HDR is appearing very cheap to Tullow [its partner in Uganda] according to several well informed brokers. If the wildcat well , Waraga 1, is as successful as Mputa 1, HDR will be rediculously cheap with 50% of an additional 200 to 300 million bbls of oil in their reserves. This added to HDR's Mauritanian reserves will create a "cash cow " that many corporates will wish to "milk".
Tullow moved to aquire Energy Africa early last year.
