Highlands Natural Resources Regulatory News (HNR)

16 Aug 2005 17:51

Hardman Resources Limited16 August 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 16 August 2005 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: MAURITANIA DRILLING PROGRAMME WEEKLY PROGRESS REPORT Hardman Resources Limited ("Hardman") provides the following progress report onthe Mauritania offshore drilling programme: Sotto-1 Exploration Well, PSC A Progress and Current Status:Since the last report on 9 August 2005 the 'Stena Tay' rig has drilled the Sotto-1 well to 1,353m RT. Due to mechanical problems on the rig it became necessaryto sidetrack the well, and at midnight on 15 August operations were preparing todrill ahead in Sotto-1 ST1 to the planned total depth. Well Location:The Sotto-1 well is located approximately 110km southwest of Nouakchott, theMauritanian capital, and 42km south of the Chinguetti Field. Water depth is 320mand the planned total depth of the well is approximately 3,350m below rig datum. Well Details:The well is targeting canyon fill sands in a Lower Miocene interval, ofapproximately the same age as the Chinguetti and Tiof Oil discoveries in PSC B.This well is expected to yield valuable information about the southern part ofPSC's A and B, and if successful will extend the area of the prospective Miocenebasin. Chinguetti Development Wells The 'West Navigator' drillship has successfully completed operations on theBanda-2 gas disposal well, and is continuing operations on Chinguettidevelopment wells. Hardman does not intend to provide detailed weekly reportsduring the course of the Chinguetti development well drilling programme but willcontinue to report significant matters as appropriate and in accordance with itscontinuous disclosure obligations. Hardman interests in PSC A and the Chinguetti field are: PSC A Chinguetti Field (EEA)Woodside (operator) 53.846% 47.384%Hardman 24.3% 19.008%BG Group 13.084% 10.234%Fusion/Premier 4.615% 8.123%ROC 4.155% 3.250%Groupe Projet Chinguetti - 12.000% All reported depths (except water depth) are referenced to the rig rotary table(RT). Hydrocarbon shows will be only be reported after all required logs havebeen run and evaluated, although Hardman will release weekly updates on theexploration drilling campaign. Times and dates refer to GMT (Mauritania time), 8 hours behind Western StandardTime, Perth. A location map is available on the Hardman website www.hdr.com.au. 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