xmortal

fyi there is a hardman thread on the traders board may be worth a look

will do... also will update more info once i get time. ta.

All relevant


YUKOS awaits bailiffs as deadline passes
Thu 8 July, 2004 08:46



By Dmitry Zhdannikov

MOSCOW (Reuters) - Russia's largest oil exporter YUKOS is waiting for the government to start selling off its assets after missing a deadline to pay $3.4 billion (1.8 billion pounds) in back taxes.

The deadline expired at midnight after talks with the authorities failed to resolve the issue which analysts warn could sap enthusiasm to invest in Russia and undermine economic growth.

Bailiffs can now arrive at any moment at the company's Moscow headquarters or its operations, which pump a fifth of Russia's crude oil.

"We have no fresh news. We are waiting," YUKOS spokesman Alexander Shadrin said.

The oil giant says it could collapse by the end of the year under a tax bill that totals nearly $7 billion for 2000 and 2001. Analysts say that could rise to $10 billion after audits of 2002 and 2003.

The firm's future to a large extent depends on whether main shareholder Mikhail Khodorkovsky, and other core owners who control YUKOS through holding firm Menatep, can reach a settlement with the Kremlin.

The politically ambitious Khodorkovsky is on trial for fraud and tax evasion and the charges against YUKOS are widely seen as part of a campaign against him by a Kremlin that tolerates little opposition.

Khodorkovsky's lawyer said on Wednesday that he had offered from his jail cell to give up control in return for the company's salvation but there was no word from officials.

"Khodorkovsky has the right to take a decision on behalf of all of us, and the (Kremlin) understands this perfectly well," Russian newspaper Vedomosti quoted a Menatep source as saying.

"They simply have no interest in these discussions. They don't have a united opinion of what to do with YUKOS now."

President Vladimir Putin pledged last month to try to prevent the firm's collapse, but legal blows have continued to rain down on YUKOS.

However, some analysts said bankruptcy looked a long way off.

"We believe the parties can still reach a compromise," Merrill Lynch said in a research note.

"Even if the government wanted to bankrupt YUKOS, a lack of experience with bankruptcy of this magnitude, unclear legislation and the fact the company has not exhausted all the legal means at its disposal ... indicate that YUKOS is unlikely to go bust," it added.

KHODORKOVSKY OFFER

A high-level YUKOS source said on Wednesday the company was in talks with officials on how to reach an amicable agreement and avoid bankruptcy.

But a YUKOS spokesman denied talks were going on and said the government had not responded to attempts to strike a deal.

"Unless the government gives us more time to pay back what we owe ... we will be, technically speaking, insolvent," said Hugo Erikssen, head of international information for YUKOS.

Many Russians may cheer the potential collapse of a company whose shareholders amassed huge fortunes in shady privatisations while most of the population was thrown into poverty after the Soviet Union collapsed.

But analysts say the selective bankruptcy of YUKOS could hurt everyone in a country banking on foreign investment to help double the size of the economy in this decade.

Thursday Closing Oil Prices Barrel Higher

For the first time in more than a month, oil prices have surged back above 40 dollars a barrel. Traders say prices shot higher after Homeland Security Secretary Tom Ridge held a news conference and warned that terrorists are looking to disrupt the November elections.

In New York, crude for August delivery jumped more than three percent, up a dollar and a quarter to 40 dollars, 33 cents a barrel. Crude futures are the highest they've been since before OPEC's announcement last month that it would boost oil production.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

World oil prices soar
July 9, 2004 - 6:06AM

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World oil prices shot higher, taking New York crude above $US40, as the market reacted with shock to a White House warning that al-Qaeda is planning a major US attack.

New York's benchmark light sweet crude contract for delivery in August soared $US1.25 to close at $US40.33 a barrel, the first finish above $US40 since June 1.

Brent North Sea crude leapt $US1.16 to $US37.77.

Homeland Security Secretary Tom Ridge issued the terrorist warning, which shattered market nerves even after weekly government figures showed commercial crude oil, petrol and distillate inventories on the rise.

"Credible reporting" indicated al-Qaeda planned a large-scale attack in the United States, Ridge said, adding that security would be stepped up at Democratic and Republican national conventions.

Ridge said he had no precise knowledge about time, place or method of attack.

"The fundamentals suggest that oil prices should have come down at least a dollar," said Oppenheimer market analyst Fadel Gheit.

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"But Tom Ridge a couple of hours ago said that there is a high probability that there will be a terrorist attack during the Republican and Democratic conventions in Boston and New York in the next few weeks," he added.

"That scared the hell out of everybody."

The Democratic Party's national convention is to be held in Boston July 26-29, while President George W Bush's Republican Party is to hold its convention in New York August 30-September 2, ahead of the November 2 US presidential election.

The US Department of Energy said for the week to July 2 commercial stocks of crude oil rose by 100,000 barrels from the previous week to 305.0 million, petrol rose 1.0 million barrels to 206.1 million and distillate fuels - heating oil and diesel - were up 3.1 million at 114.0 million.

Exploration Start-Up Eyes Falkland Island Waters... And AIM Listing
Falkland Islands Holdings and partners Global Petroleum Limited and Hardman Resources have restructured their joint venture in the waters off the Falkland Islands. A new company, Falkland Oil & Gas Limited (FOGL), will spearhead the exploration campaign in the licences, which cover 33,700 sq km to the south and east of the Falkland Islands, an area geologically distinct from the North Falkland Basin which was the focus for oil exploration activity during 1996-98.

The shareholdings in FOGL will be RAB Special Situations Fund (a fund managed by AIM-listed hedge fund manager, RAB Capital) with 45.4 per cent, FIH 28.9 per cent and Global 25.7 per cent. FOGL will hold 77.5 per cent of the licences with Hardman holding the remaining 22.5 per cent. FOGLs share of the work programme will cost US$3.6 million and will be funded US$2.2 million by RAB, US$1.1 million by FIH and US$0.5 million by Global. Hardman will put up US$0.9 million of the seismic costs. The board of FOGL will comprise representatives of RAB, FIH and Global. The initial chairman will be John Armstrong, executive chairman of Global Petroleum.

The new exploration outfit, which plans to seek eventual admission to Londons Alternative Investment Market, will focus on the acquisition of a 2,300 km 2D seismic survey at an estimated cost of US$4.5 million. The acquisition of the new data follows the 2003 mapping of 4,340 km of purchased seismic data, which identified a number of leads in water depths of 400 to 1,850 metres with targets ranging from 200 million to 2.5 billion barrels of oil.

While no wells have been drilled in these areas, there have been successful tests in the adjacent Malvinas Basin to the west. The Calamar-1 well flowed 3,000 barrels of oil per day and the Salmon-2 well flowed 20 million cubic feet per day of gas. The wells produced from the Cretaceous Springhill Formation, which is expected to occur in the new licences.

These oil and gas flows offer support to the view that the Joint Ventures licences contain an active petroleum system within the 8,000 metres of Late Jurassic to Tertiary sedimentary section, the company said in a statement.

David Hudd, chairman of Falkland Islands Holdings, said: The creation of a new, fully funded oil exploration company that mirrors our minerals venture is an exciting development. FIH is well-placed to benefit, both directly and indirectly, from increased levels of activity in these sectors.

Meanwhile, Falkland Islands Holdings, which operates a range of businesses in the islands, has reported turnover of 11.1 million for the year ended March 31, 2004, slightly down on the prior year period of 11.4 million. Pre-tax profits slipped from 1.025 million in 2003 to 0.847 million in the year just gone. The dividend per share was up 4.5 per cent, however, at 5.75p.

The results were hit by increased shipping costs and a poor fishing season. However, the companys minerals business received encouragement from the results of an initial aeromagnetic survey and drilling could get under way this year.

Hudd commented: The potential from our oil and mineral licenses in the Falklands is real and we have significant mineral and oil exploration programmes currently under way. These developments give the board confidence for the future.

The Tiof Find Offshore Mauritania Emphasises Hardman Is Not A One Discovery Wonder
Hardman Resources, the Australian junior which is also quoted on Londons AIM market, continues, despite some occasional signs of stirring, to be a curious sleeper in the oil and gas sector. Okay, its most recent exploration well Poune, which tested a Upper Cretaceous structure on Production Sharing Contract (PSC) Area B, offshore Mauritania, was dry. But the well before that, Tiof, which was also offshore Mauritania and which tested a shallower Miocene structure, came up trumps.

This showed that Hardman is not, as it appears to be perceived by the market in London, a one discovery wonder that finds it difficult to raise the finance to match its ambitions. Its company making find with Chinguetti, on Area B offshore Mauritania is well advanced in its development. The Tiof discovery could mean reserves offshore Mauritania are much greater than originally thought. A third exploration well in the 2003 programmes offshore Mauritania - the Dana operated Pelican - is currently being drilled. Hardman has production in Australia, which provides enough flow to pay the bills and the wages. It also has some exciting prospects in Guyane in South America, Uganda, Gabon and New Zealand.

Chinguetti was first discovered in 2001. Reserves here have been put at 142 million barrels of oil recoverable; Hardman has a 21.6 per cent stake in the action. Production is expected by 2006 at the latest and is predicted to be at least 75,000 barrels of oil a day (bopd), which means Hardman will have 16,000 bopd for itself and that the company will immediately be punted into the top half dozen of the UK quoted mid-cap explorers and producers.

The cost of developing the field has been put at US$400 million, of which Hardmans share would be US$86 million. The company wants to raise this money off the balance sheet so there will be no dilution for shareholders. It is currently in negotiation with a commercial bank to raise US$75 million and the International Finance Corporation (IFC), which is part of the World Bank, to find another US$100 million. Asked on a scale of one to ten how confident he was that the US$100 million would be raised soon, Executive Director of Hardman, Scott Spencer, said, Ten.

Following Chinguetti, Hardman had another successful discovery with its Banda well, which is also offshore Mauritania. This find was three quarters a gas discovery, with reserves estimated at 3 trillion cubic feet. But there was also oil, with recoverable reserves put at 100 million barrels. Hardman holds 24.3 per cent of this licence. This will probably be developed as a gas field and this will take time. The oil element, however, means that, together with Chinguetti, Hardman has been able to book reserves to itself of over 50 million barrels of oil. Assuming the oil is worth US$5 a barrel in the ground then Hardman shares are worth more than 30p a share on what has been discovered so far;and this says nothing about other activities and prospects.

There is also Tiof. The first well struck oil in the shallow Miocene zone. Total reserves have been tentatively put at 200 million barrels, with Hardman holding 21.4 per cent of the action. In the normal way Hardman would think about drilling appraisal wells next year. However, the company is so excited about the size and possibilities of Tiof, it is about to drill another exploration well, called Tiof West, some 8 kilometres from Tiof-1. Sources, not Hardman it should be stressed, have talked about reserves of 650 million barrels. If this turns out to be the case then Hardmans shares should really wake up.



Hardman Resources Has Lots Of Positive News About Its Activities In Australia And Mauritania
The news flow from Aussie explorer, Hardman Resources, which is quoted on Londons Alternative Investment Market (AIM), as well as in Australia, is like a successful oil discovery - it seems to be spurting out in all directions.

The main story is the progress being made with Hardmans company making discoveries in the Chinguetti field, offshore Mauritania. According to the company's activities report for the third quarter ending September 30, 2003, the Chinguetti 4-5 appraisal and early development well intersected 38 metres of net oil bearing sandstones. Production testing of the high quality reservoir section has flowed oil at rates of up to 15,680 barrels of oil per day.

The preliminary development plan envisaged six production wells to achieve the initial peak field production rate of 75,000 bopd. This would require each well to produce at 12,500 bopd. However, the current well 4-5 being tested is a vertical well, which intersected only a part of the reservoir section, and production is limited by the surface test facilities. Some of the production wells to be tested later will be directionally drilled (inclined) and designed to intersect a greater proportion of the reservoir sands and therefore should be able to produce at even greater rates. Suffice it say, the initial production target of 75,000 barrels a day is comfortably attainable. Hardman has net interest of 21.6 per cent in the Chinguetti field.

So what happens now? To achieve first production by the end of 2005, the Chinguetti Development Plan includes the leasing of a Floating Production Storage and Off-Take Vessel (FPSO) for an eight to ten year period, the drilling of six production wells (possibly more), a gas injection well and water injection wells. The development plan envisages costs will be US$400 million, of which Hardman is expected to find US$86 million.

By the end of 2003 Hardman is hoping to have analysed the test data on Chinguetti 4-5, finalised the Chinguetti Development Plan, commenced the tendering process for facilities (FPSO) and completed the technical and legal due diligence work with the ANZ and IFC banking groups ahead of the project loan financing which Hardman hopes to finalise by February 2004, with the final investment decision (FID) in March 2004. The company also hopes before December 2003 to have joint venture agreement for the Declaration of Commerciality.

The 2P (proven and probable reserves) of Chinguetti have been put at 142 million recoverable, which means just over 30 million net to Hardman. If the initial production estimates turn out to be correct then it would mean 16,000 barrels a day net to Hardman which would immediately punt it in to the top half dozen of the small cap producers listed in London.

Chinguetti is just the first discovery. On the basis of only one well at Banda, which is close to Chinguetti on the same block, there are thought to be 100 million barrels of proven and probable reserves recoverable. This excludes the large gas reserve. Hardman holds 24.3 per cent of this licence.

There are also many more prospects to be looked at. In terms of the exploration drilling programme, on October 28, 2003 the company started the drilling of the first two wells on the Woodside operated Production Sharing Contract (PSC) Area B licence (Hardman 21.6 per cent). This first well is on the Tiof prospect, which is a Miocene aged sand prospect associated with a salt structure and is similar in type and size to the Chinguetti discovery. The second well is in Poune prospect, which is a test of a deeper Upper Cretaceous structure. However, this well will also test a shallower Miocene sand channel target.

Hardman is still hoping to drill a third exploration well on the Pelican prospect in the Dana Petroleum operated PSC Block 7 (Hardman 18 per cent), but this may depend on whether everything can be organised in time for this well to be included in the current schedule to drill the well in November 2003. Hardman has A$40 million cash in the bank with which to fund its share of this programme.

Back home in Australia, Hardman does have some small production from its Woodada gas field in the Perth Basin. This is around 4.5 million cubic feet of gas a day. There was some disappointment that the Leafcutter-1 well on the Woodada licence had to be plugged and abandoned. Ted Ellyard said: I was certainly disappointed. We always considered the Leafcutter to be a relatively high risk but cheap test of the up-dip potential in the Woodada area. However, the well had several zones of residual oil shows and we need fully to consider any follow-up potential before dismissing the play.

Any disappointment here, however, is probably compensated by the progress of the Jingemia discovery in the Perth Basin. The completion of extended production testing at Jingemia-2 and Jingemia-3 has seen oil flows at 2,000 barrels a day and confirmed original estimates of 5 million barrels a day recoverable. Hardman has 22.4 per cent of Jingemia. This not may sound much, but the point about the discovery is that it is onshore and therefore cheap to produce and easy to commercialise. On the basis of 448 barrels a day net to Hardman, and a West Texas Intermediate price of US$25 a barrel, with all-in costs around US$6 a barrel, then Hardman will gain US$3 million net cash flow on an annualised basis.

To develop larger reserves in Australia, Hardman announced an expansion into the Timor Sea with the purchase of adjoining permits AC/R1 (100 per cent equity) and AC/P26 (49.375 per cent equity). These cover the undeveloped Talbot field plus an option over another permit WA-316.

The attraction of these permits, besides giving the company the opportunity to develop beyond its existing holdings in the Perth Basin, is that purchase cost and current commitments are modest, and this allows the company to continue concentrating its funding on Mauritania. Its initial estimate of the fields recoverable reserves range from 4 million to 6 million barrels.

Hardman has other projects, which are longer term, in Guyane (French Guiana), New Zealand and Uganda. As things stand, on its own estimates, the company has company wide 2P reserves of 60 million barrels. This is made up of 50 million in Mauritania, plus 2.5 million of oil equivalent to Hardman in the Woodada gas field and Jingemia oil field, and the 4 to 6 million barrels In the Talbot field.

It obviously takes a long time and is expensive to develop deep-water offshore assets. But Hardman has created value through the drill bit which outweighs its current share price. Broker Canaccord has said: Despite its drilling success Hardman shares have performed weakly. We believe the market will begin to see considerable additional value in Hardman.

For investors who are prepared to take a punt on the Alternative Investment Market (AIM), Hardman Resources could be worth consideration, says David Stevenson, manager of the SVM UK Opportunities fund.

Hardman Resources is an oil exploration company listed on both AIM and Australian Stock Exchange. The company has projects in eight countries and a major presence in the emerging petroleum province offshore Mauritania, West Africa.

Hardman participated in successful exploration and appraisal drilling programmes in 2002 and 2003. "With substantial discoveries already and scope to add significantly to existing reserves the company is now in a transition phase from a small exploration company, and should achieve a much wider ownership and broker coverage," Mr Stevenson said. He expects a full UK listing in due course.

Found this on Hardman:

Fuel for thought
Investment extra, Daily Mail
8 July 2004

OUR months ago Australian explorer Hardman Resources pulled off a stunning deal. It sold a stake in two Mauritanian offshore blocks to gas giant BG for 72m - trebling its money in less than six months. It seemed almost too good to be true.




Hardman sniffed the deal when Italy's Agip decided to sell its 35% of the two blocks 50 miles off north west Africa. Already an investor in the blocks, it used its pre-emption rights and agreed a net* price of 18m.



Then another well flowed oil and it made two new discoveries when BG came looking for part of the action. Hardman obliged at a 54m profit.



Life was not always so sweet. Founder Alan Burns recalls that Hardman started up just in time for the 1987 share crash.



Based in Perth, Australia, Hardman is 10.5% owned by another Perth explorer, Woodside Petroleum. Woodside, itself one-third owned by Shell, is drilling the Mauritanian blocks that are shaping Hardman's fortunes.



With three million people, and wedged between the Spanish Sahara and Mali deserts, Mauritania was eking a living from iron ore and fishing. But Hardman and others reckoned that the big oil finds off Angola and Nigeria augured well for the waters to the north.



They were right. Their first well in 2001 struck the Chinguetti field, now hoped to contain 140m barrels. Hardman's share is 21.6%. First production from a floating drillship is due in 2006.



Chinguetti is modest by oil standards but the next find, Tiof, is thought to hold more than 300m barrels and the licence area has other structures. All seven wells drilled so far have found oil or gas.



These successes have boosted Hardman's shares to 75 1/2p and its market value to 485m, making it the fourth largest oil company in Australia. The gain has been enough for Burns to sell 150,000 of options* this week.



Director sales are a warning sign. But Hardman looks to have a good deal of exploration upside.



Finding oil means you must also find funds to get it out. Chinguetti could cost 330m. But after BG's sale and an April share placing* at 45 1/2p, Hardman has 90m cash, easily enough to pay its share.



Though it has just 24 staff, it is exploring new frontiers for oil off Guyana, Eritrea, New Zealand and the Falkland Islands. It could over-stretch, but it plans to bring in partners where needed. Burns says: 'When the crude


price fell, big oil gave up its land bank.' He is taking advantage.



Oil is a high-risk business that is full of hype and Hardman has yet to break into profit. Australian broker Aegis expects just above break even next year, then 24m net profits in 2006. Hardman's market value is already 20 times that. But further finds could drive it higher.



When the drillships arrive off Mauritania next month, with up to 12 wells in prospect, there should be more excitement.

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