Hyperdynamics Corp (HDYNQ)

[whitenoize]

Up until the conference call, where Ray indicated they were going for a preferred 40% farmout on the entire concession, I had thoughts on some type of split venture as well.
I was thinking a carried farmout on the deepwater with enough cash and a guaranteed rig lease to drill another play in the first 3D area. Probably in exchange for some carried interest for the deepwater operator. This would buy time to fully appraise the deepwater, establish and budget a comprehensive deep water plan, satisfy the PSC and, and provide HDY with an oportunity to remain operator on part of the concession up until a discovery.
Some may see it as throwing a lot of good money after a smaller target, but I think it would have provided more long term value than a rushed stab at larger target.
All JMHO of course. I certainly see the value in farming out the entire concession as well. (and I certainly wouldn't mind seeing a a Giant discover sooner than later)