re: reply from geos
I think a lot of people were caught. I certainly did not expect such a price increase after a rights issue announcement. I did not sell, but was cashed up and ready to buy more on the expectation that HDR would fall.
Prior to drilling I would expect a gradual drifting down of prices and that seemed to be happening prior to the rights announcement.
With its sale of a large part of its Australian assets, HDR represents close to a pure Mauritania-play as there is on the market. It has a large part of all 8 blocks including the big oil discoveries. Production is starting next year. The oil price is up. A big drilling program is about to start. Perhaps all these are the reason. But the timing of the price jump I cannot justify. It's as if someone suddenly said "buy now".
Geos
HDR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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