back from Melbourne meeting - and will add what struck me as...

back from Melbourne meeting - and will add what struck me as "new" - maybe others were aware - so apologies if I have been a bit slow...

1. new MD "shortly" - they have conducted interviews. As Hardman would be a great career move for anyone - I can't imaging they have been short of prospective MD's. My feel is that few oilers would offer an ambitious CEO the opportunity of maybe trippling a companies market cap in a very short time - a great career opportunity.


2. The Mauritania government is stable - and Scott did not consider the events of June were a real coup - as there was no attempt to take over key infrastructure - remember Scott is a linguist and diplomat - so has better skills than most to assess and monitor. He similarly assessed security problems in Uganda as local issues, usually associated with restlessness is neighboring countries. He said where Hardman is, there is no "local instability". He said that Hardman resources have been protected by a security firm from South Africa - but that was against low level bandits, rather than political instability.


3. Mauritanean Govt under their buy in are responsible for their share of all future JV costs as they fall due. The historic cost is not due it seems at any particular time - and I assumed this meant that would start paying once the oil started flowing.

4. British Gas have bought in prior to a commercial discovery as they bnelieve Banda will be shown to be commercial - and they wanted an early footprint. They will see the gas to North America.

5. The BIG focus of the drilling program is to get Ching in production Q1 06 - and Sotto and Bogue will have to wait thier turn until Ching production is assured. My feel is I understand - but the share price will want to see extra exploration well - even though early production and revenue is vital for Hardman.

6. Capitaine and Merou have added valuable information that will continue to assessed and integrated into understanding of the geology. Maybe I misread this - but I had the impression that it gave information on existing fields (Ching and Tiof) that was of more use to the JV - rather than go into new channels (Sotto and Bogue). Remember Ching was the first - we went north and found Tiof, and maybe if we go south, Sotto and Bogue will be trumps too. I geuess if you go west - forget oil - you only get information.

7. Tiof 3 has techncial problems - so the production testing for Tiof will be done using another well - and this should be complete by years end (maybe I misunderstood what would be complete by years end!

8. Another Pelican well next year.

9. Pertel - next year - Ching schedule etc dictating timing - as we will be using one of the current drill ships unbder contract from Woodside. This startegy is because it is cheaper - and I know that these ships cost say hundersa of thousand of dollars a day (including well casings) minimum.

10. Uganda - remote so logistically hard to arrange - all indications are that it is big (Heritage work) - may 2nd quarter well if a rig can be found etc etc - no promises.

11. Guyanne - Woodside have declined - and we are talking to partners with local knowlege of the north of South America - and have access to infrastructe - and onbe of whom could operate the well. Deal should be finalised "shortly" - but Scott said the last 5% of megotiation often takes the longest.

12. Information - someone asked why the poor info flow - and pointed out the effect on the volatility of the share price. Scott hemmed a bit - but took the point. He said that all Hardman presnetaions materials are prepared in house - and that JV confidentialty limited them further. The JV is concerned that they (we) are paying for expensicve seismic and well - and that other companies are circling Mauritania - and the JV do not want to give them - or their shareholders (my comment) a free kick.


I hope this helps anyone who wants to clarify things in Sydney tomorrow.

I will post again if I think of anthing else.

To piyosh - I did not write down your questions yesterday - and the thread with your post had been deleted from HC!!! If the above is not helpful - maybe repost and someone in Sydney can ensure question asked.

I appreciate the fact that no-one commented on my ears. Very tactful.

Cheers TGN