*what an absolute bargain*, page-41

re: *what an absolute bargain* .. davfitz davfitz,

Just some questions...

I have accepted his apologies and promises to do more and therefore have decided against moving any motion regarding his removal at this years AGM.

Even if you had moved the motion, I wonder how many votes you'd get for it? Personally, I think Dean is doing a great job and has always done so.


...with the very expensive drilling program going forward I think that Hardman will need a little more than 19% of 75,000 bopd to pay all the bills and justify even a $2 sp. I wont even mention the D word as I can't see that being an issue for quite soe time.

I wasn't aware of the expectation for Hardman to pay a dividend before Tiof comes onstream. The bills may be expansive, but development costs are capitalised, so it's not a true expense and does not impact the underlying P&L, more on the Balance Sheet. Cost of exploration dusters are, and will be, written off once the well has been P&A. IIRC, the approx NPAT for Hardman going fwd for the next three years are (based on US40 long term oil price assumption - Oriel and Cazenove notes): FY06 - 40Mill, FY07 - 120Mill, FY08 - 110Mill, FY09 - 200+Mill (if Tiof comes onstream). On what basis do you think it's not worth $2?

If Hardman go it alone in French Guyane and that one well is not a major gusher..well we are all in big trouble.

So $20-30 mill goes down the drain. For a company with a market cap in excess of 1.4 Billion, why does that present such big trouble? Yap, it'd be better if it's a gusher, but it's hardly catastrophe. Can the prospectivity of a greenfield the size of offshore Guyane be judged based on the result of one well?

If Tevet deep is another disappointment then questions should be asked as to who did all the pre announcement selling.

Probably the same mob that has sold down the across Energy sector as well as the most other stocks in general. Blame it on Rita and Ivan, and maybe Wilma - high inflation, lower growth, lower oil demand, blah blah...

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