woodies sells out of mauritania..., page-13

Nice little reunion all, ;)

No use arguing the point over and over again as we've done many times before. Always comes down to different strokes for different folks! :) Hardman shareholders now represent a measly 10% of Tullow's issued script so all leverage disappeared as soon as the deal was done regardless of where the Tullow SP goes looking forward. Only time will tell how beneficial that 10% dilution will be to the Tullow outfit in years to come but I'm certainly of the opinion HDR's assets can potentially represent over 50% of Tullow's assets. A hit in FG alone will practically do the trick with the 10's of thousands of square kilometres of ground the company is sitting on. Good management is about being able to meet all challenges for mine particularly when we consider the company was sitting on over $100 million in cash when the offer was made. There were many other options in my opinion, farm downs, spin offs or even an acquisition of a mature producing asset which is what set the Tullow wheels in motion originally. We can hypothesis until kingdom come but what's done is done. Sure some of us are more than happy to have a smaller stake in a much more mature outfit but that big prize that many of us had our eyes firmly fixed on will never be.

Interesting to note Tullow's Hardman fair value exercise in their interim results presentation. They've given a 63 cent premium per share over the TO price.

Chinguetti ......................... 79.2

Intangible Assets ................ 640.7

Net Assets, including cash ... 39.5

Total ................................ 759.4

Based on an exchange rate of £1 = A$2.5315 as per TO ann. Gives us a figure of A$1.9224 billion or $2.65 per share!


Cheers,
xmagx