SWW,

nasty slide today, if it retraces any more I'm going to buy a few.

This was posted by angers on hotcopper, no link I am afraid.

Sums up why I run with a core hollding of these shares.

Good info re Sterlings assets. too.

"Investment Rating
HDR's strategy is to secure large prospective acreages in greenfields areas and add value prior to farm-out. The exploration portfolio includes offshore Guyane and Eritrea, onshore Uganda, the Timor Sea and the Falkland Islands. Focus is on the Atlantic Margin Areas in deepwater operations. It is hoped the assets can generate value-add similar to the company's Mauritanian interests. In JV with Woodside Petroleum, HDR's 19% Chinguetti Field will see first oil in 1Q06. If all goes to plan, Chinguetti will be followed by the Tiof development which could boost annual equity production to in excess of 10mmbo by late CY08. This would see HDR generating after tax earnings approaching A$500m, assuming a US$60/bbl oil price. HDR is a suitable oil exposure for aggressive, growth oriented investors with a stomach for exploration and tangible sovereign risk.


Result Description
Symptomatic of cost pressures across the sector, Chinguetti's expected capital costs have risen again from US$625m to US$705m with US$45m contingency, a far cry from the original US$400m estimate. Operator WPL says the rise is mainly due to the increased cost of drilling production wells plus additional sub-sea flow line fabrication and installation costs. This aside, Chinguetti is now substantially operationally de-risked with first production likely in 1Q06.
Tiof reservoir and development studies are ongoing and a development decision is likely in 4Q05. We have modeled first Tiof production from 2H08.
Approximately half the total Mauritanian acreage or 22,000sqkm of 3D seismic has been shot. HDR has a continuous drilling program through to the end of 2005 and well into 2006 encompassing wells both inside and outside the core WPL operated PSC areas.
By 1Q06 HDR's price should reflect the likely successful transition from explorer to producer as the risk profile, excluding sovereign, is reduced. In the longer term, Tiof's commissioning could see HDR on a prospective PE of three beyond FY09 assuming oil prices hold. The high impact international exploration campaign with 12 wells to be drilled by June 2006 also appeals.

Impact
We have lifted our HDR valuation 72% to $2.74ps as a result of increasing our long term oil price forecast from US$35/bbl to US$60/bbl and A$/US$ from 0.72 to 0.76. We use a discount rate of 15% to account for Mauritania's sovereign risk.
We upgrade our FY06 earnings forecast from 5.7cps to 11.0cps following our long term oil price upgrade to US$60/bbl. HDR is unhedged. Our FY07 forecast is 31.0cps. We upgrade our recommendation to Buy due to our oil price induced valuation lift.

Recommendation Impact (Last Updated: 06/10/2005)
Upgraded.
Last Price Market Cap
$2.16 $1,423 (million)
52 Week High/Low
$2.56 - $1.38
Sector
Energy


Intrinsic Valuation
$2.75


Risk High
Company Beta 0.88
Sector Beta 0.98


Year 2004 2005 2006 2007
NPAT ($m) -47.7 -10 72.6 205.4
EPS (c) -9.3 -1.5 11 31
% Change -- -- -- 181.8
DPS (c) -- -- 0 0
Franking (%) -- -- 0 0
Dividend Yield (%) -- -- 0 0
PER -- -- 19.6 7

Source: Aspect Huntley analyst estimates

2 Year Price Chart






________________________________________Event Analysis

Offshore Mauritania - WPL Operated Exploration Blocks1

PSC5 A PSC B CEP2 PSC C2 PSC C6

Bl. 3, 4, 5 Bl. 4, 5 Bl. 4 Bl. 2 Bl. 6
Australian Equity Interests (%)
Woodside (Operator)3 53.846 53.846 47.384 48.000 37.578
Hardman Resources 24.300 21.600 19.008 28.800 22.422
ROC Oil Company 4.155 3.693 3.250 3.200 5.000
Other Equity (%)
Mauritanian Govt.4 - - 12.000 - -
BG Group 13.084 11.630 10.234 - -
Premier - 9.231 8.123 - -
Fusion Mauritania A Ltd 4.615 - - - -
Energy Africa - - - 20.000 -
Petronas Carigali Overseas SB - - - - 35.000

Discoveries to Date
Chinguetti - Mean Recov. 123mmbo
Tevet - Potential Mean Recov. 50mmbo
Tiof/West - Potential Recov. 289mmbo
Banda - Indicative 1-4TCF (170-670mmboe)



Chinguetti Costs Keep Rising

Symptomatic of cost pressures across the sector, Chinguetti's expected capital costs have risen again from US$625m to US$705m with US$45m contingency, a far cry from the original US$400m estimate. Operator WPL says the rise is mainly due to the increased cost of drilling production wells plus additional sub-sea flow line fabrication and installation costs. It wasn't long ago we saw costs increase by $25m due to the drilling of five sidetrack wells not originally planned. On the positive side, Chinguetti is now over 88% complete with drilling finished and all production wells flow tested. Installed capacity will deliver nameplate offload facility output of 75,000bopd. Drilling results generally matched or exceeded expectations and 2P reserves remain in line with the independently verified figure of 123mmbo. This is in addition to the potential for 50mmbo at the nearby Tevet discovery within tie-back distance. Remaining risks are the final FPSO commissioning and fabrication and installation of flowlines. This aside, Chinguetti is now substantially operationally de-risked with first production likely in 1Q06.

Tiof a Different Fish but Progressing

Tiof field appraisal has confirmed HDR estimates of over a billion barrels of oil in place but recovery factors remain uncertain. WPL reported a potential recoverable reserve of 289mmbo but the figure was calculated before the flow test result from Tiof-6. The well exceeded expectations encountering a 124m gross hydrocarbon interval (10-40% net pay) with an impressive maximum flow of 12,400bopd and 11mmscfd of gas. Tiof is located only 30km to the north of Chinguetti, is five times the aerial extent, but differs in geological complexity. Reservoir and development studies are ongoing and a development decision is likely in 4Q05. We have modeled first Tiof production from 2H08.

Exploration Fizzles so Far

It is hard not to view the additional Mauritanian exploration program as a bit disappointing to date. Following the initial flurry of success involving Chinguetti and Tiof, there has been only one discovery, Tevet, from six holes drilled. Most recently the Sotto and Espadon holes were dry. Sotto was south of Chinguetti and Espadon was close to Tiof. Yet it is important to bear in mind that only 16 exploration wells in total have been drilled in a basin the size equivalent of the Northern and Central North Sea. Over 140 prospects have been identified across all eight blocks in Mauritania with more than 40 of these potentially each containing in excess of 100mmbls. Approximately half the total acreage or 22,000sqkm of 3D seismic has been shot. HDR has a continuous drilling program through to the end of 2005 and well into 2006 encompassing wells both inside and outside the core WPL operated PSC areas.
It was intended that around six to eight new exploration wells with targets in the 100-200mmbo range would be drilled in the WPL operated areas this year. Drilling of Tevet-2 in PSC Area B is underway to both appraise the Tevet discovery and target a deeper exploration prospect beneath the existing reservoir. To date, Tevet-2 has intersected a 1.5m gas interval above a gross oil interval of 37m, similar to Tevet-1 2.5km to the north but is yet to intersect the deeper target. All major discoveries to date have been in the shallower Miocene rocks. A discovery in the deeper and older Cretaceous could significantly enhance prospectivity overall. Colin-1 in PSC Area A is intended to test another Cretaceous prospect. The JV participants have also approved the Labeidna well in PSC Area B. Like Tevet, Labeidna is within tie-back distance to Chinguetti. Discoveries within tie-back distance allow potential cost savings and shorter development times.
The first well to be drilled in the Dana operated Block 1, Faucon-1 is intended to be drilled south of the WPL areas around November. The target is in excess of 300mmbls. This is likely to be followed by an as yet undecided prospect in Block 6.

It's a Gas But for Fiscal Uncertainty

An impressive gross gas column of 100m was confirmed by the WPL operated Banda-2 in May 2005. Only 20km east of Chinguetti, the Banda trap is four times Chinguetti's aerial extent in excellent quality reservoir channel sands. A 40% net to gross pay ratio has been determined and 2.4TCF of gas is estimated as recoverable. Similarly encouraging is Pelican in the Dana operated Block 7, 150km north of Chinguetti. A gas reservoir over a 370m interval has been intersected. The partners are evaluating new 3D east of Pelican to delineate future drilling prospects.
The likely threshold for an LNG development is around 4TCF (670mmboe). Despite significant gas resources at Pelican and Banda, the PSCs don't currently include gas commercial terms because at the time of drafting the focus was on oil. Negotiations with the Mauritanian Government are ongoing. Until terms have been established there is unlikely to be much gas exploration. British Gas (BG) certainly saw the potential when it purchased its US$132m stake in PSC's A and B in 2004. We conservatively value HDR's 16-24% owned gas interests and other Mauritania exploration at $150m.

Beyond Mauritania

Elsewhere discussions with potential farm-in partners to fund HDR's offshore French Guyane exploration program continue. HDR has a 97.5% interest in 65,000sqkm of deepwater basin with similar geological potential to Mauritania. Over 10,000km of 2D seismic has been shot with infill seismic scheduled for October. Drilling of the first exploration well is slated for mid next year. The company has also completed a 4,847km 2D seismic survey over two JV areas, offshore Falklands. HDR has a 22.5% interest in the licences covering over 30,000sqkm. A larger than expected prospect inventory has been identified and the first well is planned for early 2007. In onshore Uganda where HDR has 50% and is operator, 2D seismic has generated a number of prospects that may begin to be drilled before the end of the year.

Valuation

Asset ($m) ($ps)
Chinguetti 552 0.83
Tiof 925 1.40
Other Mauritania 150 0.23
Other Exploration 35 0.05
Net Cash and Options 152 0.23
TOTAL 1,814 2.74

We have lifted our HDR valuation 72% to $2.74ps as a result of increasing our long term oil price forecast from US$35/bbl to US$60/bbl and A$/US$ from 0.72 to 0.76. The sensitivity table below shows just how the share price can react to upward and downward revisions in the oil price. We use a discount rate of 15% to account for Mauritania's sovereign risk. A coup in the capital, Nouakchott on August 3 highlighted the risks. The new government has stated its intention to guarantee the integrity of existing contracts. However, investors need to accept that the ongoing risks are real and the vast majority of HDR's valuation is weighted to Mauritania.

Conclusion

HDR's adjusted FY05 loss of $28.7m was $19.5m worse than FY04 and poorer than we expected. It included a foreign exchange loss of $16.1m and increased write-offs reflecting unsuccessful wells Dorade-1, Capitaine-1 and Merou-1 in Mauritania and Marloo-1 in the Timor Sea. Higher business running costs also impacted due to new offices, recruitment and termination and retirement benefits. The headline result of negative $10m was in stark contrast to the pcp's profit of $91.1m and included a deferred tax benefit of A$28.1m. The FY04 result was boosted by asset sales. Over the course of the year cash levels fell from $327m to $148m reflecting heavy investment in the Chinguetti development, Tiof appraisal and testing and exploration. HDR intends to change its financial year end to December to bring it into line with peers.
We upgrade our FY06 earnings forecast from 5.7cps to 11.0cps following our long term oil price upgrade to US$60/bbl. HDR is unhedged. Our FY07 forecast is 31.0cps. We upgrade our recommendation to Buy due to our oil price induced valuation lift. By 1Q06 HDR's price should reflect the likely successful transition from explorer to producer as the risk profile, excluding sovereign, is reduced. In the longer term, Tiof's commissioning could see HDR on a prospective PE of three beyond FY09 assuming oil prices hold. The high impact international exploration campaign with 12 wells to be drilled by June 2006 also appeals.

HDR Valuation Sensitivity Per Share "

Andy - I took the plunge and bought yesterday near the lows.

Up in oz overnight nearly 3% to 2.21 when I last looked which is 94pence.

latest corporate announcement is HERE

Hardman Resources Limited
04 November 2005



STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 4 November 2005

AUSTRALIAN CONTACT: Peter Thomas
Hardman Resources Ltd
+61 8 9261 7600

LONDON CONTACT: Patrick Handley
Brunswick Group
+44 207 404 5959

RE: SCOTT SPENCER TO BECOME NON-EXECUTIVE DIRECTOR

PAGES: 2

Hardman Resources Ltd ('the Company') today announces that Mr Scott Spencer is
to retire from his current position as Executive Director, with effect from 7
November 2005. Mr Spencer, having reached the age of 55 years, is to continue on
the Hardman Resources Board as a Non-Executive Director.

Simon Potter, Chief Executive, Hardman Resources, commented:

'During ten years as an Executive Director, Scott has been a unique management
asset for Hardman. He has played a substantial part in the Company's rapid and
successful expansion as a frontier E&P business and the resulting value created
for shareholders. That he has agreed to remain on the Board means we retain his
considerable corporate knowledge and expertise to guide the Company's growth.'



RICHARD O'SHANNASSY
COMPANY SECRETARY







... Page 2 ...

Notes to Editors:

Scott is 55, and he has given the company full time service for a decade. With
the recent management changes he feels he has fully discharged his executive
obligations to shareholders, and can afford to enjoy a wider spread of
interests.

His involvement with the company continues as a non-executive. The Board looks
forward in the knowledge that Scott's invaluable advice in all aspects of
running an international group is close at hand.

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

is this a good price to buy into this co ,been in and out afew time for small profit but we haVe not seen these lows for some time .they seem to haVe a good slice of the action ,or am I missing something.

You are missing something.

Wait and I will fill in asap.

Posted on TMF

http://boards.fool.co.uk/Message.asp?mid=9660360&sort=whole#9661546

Hi all,

Here's a copy of Woodies's presentation today if anyone is interested in having a read. On client site, so can't download it to read due to download size restriction...

Value Creation Session:
http://imagesignal.comsec.com.au/asxdata/20051116/pdf/00567680.pdf

Value Deliver Session:
http://imagesignal.comsec.com.au/asxdata/20051116/pdf/00567681.pdf

Delivering Growth:
http://imagesignal.comsec.com.au/asxdata/20051116/pdf/00567679.pdf

RG/linco, thanks for your replies. Will post later.

In short, market simply panicked into selling today - with enormous volume traded by lunch time (over 5 million). Speaking to a few other fellow sufferers, it would appear that Woodies has stated that a decision on Tiof has been postponed till Q2 2006 subject to further appraisal drilling. I believe Doris Engineering report emcompassed options of large variance in recovery factors as well as required capex commitment. So it's not so much Woodies "bad-mouthing" Tiof, but simply stating that they need to take a prudent approach with minimal risk taken. Bearing in mind each appraisal well they drill can be used as future producers, as long as they can get it to flow properly.

I can't seem to find the post, but I believe it was Peter who, after attending to ROC's presentation in the UK, pointed out that they had already scheduled appraisals for Tiof going into 2006 citing complex reservoir. Peter also made a good point that the longer Tiof is delayed, the more money they will have in their pocket from Chinguetti - which ultimately means that they will need to do a smaller raise. IMHO, capital raising is not a question of if, but how much. Even for a phased development, we'd still be looking at 300 million (our share) minimum. Given their capex commitment elsewhere (Uganda, Guyane and Falklands + entering new acreage), I can't see them generating sufficient working capital from Chinguetti to cover that sum. It is after Tiof comes on line for a year or so that they will start to generate enough cashflow to be self-sufficient.

So how am I holding up? As well as this time last year. Same sh*t, different year really. Blown a couple of 100k in 6 weeks, which is not nice but I refused to be panicked into selling. Of the top of my head, the market seems to have risked Tiof at a COS of around 40%. Will post more on that later when I have analysed the numbers more.


My target is 70-75p and I can see that coming up in the headlights. I do of course reserve the right to change my mind about any of the above at any time.

RG, You might have to change your mind.... and revise it to 60-65 if history repeats itself again. I recall that was the level it dropped to last year when doubts over Tiof flared (unfortunately pun) after Tiof-3 problem.

On the subject of little Aussie E&P's I have built up holdings in Baraka and Samson - (about 10% in each).

Yap, have 15-20% holdings in VPE, which equates to approx 2% indirect holdings in Samson. Never bought Baraka although I have looked at it (and even mentioned it here) a few times. I recently purchased Beach Petroleum during the O&G sector pullback. When I get the chance to rotate some funds, I'm looking to possibly buy into those with enormous exposure to the gas market in the US (Tomahawk, Petsec, First Australian Resource [ASX:FAR], etc). Like a few others here, I am bullish US gas price over the medium to long term, with my expectation of HH price staying above US8-US10 over the next 10 years. What appeals to me is that a lot of Aussie players with exposure to US gas assets are still being valued at Aussie gas price of approx US2.50/mmbtu). Anyway, I won't let the cat out of the bag just yet. Will post more after I have researched deeper into it.

So I have ended up responding now anyway, sorry for the ill-structured response... oh well, that goes my lunch break! :(

*tummy grumbling...*

618

&

Hi all,

Thanks for your kind words of sympathy, etc. Like the wise old saying goes "Easy come, easy go". What follows below is not an attention or sympathy seeking post, but it is an honest, self-critique of my failure to see this coming, and what I will learn from this. Please respect this and do not rec this post. Just pay attention so that you keep this post in mind when you next read what I write.

To be honest, it is a very sobering, humbling, and depressing experience to be this wrong about a stock I am supposed to know quite well. At least I thought I did anyway. I'm not depressed about the size of the paper loss. Gosh, I have made enough money out of Hardman to never justify me complaining about their performance. In fact, I'm surprisingly calm given the beating I have copped in the last 6-8 weeks. I suppose if you get your head kicked in everyday, you'd get used to the pain after a while :) What I am kicking myself for is my apparent lack of judgement for its performance even though I know so much about this stock; and my apparent lack of ability to emotionally detach myself from this stock, and execute a bl**dy sell order.

I so clearly recall the following thread when discussing the risk/reward profile of Hardman, and how it would be different this year in comparison to last year...

Firstly, there was this post... http://boards.fool.co.uk/Message.asp?mid=9461161

I will not be selling in the next 12 months (well, nothing worth mentioning about anyway) as I can see a pipeline full of material events coming through...

* Drilling of up 6 exploration wells, with my expectation of Sotto being spudded next week
* FPSO arriving in Chinguetti early Sept 05
* Drilling of 2-3 appraisal wells - 2 at Tiof and 1 east of Banda late 05
* Hardman completes their hedging obligations by Oct/Nov 05
* Drilling of mputa-1 in Uganda in Dec 05
* All subsea equipments connected to well head on the Berge by Dec, with production commencing Jan 06
* Declaration of commerciaity for Tiof around Mar 06
* Drilling of commitment well in Guyane around Apr 06
* Drilling of Tiof development wells commecing Q3 06
* Advancement of up to 10 leads to prospect status in Falklands by Q3 06

This was then followed by http://boards.fool.co.uk/Message.asp?mid=9572643 ...

The first 2 dry holes has altered by view of Mauritania as a future oil province slightly. And at current price, it does represent a bit of exploration premium, which on current success rate, does not seem to be justifiable. However, I believe with Faucon and the TBA Block 6 prospect to be drilled, as well as the 2-3 wells in Uganda, and the wildcat (not Matamata) in Guyane, there is sufficient exploration drilling in the pipeline to keep the market interested. In addition, although I acknowledge that Chinguetti is fully priced in on a NAV basis, the commencement of production will see a bit of re-rating due to institution buying, as was illustrated by the increase in Westpac holding to over 5%. This is because of the persisting high oil price, and as such, the projected cashflow/earnings will justify a higher SP.


Yes, to some degree, no one could have expected the extent of the fallout from the delay in Tiof's development. But it was me, same time last year, who pointed out that IMHO then, it was the uncertainty surrounding Tiof that triggered the mud slide then... http://boards.fool.co.uk/Message.asp?mid=9016271

While I agree that on momentum and sentiment alone, the three dusters played a part in the recent SP decline. However, my comments that it was doubts over the Tiof, rather than Merou that caused the aftershocks was because I had a risked value for Merou of 11c vs the actual fall of over 50c (1.95 to 1.38). The only justification I can come up with is one of two things removal of over-exuberant drilling premium AND doubts over the biggest component of their NAV Tiof.

This view was subsequently justified when Tiof-6 gushed and Hardman's SP recovered significantly.

To make matter worse, I had originally expected a decision on Tiof by end of 2005. Then I changed my expectation to Q1/2 2007 after reading Peter's post on ROC's presentation...

http://boards.fool.co.uk/Message.asp?mid=9329298

* Declaration of commerciality for Tiof My previous expectation had been end of year. However, as per Peter's update from the Roc's presentation at the OilBarrel conference, At the Oilbarrel conference today Kevin Hird from ROC showed a slide showing appraisal on Tiof going on until at least 2007 (the slide only went up that far). When asked (by PhilElder I think?) why the appraisal period went on so long, he emphasised the complex geology, in comparison to Chinguetti as you have done (so he is in good company). As you say, this is clearly going to take some time, though a useful side effect will be that, hopefully, the development when it happens may be largely funded from Chinguetti cash flow.

Of course, the complexity of the Tiof geology may also mean that we shouldn't read too much into the excellent flow rate achieved from Tiof 6, conditions in the reservoir may vary across it. (see post http://boards.fool.co.uk/Message.asp?mid=9220818 ). Therefore, it is possible that Tiof may not be declared commercial until some time mid-2007. As a shareholder, I would much rather the JV take their time in gaining a better understanding of the geological structure and implement the best development plan (with higher recovery factor), then to spend $2 billion and screw up a 1 billion barrel oil field (in place reserves that is).

That is until I learnt about Doris Engineering's report, and the subsequent discussions with a few "in-the-know" people that an Early Development Plan was in play again. I believe it was a case of what I had wanted to believe, and not what I should have believed knowing what I knew.

So instead of seeing an overheated share price as a warning sign, I saw nothing but the positives, which just goes to show that knowing a stock well doesn't make one a smart/wise investor. In fact, it can be a total hindrance to one's objectivity. The art, IMHO, is to find a balance between what one needs to know to make an informed decisions, but not detailed enough to get too attached to the stock (I'm beyond help in that aspect).


Anyway, enough of that. I have now updated my NAV model to reflect a further drop in Tiof's CoS from 70% to 50%, as well as removing Labeidna from my NAV since it is most likely uncommercial...

Average Sell Price / Barrel (USD) $40.00ForEx $ 0.70No Of HDR Shares On Issue (Millions) 655Prospect Net Rev / Net Rev / Size COS HDR% HDR Unrisked Risked Bar(USD) Bar (AUD) (MBO) (MBO)Cash $0.21 $0.21Chinguetti $9 $12.8 123 100% 19.0% 23.4 $0.46 $0.46Tiof $4.5 $6.4 300 50% 21.6% 64.8 $0.63 $0.32Banda $4.5 $6.4 300 20% 24.3% 72.9 $0.71 $0.14Pelican $4.5 $6.4 120 0% 16.2% 19.4 $0.19 $0.00Tevet $9 $12.8 50 100% 21.6% 10.8 $0.21 $0.21Faucon $4.5 $6.4 250 10% 18.0% 45.0 $0.44 $0.04Colin $4.5 $6.4 250 15% 24.3% 60.7 $0.59 $0.09Remaining wells* $4.5 $6.4 400 10% 20.0% 80.0 $0.78 $0.08Lake Albert $4.5 $6.4 300 10% 50.0% 150.0 $1.47 $0.15Guyane Wildcat $4.5 $6.4 250 10% 40.0% 100.0 $0.98 $0.10Total $6.88 $1.80

This brings us a bit closer to the closing price today of 1.71. I suspect we may see further weakness as negative sentiment may drive the market to remove all exploration premium from Hardman, as irrational as that sounds, anything is possible with this stock.

ee, I'm sure you can work out from my NAV model the answer to your question. I won't answer it directly because I am not so sure either. IMHO, there's too many unknowns... a commercialised Banda will double/triple Hardman's reserves depending on whether you include/exclude Tiof's reserves. But until gas terms are finalised, you can't exactly allocate full value to the Banda reserves. At the same time, ignoring any undeveloped assets would give you such a low number that it might not actually be realistic.


Thanks to Philip_k on HC who found this article by an Intersuisse analyst on Woodside - http://seven.com.au/news/business/121741 ...

"...Intersuisse energy analyst Peter Arden said the company was in a strong position but he was surprised it [Woodside] was not talking up its Mauritanian enterprises more.

"I am at a loss to understand just why they are quite so cautious on it all ... it's not their normal style," he said.

"Maybe there is a good reason for that, maybe they have some corporate aspirations that they want to pursue - who knows."

Woodside operates in Mauritania through joint ventures with companies including Hardman Resources and Roc Oil...."


Anyway, that's enough from me for one day. Time to take a break from Hardman, and it's definitely time to start detaching myself from it, if possible.


Cheers all, you've been a wonderful audience/listening ears :)

618

Now you are up to date after you have waded through that lot.

Needless to say I agree with his comments and as such intend to leave Hardman on the shelf

thanks for that seawallwalker i didnt see that bought 4000 at 71 thought got them when they were down looks like they got me sold my V o g and placed some here hope for a bounce get me out

It's not the end of the world but anyone coming in needs to know the above.

I hope it does bounce, it will very long term imo, one good drill result and you are in.

Short term it has fallen too fast in the last couple of days so may bounce tomorrow.

In respect of VOG, some posters on TMF rate it as a hold, I don't know enough about it.

Posted by torneself on TMF, sums it up.

www.smh.com.au/news/xchange/g--owing-adds-up-to-lot-of-debt/2005/11/16/1132016860207.html?page=2

Small is relative

When bad news about a project affects a company's share price, it's all relative....For Woodside Petroleum, the proposed Tiof project near its Chinguetti joint venture development in Mauritania would be a nice feather in its cap.But for partner Hardman Resources, it's a core asset.

Woodside chief executive Don Voelte hinted yesterday the Tiof project was not guaranteed to proceed as previously assumed....Woodside shares fell 27c to $31.98 on a weak day for all oil and gas stocks....But Hardman shares fell 14.5c, or 8 per cent, to $1.71.

Voelte did note that Woodside rarely canned previously announced projects, citing the abandonment of its Blacktip gas project earlier this year as a rare example....

nice bounce today got me out with a small profit and the sun is shining .

And you bought back your VOG shares I hope?

I would advise to always check for comment and news on TMF before purchase or sell stock unless it is in free fall of course.

i did took my profit safely stashed 800 pounds for day trade going to haVe another go at Vog tomorrow they look to haVe the legs for it i haVe habit of following these oils as they go up buying as they rise and geting stuck at the top with only one way to go een 240 sbe 373 txo19.5 moi .8 gtl 10 pre 24 fto 10 lot of dead money there

Labeidna news now looks positive with side track, should they have gone for it, not able to reach thicker and more prospective zone!

Separate drill hole required.

Very encouraging, but the Australians have another agenda, I'm pos' on that!

VOG? Yes, went to the agm yesterday. It was interesting! Doesn't the West Medvezhye VOG block look small in relation to the Gazprom Medvezhye field next door?!

HNR has asked to be suspended due to Woodman considering offer for their 10% stake in Hardman.

Looks like a bidder in the wings, if it is then it will do some strange things to my holding!

PERTH (Dow Jones)--Australian oil and gas explorer and producer Hardman
Resources Ltd. (HDR.AU) said Thursday Woodside Petroleum Ltd. (WPL.AU) is
considering selling its stake in Hardman.
Woodside subsidiary Woodside Mauritania Investments Pty. Ltd. holds a 10.24%
stake in Hardman.
Hardman placed its shares under a trading halt Thursday until the sale is
completed or the commencement of trade on Monday.
"The trading halt is required as Hardman has been advised by Woodside
Petroleum Ltd. that its wholly owned subsidiary, Woodsided Mauritania
Investments Pty. Ltd., is considering the sale of its shareholding in Hardman
and will decide whether it wishes to do so over the course of the trading halt
period," said Hardman in a statement to the Australian Stock Exchange.

No bidder! And it has done strange things to my holding.

Which I won't go into here! :)

It'll come right on the night I'm sure, just got to find the right knight!

10% fall this week.... SP now looking good... I last sold these shares at over 1 and looking at the recent news think a recovery back is very much due. Anyone any ideas how much further these will fall???

Back in on these at just over 80p.

All north from here I suspect.