Highlands Natural Resources Regulatory News (HNR)

1 Feb 2005 07:01

Hardman Resources Limited01 February 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 1 February 2005 CONTACT: Simon Potter TELEPHONE: Within Australia: 08 9261 7600International: +61 8 9261 7600 RE: MAURITANIA DRILLING PROGRAMMEWEEKLY PROGRESS REPORT Hardman Resources Ltd ("Hardman") provides the following progress report on theMauritania offshore drilling programme: Tiof-6 Appraisal Well - PSC B Progress and Current Status:The West Navigator returned as planned to the Tiof-6 appraisal well location on28 January to conduct a production test. Tiof-6 was previously suspended on 17January 2005 at a total depth of 2,963 metres after intersecting a gross oilcolumn of approximately 124 metres containing several individual sands ofvariable thickness. At midnight on 31 January preparations to production test the well wereunderway. Well Location:The Tiof Discovery is located approximately 90 kilometres west of Nouakchott,the Mauritanian capital and 25 kilometres north of the Chinguetti Field. TheTiof-6 well is located 3 kilometres west of the Tiof-1 discovery well and 1kilometre east of Tiof-3. Water depth is approximately 1,165 metres. Well Details:The Tiof-6 well is intended to further appraise the Tiof oil discovery and willcontinue the evaluation of the Miocene channel sand system within the Tiof Fieldarea as interpreted with 3D seismic. Chinguetti Development Drilling Since the last report on 18 January, the Stena Tay continued operations on theChinguetti development wells. The West Navigator was released from Chinguettioperations on 27 January to resume operations on the Tiof-6 appraisal well.Hardman does not intend to provide detailed weekly reports during the course ofthe development well drilling programme but will continue to report significantmatters as appropriate and in accordance with its continuous disclosureobligations. Other information: All reported depths are referenced to the rig rotary table (except water depth). Times and dates refer to Mauritania time (GMT), 8 hours behind Western StandardTime, Perth. A map showing the location of the 2004/05 wells is available on the Hardmanwebsite (www.hdr.com.au) and will be updated during the course of the 2004/2005drilling programme. The joint venture interests in the Chinguetti Field and PSC B are: Company PSC B Chinguetti Field (Remainder)Woodside group companies (operator) 53.846% 47.384%Hardman group companies 21.6% 19.008%BG group companies 11.63% 10.234%Premier group companies 9.231% 8.123%ROC Oil group companies 3.693% 3.250%Groupe Projet Chinguetti (Govt. interest) - 12.000% 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