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agip funding
The announcement of the Agip funding by Hardman is a very positive development, not just because of the realisation of the value involved for HDR but also a show of confidence by the bankers in the whole project, including excution, devolopment and soverign risk, i.e. the whole gambit.

Under the deal, HDR borrows money to buy agip's interest in Areas A & B. So what does the bank get back in security (which is the first thing bankers think of)? Well in this case, nothing, except the Ching project. The bankers would at least be comfortable that the Ching project would allow HDR to pay back the agip 30m borrowing and provide security over any remaining project financing that HDR would have to take up. So the bankers must be very comfortable with the project risk in Ching. This is good enough for me.