Acamanus,
I apologise for the aggro I introduced, you have responded with logic and grace. I take my hat off to you.
Can I point out that forward exploration expenditure can always be tailored to the budget by delay giving up all or part of projects.
If we are starpped for cash - why has Potter been taking on new projects. To long term holders, Uganda and Guyanne are the next focus.
I based my $80 million FY07 revenue from Ching - not on reserves, but at 35,000 bpd at $US$60 per barrell. That is a handy cash flow that is not neglibable.
I don't believe that the Hardman board are responding to a cash flow crisis. They are I believe panicking inot irrational action because of the low share price.
Hardman has communciated very poorly to the market in the last six months, albeit with a poor deck. However, positive news, like Uganda, has been allowed to be buried and underplayed - with very ambigious annoucements.
The answer is not panic, but a good strategy, well articulated - and good ongoing communication form a CEO who has his heart in the company.
Potter seems to be just a manager using Hardman as another entry in his CV. He seems to be in awe of the Tullow CEO - who is not a manager and who has built his own company.
I don't see why us Aussie shareholders should be sold short just becuase Potter is inadequate - the answer is to replace Potter - and see Tullow off.
One way of doing this would be an attractive takoever offer - say closer to $3.00 - with a full share option - that I could come at - as I would get a fair price and still have equity in the upside - and Potter would be gone.
HDR
hardman resources limited
