HDR hardman resources limited

Some good thoughts there, peoples. Picking up on trender's...

  1. 143 Posts.
    Some good thoughts there, peoples. Picking up on trender's perspective, you could estimate that the market (at $1.20) is valuing Hardman's thoroughly proven Chinugetti reserves at more like $5/barrel, the "likely" Tiof reserves at $3/barrel, and throwing in some blue sky for Banda and the rest. At this time I reckon it would still be difficult to get a hard-nosed oil major to pay that much for a direct equity stake in the PSC's (presumably ExxonMobil or Shell, whichever it was, was the highest bidder for ENI's 35% stake). To me that tends to favour a capital raising over a selldown, but dynofish also had a reasonable point about concentration of risk. I'm sure ROC would take a few percent off Hardman, maybe as much as 4%. Perhaps 2-3% to Premier / Fusion, plus a modest ($30 - 50M) capital raising would be the way to go?
 
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