re: i am not happy 3.03, page-20

re: i am not happy 3.03 Ok - I have calmed down overnight....and after calm reflection....

problems are....

1. Bid way too low - can't blame Tullow for that!

2. Needs to be a full scrip bid as shareholders like the assets, want to stay with them but with good management for a change.

3. Hardman board now hopelessly compromised until the matter is decided - no one can believe that they are managing the company for the next three months in the full interest of current shareholders. I welcome the bid - Hardman in play is good for us all. What I am appaled at is the Hardman board's up front endorsement - before the market has given a view. We are not taling some failing distresed manufacturing company here - we are talking about a company controlling potentially vast amounts of appreciating assets!

I wonder whether we can push for a fully independent director to be appointed to the board during this interim period, who can ensure that the company is acting in shareholder interests, not protecting the board's deal with Tullow or otherwise acting to manage the company in Tullow's interests.

How is Guyanne going to be managed? Will any farmin be placed in the too hard basket until a Tullow takeover?

How are Uganda reserve estimates or other news about Uganda going to be dealt with in the bid period?

Tullow and the Hardman board are hopelessly compromised and almost any action - or even the avoidance of action raises the real risk of insider trading and/or not acting in the best interest of Hardman shareholders.

The very fact that the scrip component of this deal is so low and so very limited shows the degree which Tullow believes that this deal is extremely well priced for Tullow shareholders.

I like the idea of all offers being piched at $3.03 - a neat and elegant statement.

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