HDR Sells part of ARQ shareholding

Good Call BlackGold. You were spot on.
Seemed the only reasonable explanation and more so today with its continued support.

HARDMAN RESOURCES LIMITED 2002-06-04 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
The Directors advise that the Company has sold part of its holding of
ARC Energy NL shares, realising a profit of $2,267,997 on the shares
sold, with total proceeds being $3,370,514. Hardman retains a holding
of 9,325,000 shares being 6.11% of the issued capital of ARC.

Hardman acquired the majority of its shares in ARC in April 2002 via
the conversion of a loan to ARC in September 2001. The terms of the
loan gave Hardman the right to convert to ARC shares at a price of 16
cents per share.

The partial sale of the ARC shareholding is in line with the
Company's financial management strategy and has enabled Hardman to
show a profit in the current year from this investment. Hardman
remains a supporter of ARC and commends the ARC board and management
on their successes and achievements during this period.

A Notice of Change of Interests of Substantial Holder is following.

T Ellyard MANAGING DIRECTOR

FORM 604

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

Hardman Resources Ltd decreased its relevant interest in Arc Energy
NL on 30/05/2002, from 15,825,000 ordinary shares (10.37%) to
9,325,000 ordinary shares (6.11%).