mputa testing, page-8

yup - a wierd day - really a non announcement - virtually to say that the well has been reentered - and that a speculative look at some granite zones showed little oil - now we move onto the main game - flow testing the higher sand zones where oil was found and which correspond to the geology at Waranga. Share price down a few cents - fair enough if bl**dy frustrating.

Most mature oil companies in Australia would be lucky to increase there reserves by 20% in a year. Hardman has in all probability tripled at least) it reserves from the Uganda discoveries.

Which other oilers offer such good value? Woodside - probably paralysed for the next six months by management naval gazing and blame shifting. ROC - fully priced on any basis - good company though. OSH, Santos and BHP - problems are reserve replacement.

If hardman was $3.00 now - i would be less bullish - but at $1.46 - wow (and I don't mean Woolworths).