macca's warrants, page-8

re: pelican duster??? and wpl
As has been proven the case time and time again in the past, any drilling disspointment always results in buying opportunities as HDR eventually rebounds (based on further drilling and production by 2005).

Fear not a Pelican duster for all holders. Don't buy now either, let the dust settle. Either way the result will be good for holders if you have surplus cash in case of a duster for further accumulation.

The transformation of Hardman within the spate of a year has been nothing short of extrodinary in my opinion. The market is not waking up to this, but be assured it will. Paricularly when crude oil price hits about 50-60 USD in 2005 and HDR becomes a producer. From the oil price charts, crude is on its way to 40 by mid 2004, at a minimum. So with a holding in HDR, you have a leverage play on oil prices too. Can't get much better than this.

Also with the benefit of hindsight, I think Woodside's massive rise on Friday was due to the Agip and not t/o speculation, as that one has been quelled by Shell (and Woodside has not retreated). Hence the 10% rise in Woodside is due to the Agip deal which indirectly transalates to over $1.50 in ADDITIONAL value to HDR. How HDR is still below $1 is beyond me. Lack of true believers I suppose and holders taking penny profits.

hang in there Hardmanites. The massive rewards are around the corner.....