HDR hardman resources limited

hardman / heritage

  1. 5 Posts.
    Recent reports from Heritage look promising for Hardman. The failure of the second well in Uganda, after months of work, looked very strange to me, but when Heritage announced this on the TSE about a month ago they sounded very optimistic and indicated that far from giving up they intended to redouble their efforts, so it still looked positive.
    Then they made a further announcement around 20th June, saying that they were selling an option in Congo. But within that announcement they made the point that some of the income would be spent on accelerating exploration in Uganda. The option in Congo was a very promising one, particularly if you believe the appraisal of Maurel and Prom the French operator, so selling this would indicate that they expect to achieve something even better in the exploration the money would be used to finance.
    Then, today in London, Energy Africa (part of Tullow now) announced that they have been awarded exploration rights to a further Ugandan block, again in partnership with Heritage, which means that they have blocks on each side of Hardman.
    Makes you wonder about that very very slow "unsuccessfull" well they drilled while, presumably negotiations were underway for the third block, and looks good for Hardman in due course don't you think?
    The heritage announcements are on tse (Toronto) or the company web site
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