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re: cash flow projection I wondered why Ted left and concluded that the entreprenurial phase of HDRs existence was over and more financial forecasting and discipline might be required.
Perhaps this did not suit Ted although he did a fine job in my view.
I remain unconvinced that HDR was loaded and would remain so.
Did the recent cashflow calcs allow for the payment to the Mauritanian government, the cost of 3D siesmic for Chinguetta and probably Tiof and Tevet, the cost of additional Chinguetta wells through 2007 and ongoing Mauritanian exploration and step out drills.
Then there is the $100 million to be repaid to the ANZ bank and Uganda exploration and development costs plus South America. TLW and HDR have apparently had to spent money on infrastructure in Uganda.
Not forgetting the management costs of operating worldwide.
Potter was apparently unable to find a partner for Guyane on suitable financial terms. He would probably preferred to sell down Mauritania and retain Uganda, but could not afford to reduce his cashflow further.