Banda - just tell us whats there !!!, page-2

Hardmano,

Frankly I am a little non-plussed by it all. You cannot hold a stock like Hardman for nearly four years without permitting yourself to daydream occassionally and yet here we are on the cusp of one of the major trigger points and it is all so quiet.

DavFitz, says it is the lull before the storm and I hope he is right. I posted earlier that Woodside have been quite remarkable in their ability to impose a 'cone of silence' on the drill and I really believe that. Only Butcherano has been able to glean any insight into what is happening and then only a few days before they were released to market.

Any updates from your sources Butcherano?

I believe that the Banda results in the next few days/weeks is a key trigger point as will the release on improved reserves/flow estimates from Ching. I stand by my view that the biggest flow on effect will be Thon even though it is smaller. Thon, which is described by Hardman as a low risk drill. (How many times have you heard a small oiler refer to a drill as a 'low risk'?) Thon will mean 3/4 drills successful and 3/3 out of the sand channels, with dozens more remaining.

This will gain the attention of the majors like nothing else.

Woodside/Hardman/AGIP know now if there is commercial oil at Banda. Nobody is buying with any fervor nor is anyone selling. Remarkable. What to make of it? The speed of drilling is consistent with the notion of turbidic sands which supports the seismic. My guess is it's positive but I say this with little confidence.

We have been patient for a long time but as we get closer it seems harder to remain so.


Good luckto all


regards,

Pagarsi


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