On reflection I believe HDR were facing serious cashflow...

On reflection I believe HDR were facing serious cashflow problems. The recent placement was done to keep the current projects alive. HDR could not get a partner for Guyane. Mauritania has been one problem after another for them. Uganda was still a long way off of paying its way. Whilst all this was happening they were hemorrheging cash. I think the other JV's were watching the death-rattle of HDR when one of them saw an opportunity to perform the coup de grace.

I recall there were mutterings of cash flow difficulties almost a year ago from one or two of us on these boards.
It would appear to me that SP and the board jumped before they were pushed. Perhaps with time we may come to view them in a different light if as I think the company would have been unable to continue to fund all their projects and the banks/creditors closed in on them

My own position having been in and out of the shares over the past two years means I have broke even. Nothing to write home about.

You can bet SP and the board took this step as a last resort because as you all say it will not look good on his CV when he applies for the next "head coach" position

I too will be sad to see the demise of HDR because I bought in the belief that one day they would surpass Woodside as the top Oz oiler. Sadly that will not happen now

Tullow may have done us a favour by boosting the shareprice for us all but because they have the backing which has deserted HDR they have done themselves a much bigger favour as the test of time will prove

That unfortunately is business in the raw