HDR hardman resources limited


  1. 1,702 Posts.
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    I know that the market had already factored in a gas find at Woodada as a given. But having had some confirmation of the find - todays announcement 'significant gas shows' I am surprised that the price dropped. Holding steady, a small rise perhaps but dropped?

    Is it that the market is so Mauratania focussed that everything else is a distraction? We have not yet seen the end of the drill which is testing previously unexplored levels which may hold oil but the market clearly believes success in this area is highly unlikely.

    I know the theory - buy well before the drill and sell as the drill commences but this time the drill has made a result and still a drop. Perhaps it is the difference between 'significant gas shows' and 'significant gas find'? The only other time this has occurred recently that I know of his Bligh oil and there China find.

    Any theories from others?

    Still waiting on the Mauratania rig announcement. According to me this is the third week since Ted said for I think the third time we would know in two to three weeks. Frustrating for everybody and my guess is Ted in particular.

    There is a view that appraisal wells are a lose-lose situation. If they find the oil is there; so what? The market expected and factored it in so no share price rise. If the oil is not there share price fall.

    I believe that Chinguetti could be different to the normal theory because of Woodside's conservative estimates. Woodside have said 60+ million barrels of recoverable whereby Hardman have said 100+million. I believe the market is working more off Woodside's figures than Hardman's. If the appraisal well supports Hardman then the share price may well appreciate significantly.

    Interesting isn't it? The potential taker-overer says 60 the takeoveree says 100. Just about a case for ASIC really; but that's a story for another time.

    I am looking at oilandgasinternational. com each day in the hope of learning some good news about ENI-AGIP's latest well (spudded 26/4) off Malta. Even closer to Hardman's acreage than ENI's recent find. A new find here will add significant value to Hardman's acreage.

    Regards to all


    Sometimes I have trouble taking myself seriously so you should never.

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