This just released:

Hardman Resources Limited
09 July 2004




STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 9 July 2004

CONTACT: Kathryn Davies (08 9321 6881)

RE: EXERCISE OF OPTIONS

PAGES: 9

Please find following ASX Appendix 3B being an application for quotation of
additional securities in the Company pursuant to the exercise of 975,000 options
exercisable at $1.10 per share with an expiry date of 31 December 2004, and
540,000 options exercisable at $1.10 per share with an expiry date of 31
December 2006. The conversion of these securities raises A$1,666,500 additional
capital for the Company





KATHRYN DAVIES
COMPANY SECRETARY AND
CHIEF FINANCIAL OFFICER


Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B


New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/
2001, 11/3/2002.

Name of entity
HARDMAN RESOURCES LTD

ABN
98 009 210 235

We (the entity) give ASX the following information.


Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough
space).

1 Class of securities issued or to be issued Ordinary Shares.
------------------------

2 Number of securities issued or to be issued (if 1,515,000 shares.
known) or maximum number which may be issued ------------------------

3 Principal terms of the securities (eg, if options, Shares are as per
exercise price and expiry date; if partly paid existing ordinary shares
securities, the amount outstanding and due dates on issue.
for payment; if convertible securities, the
conversion price and dates for conversion) ------------------------

4 Do the securities rank equally in Yes.
all respects from the date of
allotment with an existing class
of quoted securities?
If the additional securities do
not rank equally, please state:
the date from which they do
the extent to which they
participate for the next
dividend, (in the case of a
trust, distribution) or interest
payment
the extent to which they do not
rank equally, other than in
relation to the next dividend,
distribution or interest
payment ------------------------

5 Issue price or consideration $1.10 per share.
------------------------

Purpose of the issue Exercise of 975,000 options with an expiry
date of 31 December 2004.
6 (If issued as consideration for Exercise of 540,000 options with an expiry
the acquisition of assets, date of 31December 2006.
clearly identify those assets) ------------------------------------------

7 Dates of entering securities 6 to 8 July 2004.
into uncertificated holdings or ------------------------------------------
despatch of certificates
------------- ----------------
Number Class
------------- ----------------
8 Number and class of all 647,856,507 Ordinary shares.
securities quoted on ASX ------------- ----------------
(including the securities in
clause 2 if applicable)
Number Class
------------- --------------------
9 Number and class of all securities not 4,651,588 Options exercisable
quoted on ASX (including the securities at $1.10 each,
in clause 2 if applicable) expiring 31 December
2004.
9,075,000 Options exercisable
------------- at $1.10 each,
expiring 31 December
2006.
--------------------

10 Dividend policy (in the case of a The Directors do not anticipate
trust, distribution policy) on the declaring a dividend in the current
increased capital (interests) financial year.
------------------------------------

Part 2 - Bonus issue or pro rata issue

11 Is security holder approval required?

12 Is the issue renounceable or non-renounceable?

13 Ratio in which the securities will be offered

14 Class of securities to which the offer relates

15 Record date to determine entitlements

16 Will holdings on different registers (or subregisters) be aggregated for
calculating entitlements?

17 Policy for deciding entitlements in relation to fractions

18 Names of countries in which the entity has security holders who will not be
sent new issue documents
Note: Security holders must be told how their entitlements are to be dealt
with.
Cross reference: rule 7.7.

19 Closing date for receipt of acceptances or renunciations

20 Names of any underwriters

21 Amount of any underwriting fee or commission

22 Names of any brokers to the issue

23 Fee or commission payable to the broker to the issue

24 Amount of any handling fee payable to brokers who lodge acceptances or
renunciations on behalf of security holders

25 If the issue is contingent on security holders' approval, the date of the
meeting

26 Date entitlement and acceptance form and prospectus or Product Disclosure
Statement will be sent to persons entitled

27 If the entity has issued options, and the terms entitle option holders to
participate on exercise, the date on which notices will be sent to option
holders

28 Date rights trading will begin (if applicable)

29 Date rights trading will end (if applicable)

30 How do security holders sell their entitlements in full through a broker?

31 How do security holders sell part of their entitlements through a broker
and accept for the balance?

32 How do security holders dispose of their entitlements (except by sale
through a broker)?

33 Despatch date


Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of
securities

34 Type of securities
(tick one)
(a) Securities described in Part 1

(b) X All other securities

Example: restricted securities at the end of the escrowed period, partly
paid securities that become fully paid, employee incentive share
securities when restriction ends, securities issued on expiry or
conversion of convertible securities

Entities that have ticked box 34(a)


Additional securities forming a new class of securities

(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35 If the securities are equity securities, the names of the 20 largest
holders of the additional securities, and the number and percentage of
additional securities held by those holders

36 If the securities are equity securities, a distribution schedule of the
additional securities setting out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over

37 A copy of any trust deed for the additional securities

(now go to 43)


Entities that have ticked box 34(b)

38 Number of securities for which quotation is 1,515,000.
sought --------------------------

39 Class of securities for which quotation is Ordinary.
sought --------------------------

40 Do the securities rank equally in all Yes.
respects from the date of allotment with an
existing class of quoted securities?
If the additional securities do not rank
equally, please state:
the date from which they do
the extent to which they participate for the
next dividend, (in the case of a trust,
distribution) or interest payment
the extent to which they do not rank equally,
other than in relation to the next dividend,
distribution or interest payment --------------------------

41 Reason for request for quotation now Issue of new ordinary shares
upon exercise of options.
Example: In the case of restricted
securities, end of restriction period
(if issued upon conversion of another
security, clearly identify that other
security) --------------------------
------------- ---------------
Number Class
------------- ---------------
42 Number and class of all securities quoted on 647,856,507 Ordinary.
ASX (including the securities in clause 38) ------------- ---------------

(now go to 43)

All entities


Fees

43 Payment method (tick one)
Cheque attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is given to ASX
electronically at the same time.

X Periodic payment as agreed with the home branch has been arranged
Note: Arrangements can be made for employee incentive schemes that
involve frequent issues of securities.

Quotation agreement

1 Quotation of our additional securities is in ASX's absolute discretion. ASX
may quote the securities on any conditions it decides.

2 We warrant the following to ASX.

The issue of the securities to be quoted complies with the law and is not for an
illegal purpose.

There is no reason why those securities should not be granted quotation.

An offer of the securities for sale within 12 months after their issue will not
require disclosure under section 707(3) or section 1012C(6) of the Corporations
Act.

Note: An entity may need to obtain appropriate warranties from subscribers for
the securities in order to be able to give this warranty

Section 724 or section 1016E of the Corporations Act does not apply to any
applications received by us in relation to any securities to be quoted and that
no-one has any right to return any securities to be quoted under sections 737,
738 or 1016F of the Corporations Act at the time that we request that the
securities be quoted.

We warrant that if confirmation is required under section 1017F of the
Corporations Act in relation to the securities to be quoted, it has been
provided at the time that we request that the securities be quoted.

If we are a trust, we warrant that no person has the right to return the
securities to be quoted under section 1019B of the Corporations Act at the time
that we request that the securities be quoted.

3 We will indemnify ASX to the fullest extent permitted by law in respect of any
claim, action or expense arising from or connected with any breach of the
warranties in this agreement.

4 We give ASX the information and documents required by this form. If any
information or document not available now, will give it to ASX before quotation
of the securities begins. We acknowledge that ASX is relying on the information
and documents. We warrant that they are true and complete.

Sign here: Company Secretary Date: 9 July 2004


Print name: Kathryn Davies
== == == == ==




This information is provided by RNS
The company news service from the London Stock Exchange

Hardman Resources is featured in Today's Investors Chronicle.

Recommedation: BUY


also from www.thisismoney.com

Falkland's booty

AS in Iraq, there were those who said the Falklands War was over its oil reserves, only in that instance, it was potential reserves rather than actual. Now, with that war now history, Falkland Islands Holdings, the AIM-listed* company that is one of the islands biggest employers, is setting out to prove that potential.


It has formed a joint venture, Falkland Oil & Gas, with Global Petroleum of Australia and RAB Capital, to follow up on seismic data, gleaned last year, that has identified eight or nine potential offshore target fields, the ranging in potential from 2.5m to 200m barrels of oil.

moving up to 1.2%

Buy recommendation over the weekend in either Telegraph or Times. Forget which.

Almost everyone is recommending this share. We'll see produce soon. Amazing uptrend.

http://www.gtp.com.au/hardman/inewsfiles/5JulyMauritaniaJVApproves2004DrillingPlans.pdf

I moved the Argentinian drilling rig General Mosconi from Bahia Blanca to Comodoro Rivadavia many years ago for a drilling programme, they have been drilling there for years. Thats just 400 miles NW of Falklands, so there's got to be oil in Falkland waters.

OPEC to keep grip as oil supply lags demand
Tue 13 July, 2004 12:15



By Jonathan Leff

LONDON (Reuters) - The world's dependence on OPEC's oil is expected to increase again next year, supporting cartel efforts to keep prices high as robust demand growth outpaces non-OPEC output, a Reuters survey has found.

Demand growth is likely to climb by 1.8 million barrels per day (bpd) next year, well in advance of extra non-OPEC supply of just one million bpd, according to a survey of 13 analysts.

"The narrative is that demand is weaker than this year, but non-OPEC supply growth will still not be able to meet it," said Roger Diwan, managing director of the Washington DC-based Petroleum Finance Company.

This means the Organisation of the Petroleum Exporting Countries, which produces about a third of the world's oil, should have little difficult maintaining its grip on markets, keeping inventories low to extend an oil-price rally into a sixth year.

Many analysts now expect the challenge for OPEC to be less one of maintaining a floor for prices than managing to keep up with robust demand growth in the face of limited spare capacity.

"Our view is that OPEC...doesn't have a lot of spare capacity to bring this market down," said Jeff Currie, head of Goldman Sachs' global commodities research.

Demand next year is forecast to rise to about 83 million bpd, up from a mean base of 81.2 million bpd this year, while non-OPEC supply climbs to 50.8 million bpd, the survey found.

Estimates on outright levels differed depending on varied baseline assumptions for this year. The range of demand growth forecasts varied from 1.4 to 2.4 million bpd, while non-OPEC supply growth was pegged between 700,000 bpd and 1.4 million bpd.

The International Energy Agency releases its forecasts for 2005 on Tuesday.

PRICES TO STAY HIGH

Demand growth is seen surging 2.3 million bpd in 2004, the fastest in 24 years, according to the IEA's last monthly report. Non-OPEC supplies, however, are rising only by 1.2 million bpd.

"Even though OPEC's market share is not going up as much in 2005 as this year, the upward pressure on prices probably remains," said Deutsche Bank analyst Adam Sieminski.

That is in part because the anticipated surge in non-cartel production that had once been forecast for next year appears to have fizzled.

Some major West African and Caspian oil mega-projects are taking longer than expected, and the outlook for the former Soviet Union as a whole now appears bleaker than before, particularly given the threat to major producer YUKOS.

"Going forward, Russia's growth profile is a critical element in a supply side that is looking increasingly challenged in keeping up with demand," said Barclays Capital in a report.

Last week the U.S. Department of Energy downgraded its 2005 supply forecast for the former Soviet Union, a major engine for non-OPEC growth, by 500,000 bpd to 11.5 million bpd in this month's short-term outlook.

It now expects only 500,000 bpd growth from the region this year. This has in turn pushed its total non-OPEC supply growth forecast for 2005 down to 1.1 million bpd from 1.5 million bpd.

Meeting another year of two-percent-plus demand growth will depend on a continuing economic recovery in the United States and growth from China, which has been the primary engine for this year's surge, analysts say.

"The question is whether continuing robust economic growth is consistent with continuing high oil prices," said Steve Turner, oil analyst with Commerzbank.

US stocks turn lower as oil price jumps
By Elizabeth Wine in New York
Published: July 14 2004 13:56 | Last Updated: July 14 2004 19:36


US markets turned lower in afternoon trade as investors reacted to a jump in the oil price and refreshed terror fears, and continued to fret about disappointing guidance from Intel and an unexpected dip in retail sales.


With a few hours left in the session, the Dow Jones Industrial Average was down 0.1 per cent at 10,237.86, while the S&P 500 was off fractionally at 1,114.91. The Nasdaq Composite was down 0.3 per cent at 1,925.16.

Oil prices leapt above $40 a barrel on reports the FBI warned local law enforcement agencies that recent overseas terrorist attacks "highlight terrorists' interests in targeting energy-related infrastructures."

very very interesting

http://news.bbc.co.uk/1/hi/world/3625207.stm

LONDON, July 16 (Reuters) - U.S. oil prices held firm near $41 on Friday as the most robust demand growth for more than two decades pushes OPEC to keep pumping crude at near capacity, leaving world supplies vulnerable to the slightest production hiccups.
U.S. light crude rose 18 cents to $40.95 a barrel, just a hair away from a six-week high of $41.12 touched on Wednesday. And prices are near June's $42.45 peak, a record for the contract's 21-year history.
European benchmark Brent was up 29 cents at $37.77 a barrel, buoyed by an exceptionally strong cash crude market in the North Sea.
Gains were spurred this week by an unexpected decline in U.S. crude and gasoline inventories, plus worries that heating oil supplies are not being built-up quickly enough ahead of the winter.
The U.S. oil data added to fears over supply disruptions at a time when output capacity was being stretched by rapidly growing demand -- estimated to be expanding at 2.5 million barrels per day (bpd) this year, its fastest clip in 24 years, according to the International Energy Agency (IEA).
The Organisation of the Petroleum Exporting Countries (OPEC) is proceeding with its planned output ceiling hike of 500,000 bpd from August 1 in an effort to cool prices, but it looks unlikely to mean more crude.
The group, which controls around half the world's oil exports, is already pumping nearly two million bpd over its new 26 million bpd August quota, very near the its maximum capacity.
With little to discuss, the cartel cancelled next week's planned ministerial meeting. It will next meet September 15.
"The cartel perhaps concluded that aside from the Saudis, the rest of the group is pretty much tapped out in terms of exports," said Ed Meir, analyst at brokers Man Financial. "Therefore, having a meeting to discuss more 'phantom' quota increases would be of little use."
Kuwait said on Thursday it had spare oil production capacity of almost 100,000 bpd, while Saudi Arabia, which has been producing around 9.1 million bpd, has the capacity to crank it up to 10.5 million bpd.
"The meeting is cancelled because the market is stable. There is no problem at the moment because the decision to increase 500,000 bpd from August 1 is in place," OPEC president Purnomo Yusgiantoro told Reuters on Friday.
HEATING OIL WORRIES
Distillate supplies in the United States, where the Northeast region is a major winter-time consumer of heating oil, have emerged as an early driver for the energy complex as dealers fretted over the pace of pre-winter inventory building.
Heating oil futures reached a year-and-a-half high of $1.1080 a gallon this week, the strongest on record for July, when gasoline is typically the market's strongest product. On Friday, it was trading up 22 points at $1.1008.
Seeking to avoid panic buying, the U.S. government Energy Information Administration (EIA) said on Thursday there was plenty of time to boost heating oil inventories before the winter heating season arrives, so traders should not bid up fuel prices.
It's much too early to worry about heating fuel supplies, EIA administrator Guy Caruso told reporters.
This week's EIA data reported a significant build up of 2.7 million barrels in middle distillate inventories for the week ended July 9, putting them three percent above this time last year.
Caruso conceded that the United States came out of the spring with relatively low heating oil stocks, but added that if crude imports continued to average 10 million bpd and there were no major refinery outages, heating oil stocks should be in the "normal zone" by November.
Still analysts said that, while stock levels looked comfortable on the surface, rapid economic growth could place more demands on inventories than in previous years.
Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, said fund speculators would remain on the buy side of the market on persistent fears of disruptions to crude flows in Iraq and possible refinery outages in the United States.
"There are no bearish factors in the market. Already we are over $40 and there is still room to move higher," he said.

xmortal,

Thanks for posting that, and the oil market currently has a healthy look about it!

Hardman however, IMHO, is all about sentiment, and a couple of decent exploration results will drive this higher even if crude retraces.

Nice little tick up this morning!

yes, andy.... The up trend is established so im just riding it while it last. I placed a punt on here and im sure it willmove slowly but surely on drilling and high oil price expectations. Enjoy

Good to see that Fidelity have built up a 6% stake. They tend to get things right more than not.

Hardman Resources Limited
03 August 2004




STOCK EXCHANGE / MEDIA RELEASE TO AIM

RELEASE DATE: 3 August 2004

CONTACT: Kathryn Davies (08 9321 6881)

RE: CHANGE IN SUBSTANTIAL HOLDING

PAGES: 1

Please note that Hardman Resources Ltd was notified on 3 August 2004 that
entities owned or managed by Fidelity Management and Research Company Limited
and Fidelity International Limited hold 39,459,934 shares in the Company,
representing 6.08%.




TED ELLYARD
MANAGING DIRECTOR

Described by IC as having "good looking assets, with plenty of upside". Sounds sexy to me!!

Bought in yesterday instead of ETQ. Last bit of dosh left now fully invested.
Did I make the right choice?

Mickyskint

mickey,

Hope so!

personally I think both shares are speculative, and ETQ is being ramped on ADVFN, and to a lesser extent here, which would make me wary of investing there.

Hardman have an whole lot of wells to drill in the near future, so worth a speculative punt at least IMHO.

tipped in the Sunday Telegraph, but did not make much impact!!