How Do You Value An Oil Company?

Hardman Resources (HDR) is an emerging oil exploration and production company that has evolved from simple explorer to an actual oil producer given the development of the Chinguetti oil field. Hardman owns 19% of the project, which is operated by Woodside Petroleum (WPL). Woodside owns 47%.
Hardman also has similar levels of interest in other significant hydrocarbon discoveries of Banda, Tiof, Pelican and Tevet. These, along with Chinguetti, are all located offshore from the West African country of Mauritania. Hardman is also undertaking exploration in the oil fields of Lake Albert, in land-locked Uganda.