bend over and cop this

Company Hardman Resources Limited
TIDM HNR
Headline Allocation of Tullow Shares
Released 07:00 05-Jan-07
Number 0345P



RNS Number:0345P
Hardman Resources Limited
05 January 2007

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 5 January 2007


AUSTRALIAN CONTACT: Richard O'Shannassy
Hardman Resources Ltd
+61 8 9261 7600

LONDON CONTACT: Patrick Handley
Brunswick Group
+44 207 404 5959

RE: ALLOCATION OF TULLOW SHARES UNDER THE HARDMAN SCHEME
OF ARRANGEMENT

PAGES: 2

Hardman Resources Limited ("Hardman") (ASX: HDR; LSE: HNR) today announced the
terms of the scale-back that will be applied to the elections for ordinary
shares in Tullow Oil plc ("Tullow") ("New Tullow Shares") made by Hardman
Shareholders (excluding Tullow) ("Scheme Shareholders") in connection with the
Hardman Scheme of Arrangement (the "Scheme").

Valid elections for New Tullow Shares were made by Scheme Shareholders in
respect of 614.94 million Hardman shares, which at the exchange ratio of 0.22289
would equate to 137.06 million New Tullow Shares, which is in excess of the
maximum of 65 million New Tullow Shares made available for issue. The Share
Consideration will therefore be subject to a scale-back as described in the
Scheme Explanatory Memorandum.

Elections for New Tullow Shares have been reduced, pro rata with other Scheme
Shareholders who have elected to receive Share Consideration, so that the total
Share Consideration that will be issued on the Implementation Date, equals 65
million New Tullow Shares (subject to rounding).

As a result of the application of the scale-back, Scheme Shareholders who made
valid elections to receive Share Consideration will receive:

• 0.22289 New Tullow Shares per Hardman Share for 47.422771% of the number
of Hardman Shares held by them on 2 January 2007 for which they elected to
receive Share Consideration (fractional entitlements to a New Tullow Share
will be rounded down to the nearest whole number of New Tullow Shares, and
all fractional entitlements will be paid in cash); and

• A$2.02 for each of the remainder of the Hardman Shares held by them on 2
January 2007.


For example, a Hardman shareholder who elected on 10,000 Hardman shares for new
Tullow Shares will receive 1,056 New Tullow Shares calculated as follows:

10,000 x 47.422771% (rounded down to a whole number)

= 4,742 x 0.22289

= 1,056 New Tullow Shares

For those Scheme Shareholders who elected to receive all Cash Consideration, or
who were deemed to have elected to received all Cash Consideration, the
consideration they will receive is not affected by the elections made by other
Scheme Shareholders or the required scale-back.

The consideration will be despatched to shareholders on or before 10 January.

For further information regarding the terms of the scale-back, please contact
the Shareholder Information Line on 1300 302 137 within Australia and +61 3 9415
4093 from outside Australia, or you can contact Hardman at
[email protected].



RICHARD O'SHANNASSY
Company Secretary