I was doing some digging tonight (as I often like to do when I have much more important matters to attend to lol) and found some pretty interesting correlations between the Hardman story and Ophir.
There are only 2 directors of Ophir that are geologists by trade and both of them were directly related to the hardman success story.
Managing Director Dr Alan Stein: "In 1996 he was one of the founding directors of FIL Resources Limited which acquired interests in offshore Mauritania. These interests were sold to Fusion Oil & Gas plc (Fusion) and Dr Stein was appointed managing director of Fusion in 1998. Dr Stein resigned from Fusion following its sale in December 2003 and in early 2004 was one of the founding directors of Ophir."
Chief Operating Officer Dr Michael Fischer: "Dr Fischer was part of the core team responsible for developing and delivering Woodside?s international strategy. Dr Fischer then took on the position of asset manager (West Africa) and led the team responsible for discoveries at Chinguetti, Banda and Tiof."
Also, Ophir's finance manager was also the finance manager of Fusion Oil. For those who arent familiar with the Hardman story, Woodside was the operator of the consortium that included Hardman and Fusion among others. And the Chinguetti discovery was the first discovery of oil offshore Mauritania. Woodside also participated in Hardman CR's, amassing 67million shares over the years before selling them to Deutsche Securities Australia for $1.755 in 05. 10mil were from a placement in 02 at $0.70 but thats as far as the woodside archives go back.. i guess the remaining 57mil came from placements in 01 at a substantially lower placement price?
Anyway, all this got me thinking/ conspiring.
Ophir would no doubt know about ME's vision of recreating the Hardman story in some way for FAR.
Part of Ophir's corporate strategy is "Retaining control over the pace and direction of exploration by, wherever practical, being the Operator of projects in which it has an interest or through significant equity interests and contractual terms of joint ventures."
In terms of Ophirs expenditure plan, us entering Kora frees up at least 4.8mil. My understanding is that under the terms of the agreement between us and Ophir, we must raise at least $6mil for the agreement to proceed. Why would Ophir force us to raise money? Unless they wanted a piece of the pie.
Putting this all together, Ophir knows the hardman story inside out, especially from a geology perspective but also financially. Ophir likes having control over the "pace and direction" and when they obtain operator of our Senegal leases, they'll have just that. Depending on how much money they throw at the CR, they could get anywhere up to 400mil shares imo, which would cost a little over $20mil. Suddenly they have a huge stake in a company who's success they almost completely control.
But why not just buy a much larger stake in Senegal if that is where the money will be made.. few reasons. Ophirs cash on hand as of the annual 2009 report was US$135mil. For $20mil they could obtain 70% of the Senegal leases (if they played by ME's game of course) but with a free carry on the first well + at least 70% of the cost for the rest at $60mil pop you can see how fast their money disappears.
Basically, if Ophir is part of the CR, and the oil we think is in the ground doesnt move, Ophir's gonna take FAR to the moon imo.
Anyone have anything to add to that theory? or argue against?
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