General Thoughts, page-2193

Great info again @jibby.
Looks like a big week ahead in offshore Namibia.
Someone asked me what can happen to the share price of PCL in the lead up to drill and if they actually hit oil.
Would their be a takeover etc etc.

I remember Hardman Resources (HDR) from my stockbroking days in the early 2000’s.
They held a 20% interest in an oil permit, ultimately named Chinguetti in Mauritania (also west africa, just like Namibia).
Hardman were 4c in mid 1999.
Drilled in the next few years.
Had an oil discovery which sent the share price to 70c ish in/around 2003.
Takeover rumours appeared around 2004 sending the stock into the $1.00's.
Heaps of cash came there way mainly from British O&G's looking for exposure to this 'new' oil region.
The stock went as high as $2.44 in 2005.
Final trading price was $2.08 as it delisted after an ALL CASH takeover by Tullow Oil PLC in 2007.


This is how fortunes are made fellow shareholders. It can happen. Just like it did with Hardman way back then.

Note: I think Hardman probably had about 500m shares on issue at the time, as opposed to PCL's 8 billion.
However, their discovery was 'only' 200 million barrels, whereas we are hoping for 1 billion or 5 billion or 10 billion ...
Hardman also had some valuable assets in Uganda that Tullow wanted as well.

A final note: The operator of the Chinguetti oil field was ... Woodside Petroleum (Now known as Woodside Energy as everyone is aware)

Above notes are a bit foggy so a few details maybe wrong but it's a Saturday night so I'm not going into deep research on something from 20 years ago.
Google Hardman Resources and Woodside and see what turns up.