One things worth remembering when considering HDR's cash position is this years favourable exchange rate situation; oz dollars will go a lot further when buying US drill-rig services (0.55 vs 0.67&rising).
For example last years day-rate for discovery was US$177,300/day = @0.55AU/US = AU$$322,366/day
"The contract includes the drilling of two wells offshore Mauritania in West Africa, with options for additional four wells. The contract value for the firm period is approximately US$ 11 million. The drilling period is estimated to somewhat more than two months, which will keep the unit continuously employed until November/December 2003."
Say US$165,000 = @0.67AU/US = AU$246,000/day
Thats about an extra 33% bang for your buch this year when compared to last year (not all due to FX but also due to more favourable contract terms.)
HDR
hardman resources limited
