December 15 2004

Australasian Investment Review - (AIR)

Macquarie has taken advantage of recent weakness in the Hardman (HDR) share price by upgrading its short-term recommendation on the stock to Outperform from Neutral, while retaining its long-term Neutral rating.
While noting the company will not commence production until early in 2006, the broker suggests there remains significant potential from the ongoing exploration program. The analyst notes the company is currently in discussions for the timetable for 2005's exploration program in Mauritania, the announcement of which should give the stock a boost.
In addition, approval for the development of the Tiof and Tevet fields should also provide a catalyst, especially as the broker values the impact of Tevet at 19c.
Earnings have been adjusted slightly, with FYO5 down 4% to $0.3m, FYO6 to $2.8m and FYO7 up 5% to $4.7m to account for revised exploration commitments.
The broker's valuation on HDR is $1.53, while its share price target is $2.10.

Any idea what that broker's valuation equates to in sterling?

83 pence sandrew.

Nice as we bought around 60p ish.

The price is rsing inbits today which is not normal, its normally lumps up or down of 3 to 4 pence, so this was obviously released o=vernight and digested as people have got to it.

As you can see Tevet is seen as a bonus to that price.

I had an email advertising the fleet street letter the other day insisting now was the time to get into oils especially smaller companies( don't know which exactly as I don't subscribe), but they also were predicting $80 per barrel next summer. Don't know what they are like on predictions but thought it interesting nonetheless.
Shouldn't think the sp will take too long to gain back to previous levels as no real justification for price dropping as it has, just a bit of bad news at the same time as the general oil price drop. IMHO anyway.

Maybe your opinion, but I agree completely.

My feeling is that this sector will rise to acceptable levels and stabalise in the forseeable future.

$80 is no more unreasonable than any other amount.

Next July USA will have another panic on about inventories, remember they released their reserves this year to try to bring down the price per barrel and failed to hold it.

I reason they will need to fill both their reserves and their inventory for next winter.

Price rise is guaranteed.

Mauritannia just over the pond and producing, who is gonna buy it?

You guessed!

83p pence for HNR will seem cheap by then.

Just out of interest that advert also predicted a market crash within the next 90 days. This is the second time I have heard such a rumour lately, the first one predicted end of Jan -beginning of Feb. Any thoughts or opinions on this?

sandrew64 what advert?

Sorry ..the fleet street letter.

A crash or realignment. Sounds a bit drastic. What pointers are there that a crash is going to happen.

MS

I can't see any at all so thats the end of my involvement in this conversation.

Probably best forgotten, certainly something we don't want to talk ourselves into.

good idea.

chinese whispers

Share price up in OZ overnight.

Funny how things go.

The market knew this was going to happen ages ago. The share price fell as a result then. Here it is in the flesh and a drop again.

TYhose MM certainly know how to turn the screw.

Hardman Resources Limited
16 December 2004




STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 16 December 2004

CONTACT: Scott Spencer

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: RESIGNATION OF DIRECTOR - MR TED ELLYARD

Hardman Resources announces that Mr Ted Ellyard has today resigned as a
Non-executive Director of the Company. As previously announced, Mr Ellyard
stepped aside as Managing Director of Hardman on 29 October 2004 for personal
reasons.

Mr Ellyard was appointed a Non-executive Director of Hardman Resources in 1992
and Managing Director and CEO in 1996. The Directors and staff of Hardman extend
their best wishes to Mr Ellyard and his family, and thank him for his
significant contribution to Hardman during his tenure.

The Company anticipates concluding the search for a new Chief Executive Officer
early in the New Year.



SCOTT SPENCER
DIRECTOR

Sorry all, posted and changed my mind.

It was an item stolen from TMF which although relevant and informatory was a little too er, personal in respect of Ted Ellyard to TMF suscibers.

If you want to read it it is there for all to see.

up 1.25% over night in Oz to $1.62Au.

Ain't it fortunate that HNR are dual listed, the other being listing being HDR on the ASX.

It saves the MM having to think in the UK.

They just have to copy what happened there!

Nice.

Yeah a clever bunch they are aren't they. These HNR stock are very news sensitive every announcement re the drilling sends the price a tick down. At least I know where the dips are so that I can increase my holding.

Did not work