re: cash flow projection brokers take Thanks Hoots,
Top post! Raises more questions but also answers a few...
Firstly lets get rid of this cash flow issue, "HDR is spending $65m on exploration and appraisal this year and next." Therefore no reason for anyone to be questioning the cash levels to the end of 2007. Yes, further expenditure will be required for development after that but certainly no reason for a fire sale now...
Despite the Chinguetti problems I would find it hard to believe that a JV would have any problems finding Project Finance for any field that had been subject to a thorough Investment Appraisal. Especially when there is potentially 1bn barrels of OIP!!
The Guyane prospect, if farmed out, would be on terms of a 'free-carry' so not a cash flow risk. Falklands ditto, but also not on the radar anytime soon.
There has been some terrific posts and comment during this lull before the AGM and things really get interesting! Here's a question, given the analysis in Hoots' post above, does anyone really believe with "FY07 and FY08 earnings forecasts are unchanged at 11.4cps and 21.4cps" that HDR is fully valued by this takeover at $2???
Those earnings forecasts give no value for future developments (already listed by many posters) and we are being sold off for a 2008 multiple of less than 9.5? Unbelievable!!
Cheers
Merkin
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re: cash flow projection brokers take Thanks Hoots, Top post!...
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