re: Mauritania, to trender Trender, nice to see some hard numbers for a change instead of the usual traders banter. One question. Why do you use a 30% recovery factor? This sounds too low. HDR has enough accumulated losses so as not to worry about taxes for years and the development costs should be low given the domestic location.
Your estimate of Chinguettis value is also a little too conservative. Checkout the report prepared by London firm Teather & Greenwood Limited which can be found at Fusions Oils website. It says of Chinguetti, "the potential value of Fusions 6% stake is $29m". Converted to $A, Fusions 6% stake = $A52m, so Hardmans 21.6% stake = $187m. Divide by 420m shares and options on issue gives 0.45c per share.
HDR
hardman resources limited
re: Mauritania, to trender Trender, nice to see some hard...
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