Ted Ellyard's Hardman Resources is enjoying a stellar market run at the moment - a fact not lost on the CEO.
As Hardman and operator Woodside Petroleum move closer to formally approving the development of their Chinguetti oilfield in Mauritania, Ellyard has been disposing of some 3000 shares and 600,000 options.
Given the stock finished 11c firmer at $1.54 yesterday, yet another record, the options, exercisable at $1.10, were well and truly in the money.
Earlier this year Ellyard gave himself what he described as a "bonus" by selling 400,000 shares over Christmas.
He made almost $383,000 in tinsel but still has 3.5 million shares and 3.4 million of the $1.10 options.
Hardman shares have been on the up as investors warm to Mauritania.
As it rolls closer towards production, Hardman must get its funding sorted for its share of development as well as exploration over the next two years.
The Perth group made $US100 million ($134 million) by selling the additional interests in Mauritania it recently purchased from ENI-Agip. The cash will help fund the 2004 exploration program and pay for its 21.6 per cent of Chinguetti, which is expected to cost about $140 million to develop.
A recent capital raising will also help fund exploration in 2005 as well as possible development expenditure at the Tiof discovery in Mauritania.
HDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
