FOGL.L Regulatory News (FOGL)

24 Feb 2005 07:03

Hardman Resources Limited24 February 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 24 February 2005 CONTACT: Scott Spencer TELEPHONE: Within Australia: 08 9261 7600 International: +61 8 9261 7600 RE: FALKLANDS LICENCE AREAS: UPDATE Hardman Resources has been advised by the operator Falkland Oil and Gas Ltd("FOGL") that it has completed recording approximately 85% of the planned 4,900kilometre 2D seismic survey in their 33,000 square kilometre licence areas tothe south and east of the Falkland Islands (Hardman (22.5%) is in joint venturewith FOGL (77.5%)). The vessel "GSI Admiral" has moved temporarily to thenorthern licence area where FOGL holds 100% and it is expected the Hardmanlicence area data acquisition will be completed during March. A preliminary review of the early processed sections of the lines recorded thusfar has provided further information on identified leads in the Hardman/FOGLarea and has also identified several additional leads which could warrantfurther work. Full processing of these lines will take place over the coming months. The fully processed and interpreted results of the entire survey are expected tobegin to be available about mid year. Simon Potter, CEO and Managing Director, Hardman Resources, commented: "This is a continuation of our exploration strategy with a low cost entry intofrontier areas with known oil potential followed by high impact explorationusing seismic techniques. The overall indications from the data we have receivedto date are encouraging. We are looking forward to completing the balance of thesurvey and in due course fully assessing the results of this work." SCOTT SPENCEREXECUTIVE DIRECTOR This information is provided by RNS The company news service from the London Stock Exchange