no t/o gunna slide, page-32

re: ssb report
SSB report.

A Direct Investment in Mauritania

· The discoveries at Chinguetti (oil), Tiof (oil), Banda (natural gas) and Pelican (natural gas) suggest that Mauritania has the potential to become a significant oil and gas province. Hardman has interests in all the Blocks in the offshore basin.

· We have estimated an asset valuation of Hardman in a range A$1.21-A$2.14/share. The lower value is based on Chinguetti being commercial and Tiof as a possible development, the higher valuation includes Tiof as a commercial development of 300 million bbls of recoverable oil.

· We initiate coverage with a Hold/Speculative rating and a target price of A$1.43/share. The target price is based on an 85% probability that Chinguetti is producing by end 2005, a 25% probability that Tiof is producing by end 2007 and a 25% probability that Tiof produces 300 million bbls of oil.