Thank god I sold HDR and bought ROC...has some impact on ROC and all but ROC's report on Aug 31, should show record sales and prod to offset this piece of garbage at Ching...
And you thought they'd discovered another Iraq. Still, it might be useful in 20 years' time. AdvertisementAdvertisement
THE news from the large Australian oil joint venture in Mauritania goes from bad to worse.
Although Woodside Petroleum last week reaffirmed its commitment to the country - while not promising to stay there forever - Hardman Resources released more bad news yesterday.
A preliminary review of the reserves at the Chinguetti oilfield - the joint venture between Woodside, Hardman, Roc Oil and others - has halved the amount of recoverable oil.
It seems there's an awful lot of oil in the ground that they won't be able to extract because of the nature of the reservoir.
That means a loss of about 60 million barrels of oil - and a lot of money - although a final figure will not be released until later in the year.
Not surprisingly, Hardman shares took a battering yesterday, since it's the most exposed to Mauritania.
Get ready for some downgrades today. Hardman shares closed down 11c at $1.435. Roc was down 2c at $4.08.
ROC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)