oriels recommendation

I have just read and digested Oriels 20 page analysis of Hardman released just a few days ago and kindly sent to me by Zinc.

It gives an excellent overview of operations and all the way through they base their estimates and valuations very conservatively. There is enormous upside potential even if only one or two of the many excellent prospects offshore Mauritainia, French Guyane, Uganda and the Falklands pays off.

Even with current "proven" reserves in Mauritainia, an oil price of $36 for the next few years and discounting completely anything else the share price still looks cheap.

The report is worth a read.