Highlands Natural Resources Regulatory News (HNR)

7 Jun 2005 07:11

Hardman Resources Limited07 June 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 7 June 2005 AUSTRALIAN CONTACT: Scott SpencerHardman Resources Ltd+61 8 9261 7600 LONDON CONTACT: Patrick HandleyBrunswick Group+44 207 404 5959 RE: CHINGUETTI FINANCE FACILITY Hardman Resources Limited ("Hardman" or "the Company") on behalf of its 100%owned subsidiary Hardman Chinguetti Production Limited ("HCP") is pleased toannounce that it has fulfilled all Conditions Precedent on its US$100MSubscription Facility with Australia and New Zealand Banking Group ("ANZ"). Thisfacility, which is fully underwritten by ANZ, is now available for immediatedrawdown, and will be used solely for the purpose of financing HCP's share ofexpenditure on the Chinguetti Field offshore Mauritania. ANZ is now concludingthe syndication process, with four leading international banks committed to thefacility subject to final documentation. HCP's holding in the Chinguetti field is 19.008%, with Woodside the field anddevelopment operator. The project is now over 71% complete. The target date forfirst oil from the Chinguetti field remains Quarter 1, 2006. Hardman is also pleased to announce that all Joint Venture Participants have nowagreed and signed the Chinguetti Joint Operating Agreement ("Chinguetti JOA").The Chinguetti JOA has been put in place to reflect the Mauritanian Government'sexercise in November 2004 of its right under the relevant Production SharingContract ("PSC") to back in and hold a 12% interest in the Chinguetti field (aspreviously announced). HCP's equity in the field has therefore reduced to19.008%, while in the remainder of PSC Area B HCP continues to hold a 21.6%interest. SCOTT SPENCERDIRECTOR This information is provided by RNS The company news service from the London Stock Exchange