HDR hardman resources limited

hdr Malta

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    I'm getting withdrawal symptoms, there have been so few posts on hot copper recentlyabout hdr. Probably much to the delight of the non-believers.

    In a previous post I wrote about my niggling concern re ENI-Agip pulling out of some of their Mauratania areas. Why would they do that, regardless of their financial situation, if there are billions of oil waiting to be discovered? Surely at worst they would farm out some of their holding instead?

    With this backgroiund in mind I find it facinating that the very same ENI-Agip are the ones now drilling adjacent to hdr acreage in Malta.

    If ENI-Agip are stuck for cash why are they drilling in Malta where ten out of ten previous drills by various companies have returned zip?

    They are drilling the first drill in the same geology as the relatively close Italian fields. It could be that they believe that there is more chance of finding oil here than in the areas of Mauratania that they relinquished.

    If they do find oil by some chance do not under-estimate the effect this could have on Hardman. Hardman have 87% of the adjacent area in the same geology, ready to drill. One of the prospects is 800 million barrels! In an odd way this could be as important to Hardman as Mauratania.

    AS a Hardman holder I feel I am in a fairly rare no lose situation over Malta, I don't believe that the market has any expectations of a find by ENI-Agip. 0 from ten is not encouraging, so none of the current Hardman price is from Malta, but a find could really be a boost.

    The ENI-Agip drill spudded on April 21 and two months in there could be news any day now.

    Hope this post helps to tide the true believers over until there is some real news. To the non-believers don't mind us we will just talk amongst ourselves for a while.


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