HDR hardman resources limited

hdr -Jingemia

  1. 1,704 Posts.
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    I have been really ill for a little while - tonsilitis at my age! I say this just because Hardmanites can be accused of hiding away if they no longer continue to post after the stock takes one of it's regular turns south.

    Jingemia is due to spud this week. HDR 22% interest in Hovea type play. With all the talk on Mauratania this one has got under the guard of a lot of us. Not a big play comparatively but cheap to develop, if successful.

    Interesting debate about the refinancing, everyone knows we had to do it, when and how being the basis of the debate. As I posted one other time HDR management almost cavalier (or otherwise super sure) in their attitude to capital raising by allowing two drills to take place before placement. If Ching had not proven up and Banda had been all gas, we would vittually have no company at all now.

    The option I would have liked, and I don't think this has been canvassed by others, sell TP15 and Jingemia. We know there is oil in TP15, just how much is the question, it has to be worth something. Further capital raising has to occur at some stage maybe this could be an option at a later stage. Selling down our share in Mauratania by a few percentage points may also be more preferable to diluting the shares further.

    Two drills to follow from next week and with the capital raising highly likely the price will fall. It tests your patience doesn't it.



    Read the red

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