FOGL.L Regulatory News (FOGL)

3 May 2005 09:27

Hardman Resources Limited03 May 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 3 May 2005 CONTACT: Simon Potter TELEPHONE: Within Australia: 08 9261 7600International: +61 8 9261 7600 RE: COMPLETION OF 4,800KM 2D SEISMIC PROGRAMME IN SOUTH FALKLANDS BASIN Hardman Resources holds a 22.5% interest in seven offshore production licencescovering approximately 33,700 square kilometres to the south and east of theFalkland Islands in a joint venture with Falklands Oil and Gas Limited (FOGL), acompany listed on AIM. FOGL, the operator of the Falkland Island joint venture,has advised that it has completed the current 4,847 kilometres 2D seismic dataacquisition programme over the joint venture licence areas. The initialinterpretation of the preliminary processed data from the survey has provedencouraging. These initial results show a much larger and more diverse prospect inventorythan originally anticipated and have identified numerous new leads, withindications that some could potentially be commercially significant in size. Afull evaluation of these leads, supplemented by further investigations, will benecessary before technically sound and economically viable drillable prospectscan be defined. Given the positive results of the survey and signs of potential hydrocarbons,the joint venture is considering plans to increase the scope of its explorationprogramme in order to develop a number of drillable prospects by mid-2006. Fulldetails of the exploration programme are still to be finalised by the jointventure but, given the increased number of identified leads, Hardman expects thescope of the exploration programme to increase significantly. The operator istargeting drilling of the first well in 2007. Simon Potter, Managing Director / CEO of Hardman, commented: "The results of the 2D seismic are very encouraging. Initial interpretation ofthe new data gives considerable cause for optimism. There is a wide range ofplay types with several different styles identified. The number of leadsidentified has exceeded our estimates and we believe it has greatly enhanced thelicence area's value. It is Hardman's goal to identify and define prospects inthe immediate future so that they can be considered for drilling in 2007. It isclear that the scope of work needed to maximise the potential of our acreage hasto be increased significantly. Hardman's share of funding for such an expandedprogramme will be sourced from cash at hand." SIMON POTTERMANAGING DIRECTOR Note: In accordance with Australian Stock Exchange Limited listing requirements,the geological information supplied in this report has been based on informationprovided by geologists who have had in excess of five years experience in theirfield of activity. This information is provided by RNS The company news service from the London Stock Exchange