Latest notice on shorts (8.2.06) shows HDR has 2.4 million shares shorted. Looking at the overall market and other players this does not seem excessive and seems inline with other stocks of similar stature.
There is no doubt that HDR share price will move significantly when announcement comes next week announceming CHING oil flowing. My belief is that the Uganda asset will be the next major province for HDR and has been largely overlooked by market due to contract diversion in Mauritania. Uganda has potential of putting $1.00 on share price (to start with) if next well comes in. Certainly, press from Tullow is very upbeat and bullish regarding the potential and expectation for this area.
At $1.83 one would have to think that it is relatively cheap and should see the share price continually firming up over coming weeks.
HDR
hardman resources limited
shorts in the market
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