Good read, Gerber!
Perhaps we are maligning Mr Potter unjustly:
1) He knew Chinguetti's problems were going to cause cash flow problems, so raised capital at the top of the market.
2) Chinguetti's problems are of WPL's making, not Hardman's. Note that Woodside may be "king of the kids" on the NW Shelf where they have been operating for 30 years, but they have no experience elsewhere and it showed. Of course, this doesn't help Hardman,
3) Mr Voelte should spend more time controlling his own people rather than castigating errant minority partners. I woudn't feed the Woodside people from what I have observed from their ongoing technical, contract and political disasters.
4) Hardman is being valued as a poor performing operator, with no allowance for itsfinds elswhere in Mauritania and Uganda and prospects elsewhere.
5) Potter appears to be informing the market on Chinguetti and I think that is good. He has no right to sit on info and wait for a good day.
6) Unfortunately Hardman is not Coles but the local Milk Bar with an agenda to become an IGA. the chances are ithey won't, but we hang on in hope that they will.
Nick
HDR
hardman resources limited
