"the potential is in the billion barrel territory"
MARKET TALK: Tullow, Hardman Higher On Waranga Update 27/06/06 18:31:00
0831 GMT [Dow Jones] Tullow Oil (TQW.DB) +4% at 368.25p, Hardman Resources
(HDR.AU) +5.2% at 69.75p following a well test update on its Waraga-1 well in
Uganda. KBC Peel Hunt is "even more impressed" by this second test than the
first, which provides "solid evidence of a very productive oil system." Notes
there will be tests on shallower reservoir sections before the testing equipment
is mobilized to conduct tests on the Mputa-1 well. Points out that while
technically a 100 million barrel reserve ought to be commercial, the potential
is in the billion barrel territory. Rates both at buy, makes no changes to
forecasts. (PBA)
HDR
hardman resources limited
