Despite being one of best performing oil and gas juniors over the past year, the company still managed to draw the ire of some shareholders at its annual meeting.

Ms Anne Pryor, president of the Australian Shareholders Association WA Branch, was concerned over the number of options already on issue and the "huge" dilution rates that were unacceptable to shareholders. She added that Hardman had always attempted to issue options which had a strike price more than double the current market price, which was far less generous than many other companies.

Why the ASA should take issue with the option price, currently way out of the money, bemused many and the poorly thought out objection did not reflect at all well on the ASA grasp of corporate life.

Chairman Mr Alan Burns thanked Ms Pryor for bringing the issue up, however said she had picked the "wrong" company for the ASA to focus on. "We have been very successful," Mr Burns said.

With that issue out of the way, managing director Mr Ted Ellyard used the annual meeting to bring to shareholders' attention the opportunities that lay ahead. In particular, Hardman's forward drilling program in Mauritania where the company plans to spend $40 million next year. The company also plans to drill the Woodada gas development well in January of next year.

Mr Ellyard also mentioned that Hardman intended listing on London's Alternative Investment Market after seeing companies with small interests in the Chinguetti discovery outperforming Hardman by about 50 per cent.