By my calculations, Hardman is now trading about 20% below hard NPV excluding any value for exploration acreage. I am assuming Ching at 90 MBO, Tiof at 50, Uganda 30, Tevet at 10 and giving value to Mauritania gas. I am using poo at $60.
I think we are seeing a massive (and typical) market overeaction and after the sp clearly bottoms, will be a great time to buy.
HDR
hardman resources limited
