I'm wondering the same, especially by the time the govt take their cut.

I'm thinking short term with this.

If it goes much lower there will be a bounce.

Still not bought in yet!

capitaine 1 wet with water hey?

That explains the salt dome.

Sea water has salt in it.

Of course what is beneath the water??

Something below is forcing pressure up. It's not continental drift as that is going away from Africa.

I'm sure they know what they are doing though.

It's a gusher!!!

From Hotcopper

"ABN-AMRO just confirmed P90's rumour they suggest a 300mmbbl (gross) oil discovery at Merou

This would influence WPL's share price by 4% HDR by 17% and ROC by 11% the results of Merou are expected early this week. and the TIOF-3 flow test within the forthnight

Bring it on we could have a great Xmas, and Hopefully a good one for Ted as well"

Seawall, can u post the link to arrive to this news/rumour. Ta

tomorrow!

xmortal, here is what you want.

from a poster on ADVFN:

Baker Young Stockbrokers associate director Wesley Legrand said one of yesterday's big movers was Woodside Petroleum, which reached a record high. The stock climbed 72 or 3.5 per cent to $21.02.
"It was because of the investment community getting information about the potential of their Merou-1 wildcat well," he said.
...
http://www.thecouriermail.news.com.au/common/stor y_page/0,5936,11508570%255E3122,00.html

...
Baker Young Stockbrokers associate director Wesley Legrand said Woodside had rallied on news that its Merou-1 wildcat well could be a "gusher" similar to the Tiof and Chinguetti discoveries. Results are due next week.
Woodside reached a record high, climbing 72c or 3.5 per cent to $21.02.
"There is research around indicating it could be worth up to $1 a share to Woodside's price," Mr Legrand said.
...
http://dailytelegraph.news.com.au/story.jsp?secti onid=1265&storyid=2292984

...
UBS research showed the well could be a "gusher". Results are due next week.
...
http://www.theadvertiser.news.com.au/common/story _page/0,5936,11509766%255E913,00.html

Cant get to the link, maybe expire, will wait and see what brings next week. Good luck to all holders. xm

http://www.thecouriermail.news.com.au/common/stor y_page/0,5936,11508570%255E3122,00.html

This one worked, the navigate to 'Resources lead new high'

It takes you to the article.

Sorry did it wrong, here it is.

http://www.thecouriermail.news.com.au/common/stor y_page/0,5936,11508570%255E3122,00.html

Or try this as an alternative.

http://www.thecouriermail.news.com.au/

Rumours over the other side of a "gusher" at Merou, nothing to substantiate them, but worth keeping an eye on price and volume this week IMHO.

I believe these rumours eminate from the HotCopper website in Australia, so should be treated as simply rumours until something more solid is available.


Edit

Sadly, we now have confirmation, and it's another disappointment!

Details can be found by following the link below, shame!

http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&releasedDuringCode=W&issuerCode=hdr

Ouch! Took a hammering today.

MS

It'll rise just the same.

Holes or no more holes with oil or gas, there is enough in Mauritannia now to make a go of it.

Plus there are still 13 more holes to drill, (give or take 1)!

SWW,

yes, I'm considering topping up at this level.

Me too.

Well, I made a +17p some while ago on it's high, and bought in a few days ago at 86p, fortunaely only 1/5th of what I had before.

The Times says the next two holes carry a higher risk than Merou, Dorade and Capitaine according to Merrill Lynch.

While I still rate Hardman as a buy, I may just see the bulk of the drilling campaign out of the way before proceeding any further.

'Hold on to Hardman says analyst
Steve Rotherham
Thursday, December 02, 2004

THE market has overreacted to disappointing results for Hardman at the Merou-1 and Capitaine-1 offshore Mauritanian wells, according to a report by financial consultancy Smith Barney, a division of Citigroup Global Markets Inc.


Hardman closed yesterday at $1.61, down 18 cents or 10.1% from the previous day's close of $1.79.

"Our valuation of Hardman is unchanged at A$2.48 a share," the report stated.

"We believe the known reserves plus the potential for upgrades at Tiof and Chinguetti are worth around A$1.82 a share. The potential for further additions (Tevet) and the potential value of gas at Banda bring our value up to the A$2.48/share level. Our recommendation is maintained at Hold/Speculative Risk (2S)."

Smith Barney said there were also two other exploration wells Sotto-1, a 150-250 million bbl prospect, and Bogue-1, a 300 million bbl prospect that could still be drilled. It was also possible that the joint venture would now concentrate on generating cashflow from Chinguetti and Tiof rather than exploration.

But Hardman was still considered to be a speculative investment as its assets were located mainly in one country, Mauritania, and these were the first oil and gas fields to be located in that country.

Another reason to hold on to Hardman shares could be the company's leases in offshore Guyane (formerly French Guiana).

Smith Barney did not discuss this region, but Hardman acting chief executive Scott Spencer told the company's annual general meeting that Hardman was excited about its deep-water leases off the Guyane coast. Hardman holds a 97.5 per cent interest in more than 65,000 square kilometres.

Spencer said Hardman had completed a large 2D seismic survey outlining a giant structure that could hold 2.5 billion barrels of recoverable oil.

The company was talking to potential farm-in partners but it intended to hold on to a bigger stake than it did when Woodside farmed into Chinguetti, Spencer said.'

Hardman down another 5% overnight in Australia.

If it is repeated here this will be a real bargain. Sell with all that colatteral

People are daft!

Hi Seawalker.. I'm getting fed up with topping up at these bargain prices.. I just can't see why the folk are selling as this is truely going to be a winner.. oh well I guess we each have our own perspective.

Cheers

Chris