king louie, trender, xmagx et al??, page-2

HDR were trading comfortably in this range ahead of the ENI purchase and it was here that they ran hard to 146 so you couldnt be knocked if you called this as their bottom.

Nothing has changed in my view, because the benefits of additional cash to pursue interests outside of Mauritania balance the sale of acreage. The value of proving up reserves in other areas will place a higher valuation on HDR than maintaining the ENI stake would have because diversification of producing assets/reserves will cause the market to reduce the risk rating in the short to medium term

We should all do our valuations again to confirm their current discount to valuation and we can sleep easy.

HDR may even choose to take a higher stake in block 7 from Dana with some of their additional funds which in a small way is diversification of assets.

Its all good.