HDR hardman resources limited

comments from hdr management

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    HDR watchers

    I spoke to HDR management today about a range of issues. Here's a summary:

    1) Another round of JV meetings is currently underway (last few days) and there is a healthy divergence of opinion (particularly on this year's targets and the development plan. HDR believes the plan will end up similar to that forcast in the march quarterly.

    2) Announcements will be made once these meetings are concluded (soon) regarding drilling offshore Mauritania and the Chinguetti development plan.

    3) HDR played down the significance of the "attempted coup" saying it was only a small contingent of disgruntled ex-military. So far as the JV is concerned its business as planned. The Mauritanian govt is going out of its way to reassure, and encourage business investment.

    4) Drilling this year is targeting possible tie-in structures so that the Ching development plan is as efficient as possible (i.e they want to know what can be tied-in sooner rather than later).

    5) A well in the Dana/HDR JV Block 7 will be drilled but I got no info on Block 1.

    6) Block 2 seismic needs further technical analysis and so it looks like it won't make it into this year's program.

    7) Funding requirements will depend on the final number of wells to be drilled. HDR is keeping the possibility of a raising on AIM under consideration and also farm-outs as they did last year with Block 6 (Thon).

    8) Government approvals for Leafcutter are finalised but they need to receive written confirmation before an announcement is made - which should be very soon.

    Hope this is of interest.


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