HDR hardman resources limited

Some sanity must prevail

  1. 174 Posts.
    It was interesting to dissect the carnage today.
    With 770 trades and just over 10 million shares traded, it means that the average parcel was a paltry 13,000 shares which could mean that it was mostly small shareholders panic selling or large shareholders letting their stock go gradually. I reckon it was more likely the small shareholders.
    I cannot fathom what goes through some investors minds. Hardman have had phenomonal success in Mauritania and the Jingemia well was icing on what was already a great looking cake.
    Woodside and the joint venture partners were so happy with the success in Mauritania that they have decided to go to full production without the need for further drilling to prove up. Hardman has heaps of money in the bank and was successful with the placement in difficult market conditions. The Thon well was 100% free carried with the directors being canny enough to get Petronas to pay all the drilling costs.....so it didn't really matter whether the drill was successful or not. The data will be used to ensure that the next target may have more luck. A success rate of 5 out of 6 wells is bloody brilliant in any one's language.
    Oil production is expected late next year, early 2005 and then the money should really start rolling in.

    All I can say is all you investors out there who are pushing the price down.....hurry up and get out so that the investors who do their homework don't get punished by your ignorance.
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