anyone got any ideas about the block trades that went through today?

website: http://www.sterlingenergyplc.com/



weather: www.nhc.noaa.gov/refresh/graphics_at4+shtml/084938.shtml?50wind120

Oil producers in general are in favour in reaction to the latest crude prices. But exploration shells are pretty stagnant. Sterling falls somewhat in between I think, although long-term very nicely positioned to take advantage of low capital expansion of its production activities into a strong price for the foreseeable future. Patience required. 1% a day or 250% in one day comes to the same overall profit.

wise words grasshopper...

sorry, please take that in jest..i just just envisage "wise words..patience required, 1% a day or 250% in a year..patience my son"

rgds
PT

PT - no apology required. Not familiar with grasshopper concept, but know fleas well. Boy, can they jump - at least 250%!

woof, woof

:D

SD

it was more a reference to th egreat TV show Kung Fu - taking about wize words and proverbs!

flea works just as well in a funny way!

I think on reflection grasshopper works better - not sure about "Wise words flea". Seems to lack a certain something.

prop we are all far too young to remember that program.............

Ah-so!

Ah-so's to you too matey!

And when all these sharp things were flying towards him he was heard to say "What Kung Fu Dat".

Best thread on the BB.

MS

my vote too...

ok, i will come out...i was watching David Carradine on Jonathan Ross and it brought it all back....i was a mere baby in the early 70's!

This just out, worth a post amidst all the Hong Kong Phooey talk!

Hardman Resources Limited
08 April 2005

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 8 April 2005

CONTACT: Simon Potter

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

RE: HARDMAN INITIATES PROCEEDINGS

Hardman Resources Limited announces that its wholly owned subsidiary, Hardman
Chinguetti Production Pty Ltd (together Hardman), today commenced proceedings in
the Supreme Court of Western Australia with the aim of establishing Hardman's
entitlement to cost recovery under the relevant Area B production sharing
contract.

The issue involves the meaning according to law of the Joint Operating Agreement
and Farmin Agreement for Area B. It has been the subject of considerable
discussion and correspondence between Hardman and Woodside Mauritania Pty Ltd
(Woodside), the Operator of the Area B Joint Venture, since late 2003. Hardman
and Woodside have not been able to reach an agreed outcome despite both parties
proposing different terms for resolution by arbitration.

Hardman's position is that the entitlement of all joint venture parties to
recover costs should be calculated according to the participating interest share
in the Joint Venture. Woodside asserts that it should be entitled to recover
100% of its share of the farmin costs for cost recovery purposes.

Other Area B joint venture parties have indicated support for Hardman's
position. Hardman also has an opinion from a Queens Counsel which supports its
position.

Should the Court make the declarations sought, Hardman would receive
approximately US$18 million in additional cost recovery and reimbursement
payments than would otherwise apply under the Woodside position.

The Supreme Court proceedings will not impact upon the development of the
Chinguetti field which remains on schedule to produce first oil in the first
quarter of 2006.

Hardman's Chief Executive Officer and Managing Director, Simon Potter,
commented:-

'This action by Hardman has been taken reluctantly to break a deadlock in the
respective positions of Hardman and Woodside. The parties have essentially
agreed to disagree and it is necessary to obtain an independent determination of
the issues involved.

This is a one-off situation and will not impact upon the good working
relationship Hardman has enjoyed and will continue to enjoy with Woodside in
several joint ventures in Mauritania.'



SIMON POTTER
CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR
HARDMAN RESOURCES LIMITED


Enquiries:
Simon Potter Hardman Resources +61 8 9261 7600
Jim Kelly Third Person Communications +61 412 549 083
Patrick Handley
James Crampton Brunswick Group +44 207 396 3536





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

indeed. looks like minimal impact....anyone wlse have any thoughts?

for those in need of more Kung Fuey....

http://www.tvtome.com/tvtome/servlet/ShowMainServlet/showid-2162/Kung_Fu/

good site for lots of other shows and movies as well.

rgds
PT

No impact so far on any of the sp of HNR. I'm not too concerned as long as it doesn't do any harm to the working relationship of all parties concerned. Certainly wouldn't make me sell any shares in either company. If anything, I would think this action would hurt Woodside the most. Hardman seem confident that the court will rule in their favour.

As to Hong Kong Phooey - Number 1 superstar!

Looks as if this was released in Oz overnight and HDR were only down 0.025c so no panic there it seems.

Great article on Rigzone re Mauritania.

Australia's Hardman Resources Ltd. (HDR.AU) said Thursday that up to eight new exploration wells will be drilled at its Mauritania oil project in the second half of 2005.

Mauritania operator Woodside Petroleum Ltd. (WPL.AU) will be "putting to the joint venture 10 drill-ready prospects by June," said Hardman Chief Executive Simon Potter.


At least half of those prospects, and probably "six to eight," will be drilled in the second half, Potter told Dow Jones Newswires in an interview.
The new drilling will test "large" targets, Potter said, as the joint venture partners try to rebuild confidence in the exploration upside at Mauritania, after a moderate program last year that returned three dry holes along with the Tevet discovery.

Buoyed by news of the latest drilling plan, Hardman shares closed up 2.1% at A$1.93, their high for the day, valuing the Perth-based group at A$1.27 billion.

Shares in Woodside fell 14 cents to A$25.46.

Broker UBS believes the coming offshore drill program has a "risk weighted value" of around A$1.60 per Woodside share based on an assumed 32% overall success rate.

"We believe our assumed risked success rate is reasonable since Woodside-operated Mauritania exploration drilling has delivered a 45% success rate to date," UBS said in a research note.

Previous successes include the US$625 million Chinguetti development that is due to begin production by next March at a rate of 75,000 barrels of oil per day, and the Tiof discovery that Hardman believes has 1 billion barrels of oil "in place."

Woodside owns 47% of Chinguetti. The other participants are Hardman with 19%, the Mauritanian government with 12%, BG Group PLC (BRG) with 10%, the Premier group of companies with 8.1% and Roc Oil Co. (ROC.AU) with 3.3%.

UBS said the Sotto prospect will test a new Miocene channel system with a target size of 150-250 million barrels of oil.

But Hardman's Potter said that Sotto is one of many prospects in the program.

"We have a range of play types that we need to fully understand," he said, adding that he is confident Mauritania is a "company maker" for Hardman, despite the disappointing exploration results last year.

"The fact that we've had three dry holes in the context of the whole basin is neither here nor there," he said.

"There could easily be another five Chinguettis and another three or four Tiofs," he said.

"So I hope that the exploration program we embark upon will be a strategic evaluation of the basin rather than just drilling the biggest bump that we see," Potter said.

Turning to corporate issues, Potter said he is aware of market speculation that U.K.-based BG Group, a minority owner of Chinguetti and Tiof, may be interested in Hardman.

"With the oil price the way it is, there are a lot of companies cashed up and looking for opportunities," he said.

Hardman is a potential takeover target, along with many other companies, but there have been no discussions with BG, Potter said.

"I'm sure that there is going to be a lot of consolidation in the industry over the coming year," he added.

Woodside owns 10% of Hardman but has "indicated" to Potter that "they are very happy with their holding", he said.

Hardman's 19% share of Chinguetti will entitle it to around 14,000 barrels of oil a day, which will make it Australia's fourth-biggest oil producer behind Woodside, Santos Ltd. (STO.AU) and Oil Search Ltd. (OSH.AU).

"It is clearly core for Hardman to get Chinguetti on stream and producing," Potter said.

"As we get closer to first oil, we'll see that reflected in the stock price, where we get more of a balance. Rather than just being an exploration play, we become a production and oil price play," he said.

Potter also believes that a share market "discount" attached to Hardman because of perceived political risk in Mauritania will "start to evaporate" as oil production gets closer.

Turning to Tiof, Potter said that the joint venture partners are "agreed" that it contains 1 billion barrels of oil, but the "key issue is how much oil we can recover."

Woodside has said a development option could be finalized in the third quarter, but Potter said two more appraisal wells are needed to fully evaluate the field.

Despite high oil prices, there is "no point in rushing at this like a bull at a gate," Potter said.

"This has to be a pretty measured and considered development to maximize the recovery factor," he said.

Analysts believe around 30%-40% of Tiof's oil may be recovered, depending on how well the field's individual reservoirs are connected.

Last year Woodside said Tiof could become the company's second production hub off the west African coast by 2008, based on a stand-alone development costing up to A$2 billion.

Oil price around $50-$55 appears to be acceptable for the world market..... share prices started to recover around the world.... That's good especialy for oil companies IMO

IMO as well!

I think that once all the hype and worry about the higher price falls away and we get through the big spike that is forecast, the World will have to get used to $50 to $60 per barrel as the norm.

I would not expect that price to have any larger impact on economies mainly as oil has been too cheap for too long prior to this.

A good time to hold SEY and HNR imo, in one of the most promising areas of the World in respect of new fields.

'Course, HNR also have what appears as big at Matamata.

I watched the first episode of Doctor Who from behind the back of a sofa in a freinds house, because he had the only television in the road.

About a year later my family got one.

We were not poor, but it just had not caught on!

I also rememeber the first Miners Strike, in the early 60's when power cuts were the norm in Winter.

And we had a Village Bakers who baked brown bread with Hovis written on the side.

The top was always black.

We 'ad a nice 'ouse.

We 'ad a box in t' middle of 'ert ro'd.

Times were 'ard, b't we was 'appy.

Off topic boys. Got to feel it for the people working for Rover. I'm no expert but even I could see it coming.

MS

agreed. i will leave the politics for the political thread but i think this has been so utterly mismanaged it is untrue.