one way to look at the bg sale, page-7

Absolutely agree with you about needing to give the buyer a good deal BlackGold. In other words you have to give up some value. If there are other ways to raise cash without giving up quite so much value, then shouldn't you pursue those instead.

I'm being a bit hard on HDR management here. I'm sure it was easier to interest a big player - who could easily afford the purchase price - in a meaningful 11-13% chunk of the acreage rather than a tiddling 5%. And big capital raisings a bit of a pain in the @rse - shareholder approval, prospectuses for rights issues etc. But I still would have preferred a more balanced approach.