HDR hardman resources limited

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    Hardman banks cash

    By Michael Weir

    HARDMAN Resources has banked $25.7 million to allow it to maintain a strong equity position in its offshore Mauritania acreage.

    The Perth-based company has placed 36.65 million shares at 70¢ each with mostly institutions in the UK, Europe and Australia.

    Hardman's major shareholder and partner in Mauritania, Woodside Petroleum, picked up 10 million of the shares, lifting its stake to more than 10 per cent.

    Hardman had the ability to place up to 57 million shares, or 15 per cent of its capital, but said it was happy with the result.

    Director Scott Spencer said the company could already fund its current program, but wanted to be cashed up so when the joint venture made decisions on future drilling programs, the company could participate with confidence at its current equity level.

    Hardman has a 21.6 per cent stake in the project, which is managed by Woodside (35 per cent).

    The other partners are Europe's Agip (35 per cent), Fusion Oil and Gas (6 per cent) and Australian-listed Roc Oil (2.4 per cent).

    In Mauritania the partners have already had success at Chinquetti, which is a 100 million barrel discovery, and Banda, which also has 100 million barrels of oil plus about two trillion feet of gas.

    Hardman shares closed 1¢ stronger at 73¢ yesterday.

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