Capital Resources
In April 2006 Hardman raised US$113 million through a placing in the London
market of 65.9 million ordinary shares, equivalent to 10% of share capital. The
placing was undertaken to fund accelerated exploration and appraisal activities,
including follow up to the successful discovery wells in Uganda, and conducted
in the London market to broaden the institutional investor base of the company.
As a result of this equity placing the group had cash resources of A$223.7 (PLS TAKE NOTE THOSE QUESTIONING HDR's ABILITY TO SURVIVE POST-2006/7!)
million at 30 June. There were no changes to group borrowing apart from currency
retranslation and capitalisation of certain borrowing costs so net cash at 30
June was A$135.7 million at 30 June (31 December: A$35.9 million).
The company is well funded for its committed exploration, although as noted
above, planned exploration budgets are likely to be slightly reduced to reflect
lower production cash flows. (GUYANE DELAYS EVIDENCE OF THIS?)
HDR
hardman resources limited
