Highlands Natural Resources Regulatory News (HNR)

30 Aug 2005 07:02

Hardman Resources Limited30 August 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 30 August 2005 AUSTRALIAN CONTACT: Simon PotterHardman Resources Ltd+61 8 9261 7600 LONDON CONTACT: Patrick HandleyBrunswick Group+44 207 404 5959 RE: MAURITANIA DRILLING PROGRAMMEWEEKLY PROGRESS REPORT Hardman Resources Limited ("Hardman") provides the following progress report onthe Mauritania offshore drilling programme: PSC B: Espadon-1 Exploration Well Progress and Current Status:Since the last report on 24 August 2005 the Espadon-1 well was spudded by 'StenaTay' drill rig on 29 August 2005. The well has a proposed total depth ofapproximately 3,340 metres. At midnight on 29 August, operations were drillingahead in the 18.5 inch top hole section, at 2,000 metres. Well Location:The Espadon-1 well is located approximately 108 kilometres west of Nouakchott,the Mauritanian capital, and 13 kilometres west of the Tiof Discovery. Waterdepth is approximately 1,680 metres. Well Details:The well is targeting a salt dome with draped Lower Miocene sands in a similarstructural setting to the Chinguetti Field. The sands are of approximately thesame age as the Chinguetti and Tiof Oil discoveries. If successful the well willprove that oil has migrated a considerable distance to the west of the Tiofarea. Chinguetti Development Wells The 'West Navigator' drillship 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's A, B and the Chinguetti field are: PSC B PSC A Chinguetti Field (EEA)Woodside (operator) 53.846% 53.846% 47.384%Hardman 21.6% 24.3% 19.008%BG Group 11.63% 13.084% 10.234%Fusion/Premier 9.231% 4.615% 8.123%ROC 3.693% 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. 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