no oil...damn, page-32

re: nothing makes sense Hi H,

From what I can see, it is currently trading at pretty much fair value. You will recall from my NAV calculation that I have HDR Risked NAV at 1.77 (using quite conservative numbers). That will of course change once they have earnings when their discounted cashflow will be taken into account. In the mean time, IMHO, it is simply a case of a good stock being oversold due to a spat of negative press in recent times re: Tiof, prospectivity of Mauritania, the long string of dry holes, etc.

With a long term view, I believe we are close to basement price for Hardman now with limited downside and enormous upside potential.

Just my two cents' worth...

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