HDR hardman resources limited

Hardman - Top Bargain quotes Quentin Cameron's Oil

  1. 3,559 Posts.
    HARDMAN RESOURCES (HDR) Direct quote from Quentin Cameron's Oil and Gas Bulletin

    The bulletin had little choice than to make HDR its
    TOP BARGAIN after some of the interesting things
    it has been hearing about Chinguetti from what it
    believes are reliable sources. Firstly, that if the
    rather ordinary oil flow rate from the first
    production test, which was through a just under ½
    inch choke, is converted to an equivalent flow
    through standard 8 inch production tubing, the
    converted flow rate works out at more than 30,000
    barrels a day. When the bulletin queried this figure
    it was told to check it out with any engineer, and
    they would confirm it. Furthermore, that when the
    sand intake was controlled, a 30% greater flow rate
    could be expected. The source spoke of flows as
    high as 50,000 barrels day. Further intelligence is
    that the wildcat planned as the second well in the
    current drilling programme is to be bypassed in
    favour of a second Chinguetti appraisal, with a
    probable spud date of Sept. 17, which could add a
    further 50 million barrels of recoverable reserves to
    the current minimum estimate of 120 million barrels,
    if the same sands are present. On the corporate
    front, the talk is that Woodside wants to increase its
    stake in Hardman from the present 11% to around
    30%, and that a share price of $2.50 is not beyond
    the realms of probability for Hardman a little further
    down the track. While the bulletin is sure most
    subscribers will laugh at these figures, it still feels
    they should be passed on. How they treat them is
    naturally completely up to themselves, but it just
    could be that the market is badly misreading the
    situation.
 
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