just a theory ..., page-42

treva

I believe that the government will be re-imbursing the JV partners for their past exploration costs and costs of developing Chinguetti for the 12% they are aquiring at a rate of 150%. So HDR will get 150% of the costs for the 2-3% of its equity that the government is aquiring. I also think that the announcemet said the government would be able to defer payment until oil revenues are forthcoming.

Its good IMHO that the government is buying in.

H