You gotta love this guy, his name is Simon Potter...
"Another area he finds exciting is French Guyane where Hardman holds a 97.5% interest in offshore acreage to 3,000 m water depth and plans to drill its first well in around a year. This under-explored acreage sits in between the oil fields of Trinidad, Venezuela and Brazil, suggesting great potential. The 2D seismic data is of good quality, and has helped focus interest in a giant structure referred to as Matamata, which has the potential to hold 2.5 billion barrels of recoverable oil. Instead of drastically farming down, which previously has been Hardman's strategy, Simon now believes the company is sufficiently robust to not having to depend wholly on other company's capital: "I think our aspirations should be to retain at least 40% in prospective acreage and our current financial strength makes that possible". He thinks that the company can and ought to exercise more influence over its joint ventures, based upon it's sound financial position and good technical work to hopefully continue to attract good partners. "The company has a completely different risk capacity and ought to have a different risk perspective now", stated Simon, but admitted the changes must be done in an orderly fashion." ************************************ xxxx ... S.G.
HDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
