gobbling up Hardman and taking the operatorship and control of the project away from WPL.

With all that secured, I don't think they would see increasing their exposure to Mauritania from 35% to 55%+ by taking over HDR as a high priority - better to spend their money on development (get earnings growth happening) and acquiring new acreage (eg GOM and other prospective regions - diversification).

Only my opinion, read the red

ps you are right on your point 3 that the WPL JV must start relinquishing some of the PSC acreage in Mauritania fairly soon. I imagine they will let some of the deeper water bits go based on the Courbine result from last year, which indicated the better source rocks lie under the mid-depth Chinguetti-type plays. Presumably drilling in a relatively shallow water area such as the Banda prospect will help determine their relinquishment strategy