HDR and CPC, page-2

Not sure what you are suggesting regarding CPC and HDR?? CPC has $12m cash and nothing else. To farm-in to a well offshore Mauritania would cost most if not all of this - would they risk it all on one play?

Perhaps HDR may be interested in a farm-in on their West Australian projects. Is that your drift? This would conserve HDR cash for Mauritania.

If CPC farms-in to a HDR project, the timing of any significant rise in CPC would be linked to when that project is to drill (eg TP/15).

Care to expand on your theory

Regards

H