Hardman Quaterly Report

http://moneyam.uk-wire.com/cgi-bin/articles/200501310930539782H.html

No nonesense, dynamic and exciting.

This is looking very good people.

Quite a change of style already from Ted Ellyard's last.

All imho etc.

Flow testing Tiof 6 now result before the end of the month this should fly if it's good.

Remember MS, oil floats on water and has a gas cap when laid down in rock.

As Tiof 6 showed no water or gas, then this is most likely a very significant find.

You may do wrong to fly this one, CSH columns are minor in comparison to the Mauritannian ones.

I feel patience as you have with SEY would be benficial in the long run.

Up to you though.

http://boards.fool.co.uk/Message.asp?mid=9080886

Just saw this on TMF which explains my last in great detail.

I'm still holding, so lets wait and see.

LOL

MS

I'm sure you guys will appreciate this:

http://boards.fool.co.uk/Message.asp?mid=9081035&sort=postdate

Ha gav, I had not got that far.

Nice round up.

My firm belief is that this will go once tiof 6 is flow tested assuming sucess.

Same goes for SEY.

HNR have many more irons in the fire which are expected to be reported on soon, so there is great potential upside and not too far away.

In my bullish estimation we could see 1 to 1.30 this year and once Chinguetti comes on line again assuming sucess, next year it will fly, followed by sequential increases every year.

I'm suprised the lull has lasted so long.

Mmmm....

Me too.

Proptrade did warn of this happening to SEY before the drilling campaign, so I am not surprised.

What I was surprised at was the subsequent discount after I sold at 97p.

There was no way I would not buy in again at the sub 60p level an then again just over.

I camn not see those levels being reached again once this is away from here.

I think progress immediately depends on Tiof 6 flow test, then we wave bye bye to 70 p levels.

Course I could be wrong, but elsewhere they think the same.

SWW

Hope you're right.

MS

I think the tide is changing. If it get's through 70p then we are on the way. Let's see what tomorrow brings.

LOL

MS

Up again 3.57% overnight in Oz where holders state has hit a resisance point of $1.77 AUS.

http://moneyam.uk-wire.com/cgi-bin/articles/200502080700283304I.html

Tiof testing underway and looks on schedule.

Lifted from elsewhere

Hardman In Transition, CSFB Says

February 09 2005 - Australasian Investment Review (AIR)

The analysts at CSFB feel that Hardman Resources (HDR) is a company in transition.
Hardman is set to commence production from in offshore Mauritania development (Chinguetti) in early 2006 and has the potential to add two further developments through 2008, the analysts say.

Success would underpin production growth to in excess of 11Mb within this period and this is expected to drive strong earnings growth.

While exploration is expected to drive the stock over the near term, the analysts point to the metals and mining sector as evidence that companies are prepared to recognise and price unrealised value in company assets.

For Hardman this comes in the form of undeveloped gas reserves, particularly where synergies could enhance the development of these assets, CSFB points out.

Although gas discoveries in Mauritania are yet to be fully appraised, the analysts feel the unlocking of long term value on these volumes could be the catalyst for corporate activity.

On the brokers calculations valuation upside from their success case assumptions is nearly $1.00, unadjusted for risk.

The analysts have an Outperform recommendation on the stock with a target of $2.30.


http://www.aireview.com/index.php?act=view&catid=8&id=1315

Oz overnight

HDR 1.820 5.81% 1.820 1.830 1.760 1.840 1.750 8,558,885

http://www.asx.com.au/asxpdf/20050209/pdf/3pnvcj95rd7l2.pdf

Hardmans shiny new brochure for Feb 2005 just arrived on it's site.

Interestnig read. This is a sure fire winner.

Forgot to post the link...........

http://www.gtp.com.au/hardman/inewsfiles/HDRInfoBrochureFeb2005.pdf

Thank you.

gaw

tight bug*ers.

only a 3p rise today and tiof 6 due this time next week.

Well in with this one, and long may it remain so.................

Odd, never much volume.

Holders want to reain holders and sellers, there are not many.

I have noted this before, it has no effect on rises and falls however.

Odd.

Does this mean we are rich??????

Mickey, today if it gets to 10% up, is the time to sell.

It has in Oz so good luck with your decision. (11% overnight).

HDR 2.090 11.76% 2.100 2.100 1.880 2.110 1.870 34,039,451

I wouldn't though!


Australia's Hardman says Mauritania oil field may contain 1 bln barrels
AFX


SYDNEY (AFX) - Australia's Woodside Petroleum Ltd and its joint venture partners have had further success with an oil appraisal and exploration program off the coast of the west African nation of Mauritania, Hardman Resources Ltd, an Australian partner, reported, adding that the offshore field could contain as much as 1 bln barrels of oil.

Hardman said the Tiof-6 appraisal well in Production Sharing Contract Area B, flowed up 12,400 barrels of oil a day, constrained by a 104/64 inch choke.

It said the well test is currently in the main flow period and the well is flowing at a stable rate of about 9,150 barrels of oil per day in the main flow period constrained by a 72/64 inch choke.

The Tiof-6 well is located 3 km west of the Tiof-1 discovery.

Hardman chief executive Simon Potter said Tiof-6 represented an encouraging oil flow but the sands tested are of poorer quality than those at joint venture partners' nearby Chinguetti oilfield, already under development.

Nevertheless, he said, flow rates at Tiof-6 exceed pre-test expectations.

He said the results of the appraisal program to date have upheld Hardman's initial assessment of about 1 bln barrels of oil-in-place within the Tiof field.

But, Potter said, the assessment of potentially recoverable oil, classified as reserves, is more difficult.

'The results of this test will form a critical part of the assessment of the Tiof development,? Potter said.

Woodside owns 53.846 pct of Tiof while Hardman has 21.6 pct. UK-based BG Group Plc has 11.63 pct, the Premier group of companies also of the Uk, has 9.23 pct and Australia's Roc Oil holds 3.693 pct.



bruce.hextall@xfn.com

blh/tr

Looks like it's time to crack open the bubbly! Bit early maybe...ah what the hell!