If this is true, then any takeover would surely meana review of...

If this is true, then any takeover would surely mean
a review of overseas programs, like Mauritania.
Yes.

Such a review would place a cloud of uncertainty
over the forward drilling programs off West Africa ...
... that may not help the HDR share price either.
No.

In a takeover situation WPL would switch from downplaying Mauritania to 'up-playing' it. They would drag out the experts from Texas (Degoyler & McSomething) who would value Mauritania at its fair value of $2-$4 dollars a share, with extremely positive ramifications for HDR.

The best info that we've ever got on Mauritania was from the D&M analysis of Mauritania during the last takeover with an itemised list of 43 leads, estimated reserves and POS.

As for the WPL takeover rumor, I don't believe a word of it. The price of oil will be very volatile as the US tries to find some excuse to invade Iraq. Any takeover bid could be risky if the oil price plummets while the offer is on the table with differing assumptions. If a takeover bid will happen, it will be after Iraq has blown over.