hardman millionaires, page-14

how pathetic is this? Hardman misses tear-out action
July 8, 2004

A company in the top 100 won't be too worried at being overlooked by the House of Sachs.

You have to hand it to the chaps at Goldman Sachs JBWere, who have issued a note entitled "Mauritania Drilling - Your Tear-out Guide".

Seems like a good idea, given the North African country has become very popular with investors since a lot of oil (and potentially gas) was found off the coast.

The Goldies note marks a recently announced drilling program, planned to begin next month, and goes on to explain in some detail how this is very promising for two of the partners, Woodside Petroleum and Roc Oil.

Indeed, both companies score a long-term "buy" rating.

All very good but you have to wonder what Hardman Resources has done wrong. While Woodside operates the Mauritanian joint venture, Roc is a small player in the region's various projects.

For example, Woodside holds 53.9 per cent of the Chinguetti project while Roc's stake is less than 4 per cent. Hardman, which introduced Woodside to Mauritania, holds a 21.6 per cent stake in Chinguetti, is more exposed to the region but rates only one, passing, mention in the entire Goldman report.

Given Hardman's market performance of late - it entered the top 100 this week - one wonders what Hardman chief Ted Ellyard has to do before it rates a mention at the House of Sachs.

from

http://www.smh.com.au/articles/2004/07/07/1089000226262.html