trying to remain upbeat, page-30

A few quiet thoughts.

First, I am sure that some insto's will have exited or lightened up after the recent placement. Nothing that was said in the meetings suggests otherwise and SP is clearly working hard at communication to maintain confidence whereever he can.

Second, the recent oil price rise and apparent consolidation has benefited established producer companies more than pure explorers. Nothing unusual here - a significant rise in asset value will have most effect on those who have the asset, ahead of those who might in the future have the asset.

Three, if poo stabilises or falls back to say $40 to $50 - exploration potential will return to its normal place in share price valuation, and Hardman will be better received.

Four, the recent rapid rise shows that interest can be rekindled. For my money, I think the fall MUST have been due to new institutions selling out (lets just say lighteneing up) as they realized that they had invested at a market high just ahead of bad news. I am sure that without the placement, the SP would be a little higher - but the company without the extra cash - so not sure which in the short, medium or long term is better.

I don't want to get into arguements about what Hardman management knew. probably they had suspicions, and revealed them to placement takers - but with the proviso that it will be short temr and not all is understood. We don't have to resort to conspiracy theories to understand this.