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Yahoo! Australia & NZ Finance

Thursday 15 January 5:04 PM


Australia's Hardman plays down takeover talk


MELBOURNE, Jan 15 (Reuters) - Australian oil and gas producer Hardman Resources (ASX: HDR) played down takeover speculation on Thursday, ascribing a 20 percent jump in its share price over the past three days to drill results at its West African interests.

Shares in Hardman jumped another 10 percent on Thursday to a record A$1.23 amid trade talk of a potential bid by UK-based partners in its West African fields.

However, a company spokesman said the company, which has a market capitalisation of about A$587 million ($452 million), had not been approached by any potential bidders.

"We have not been approached by anyone," Hardman Resources Investor Relations Manager, Dean Richardson, told Reuters.

"We tend to feel we're really seeing positive support now because...of the declaration of commerciality on Chinguetti and a particularly positive drilling campaign though the end of 2003."

The Chinguetti oil find offshore Mauritania, in which Hardman has a 33.23 percent stake, was declared commercial earlier this month by the joint venturers.

The field, operated by Woodside Petroleum (ASX: WPL), Australia's largest listed oil and gas producer, is expected to produce a total 50,000 to 75,000 barrels of oil per day from late 2005 or early 2006.

Hardman also has a 33.23 percent interest in the Tiof oil field offshore Mauritania and in December said the field could contain up to 400 million barrels of recoverable oil.

However, analysts pointed to speculation of a takeover.

"There is talk of an offer, possibly from the UK, to buy them out which is gaining momentum," said an analyst who declined to be named.

Companies believed to be eyeing Hardman were Fusion Oil & Gas Plc FOG.L, whose Fusion Mauritania unit holds 9.23 percent of Chinguetti, and Dana Petroleum DNX.L with whom Hardman is also in a joint venture offshore West Africa.

Hardman has projects in seven countries. Its only production is in Western Australia state where its onshore Woodada gas field is producing 4.7 million cubic feet per day and its Jingemia oil field 1,700 barrels of oil per day.

Hardman shares closed up 9.9 percent at A$1.22.


(Voluntary Disclosure:No Position Short Term rating: Long Term Rating:)

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