shafted again , page-6

I still think theres something happening behind the scenes that we don't know about. Here's what Ted had to say 2 weeks ago:

Managing Director Ted Ellyard
As we mentioned previously, Hardman will receive about US$100 million pretax profit from the sale to BG. This will be sufficient to fund Hardman’s exploration and working capital budget for calendar year 2004 which is
estimated at A$77 million. About 80% of this budget (approximately A$60 million) is for the Mauritanian programmes, excluding Chinguetti.
With regard to the Chinguetti development, Hardman’s 21.6% share of capital expenditure is about US$100 million. We’ve been working with the ANZ bank
in London on a project financing facility of around US$70 million and expect to complete that prior to the Final Investment Decision for the Chinguetti Field
planned by mid 2004. Hardman would then have a further US$30 million to contribute to Chinguetti which we could fund from our balance sheet or 4
undertake a further financing with the IFC, part of the World Bank, which is currently reviewing the project.
So, I believe we’re managing our financial requirements well during this very high growth period but we may need some further funding for ongoing activity
in 2005 and for the Tiof development, before Hardman becomes totally selffunding from Chinguetti production from the end of 2005.

Hmmmmmm. Seems to me that the time frame has been changed.......but why?

Cheers Leo