Once again information leaked. Look at last weeks sales of HDR on AIM of around this price
UK PLACING BY ORIEL SECURITIES OF 42,727,270
SHARES AT 22 PENCE TO RAISE £9.4 MILLION
Hardman Resources Ltd ("Hardman" or "the Company"), the international oil and gas
exploration company, announces that Oriel Securities Limited ("Oriel Securities"), UK
broker to the Company, has conditionally placed 42,727,270 new ordinary shares (the "New
Shares") with UK institutions, at a price of 22p (A$0.55) per share to raise gross proceeds of
£9.4 million (approximately A$23.5 million) ("the Placing").
Following the Placing, the New Shares will represent approximately 9.14% of the Company’s
enlarged issued share capital.
Background and reasons for the Placing
Hardman has been listed on Alternative Investment Market (“AIM”) of the London
Stock Exchange since March 2002 and on the Australian Stock Exchange ("ASX")
since 1987. The Company has existing gas and oil production in Australia and has
made significant oil and gas discoveries offshore Mauritania. It also has exploration
licenses in Gabon, Uganda, Guyane (French), the Falkland Islands and New Zealand.
Hardman’s working capital budget to the end of December 2004 has a total exploration
expenditure on the Company’s projects of approximately A$48 million (£19.7m). The
major portion of this expenditure (over 80%) is to be spent on the Mauritania licences,
allowing for the drilling of four wells in 2003 and two wells in 2004. The level of
activity for Mauritania in 2004 has not yet been agreed by the joint venture partners and
the budgeted amount is provisional only.
Hardman’s cash position (unaudited) at 30 June 2003 was approximately A$31 million
(£12.7m) and is sufficient to fund the Company's current 2003 expenditure plan,
including the Mauritania exploration drilling programme. However, the Directors
believe it to be prudent management to provide for cost overruns and contingencies in
the programme, hence the decision to proceed with the capital raising which is the
subject of this announcement.
Ground Floor, 5 Ord Street, West Perth PO Box 869, West Perth Western Australia 6872
Tel: +61 8 9321 6881 Fax: +61 8 9321 2375
ABN 98 009 210 235
HARDMAN RESOURCES LTD
As a separate exercise the Company has been working with commercial banks and with
the International Finance Corporation to put in place project financing facilities of up to
US$100 million (£62.5m) to fund Hardman’s 21.6% share of the cost to develop the
Chinguetti Oil Field, offshore Mauritania. It is expected to commence oil production
during 2005 or early 2006.
Whilst the Company is listed on both the ASX and AIM, it has undertaken the share
placing only to UK Institutions in order to expand the UK shareholder base and create
an enhanced market presence in the UK and Europe.
The Placing is conditional, inter alia, on admission of the New Shares to AIM. The
application for admission has already been lodged and admission is expected to become
effective on Monday 28 July 2003. Application will also be made to the ASX for quotation of
the New Shares.
Once issued, the New Shares will rank pari passu in all respects with the existing issued
ordinary share capital of the Company.
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