HDR (ASX) *what an absolute bargain*

Originally posted by dodds ↑

re: *what an absolute bargain* .. davfitz I did have a long chat with Dean Richardson yesterday.

He was most apologetic for failing to reply to previous emails and he was on leave until this week. Also it appears that some phone messages were not being passed onto him. He has promised to send me all of his personal contact details and he seems quite genuine and sincere in his concern that some shareholders felt ignored. He seems committed to improving relations with investors. His job has become much more difficult in the climate of the misfortunes and falling sp of the last 12 months.

He agreed that shareholders have not been given the continual factual disclosure that they are entitled to and hopefully will be addressing that issue from now on. Company announcements have been abysmal by anyones standards and if Simon has a problem stringing a sentence together that makes some sense then he needs to get someone else to write his announcements for him.

Woodside are a big problem and seem determined to release every bit of negative information they posibly can regarding Mauritainia.

I have accepted his apologies and promises to do more and therefore have decided against moving any motion regarding his removal at this years AGM.

I haven't seen much talk about about Hardman's cash burn rate. Most seem to think that when the cash from Chinguetti starts rolling in all will be fine. There wil be a lot of people holding their hands out when this happens and with the very expensive drilling program going forward I think that Hardman will need a little more than 19% of 75,000 bopd to pay all the bills and justify even a $2 sp. I wont even mention the D word as I can't see that being an issue for quite soe time.

If Hardman go it alone in French Guyane and that one well is not a major gusher..well we are all in big trouble.

If Tevet deep is another disappointment then questions should be asked as to who did all the pre announcement selling.

I will leave it there at the moment as I have already had a lot to say and I don't want to be left without any questions for the AGM. I am hopeful that shareholders will get some real answers this time around at the AGM.

It will be up to the shareholders as to what comes out of the AGM and that our directors are made to give account of themselves and their performances. I still very firmly believe that performance bonuses should definitely not be on the agenda this year.