Highlands Natural Resources Regulatory News (HNR)

5 Apr 2005 07:02

Hardman Resources Limited05 April 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 5 April 2005 CONTACT: Simon Potter TELEPHONE: Within Australia: 08 9261 7600International: +61 8 9261 7600 RE MARLOO-1, TIMOR SEA, AUSTRALIA, WEEKLY DRILLING REPORT PAGES: 3 Hardman Resources Limited (Hardman) on behalf of its wholly owned subsidiaryHardman Oil and Gas Pty Ltd provides the following report on its drillingoperations in the Timor Sea, Australia. Talbot-1 and Talbot-2 Abandonments As previously announced Hardman elected to plug and abandon Talbot-1 andTalbot-2 as a commitment to the Joint Authority (Northern Territory and FederalGovernment) in Retention Licence AC/RL1 (Hardman 100%). Hardman's studies ofdevelopment options for the Talbot field have shown that these old wells wouldnot be optimally located for production and any future development would requirecompletely new wells. It is therefore in line with responsible environmentalmanagement that the well-heads should be removed and the site left clean. The Talbot-1 and Talbot-2 abandonments were successfully completed at 22.00 hrsCST on 31 March. Marloo-1 Exploration Well The Marloo-1 well is located in AC/P26 in the Timor Sea and was spudded directlyafter the rig move from Talbot-2 at 13.45 hrs CST on 1 April. Current Operation:Marloo-1 is currently at 1,259 metres and, after setting the 9 5/8" casing at1,247 metres, is preparing to drill ahead in the 8.5" hole section. Well Location:Marloo-1 is being drilled by the "Ocean Bounty" in Exploration Permit AC/P26 inthe Timor Sea some 660 kilometres west of Darwin and 52 kilometres southeast ofthe Challis Field. Water depth at the well location is 95 metres and the plannedtotal depth is 2,039 metres. The final well location coordinates are:12o 31' 54.537" South124o 46' 48.744" East Prospect Details:The Marloo-1 well is testing a Late Jurassic structural/stratigraphic trap. Themain targets are the Lower Vulcan Formation and the Montara Sandstones. Geology andHydrocarbon shows:Hydrocarbon shows will only be reported when wireline logs have been run andevaluated at total depth of the well. Participants:Hardman Oil and Gas Pty Ltd 100%(Lonman Pty Ltd 1.25% Carried to Production Interest) Managing Directors Comment: Simon Potter, Managing Director of Hardman Resources Limited commented that "TheTalbot wells have been successfully abandoned, potentially clearing the way forbetter located development wells. Recognising that exploration risk stillexists; a success at the current Marloo-1 well could lead to a dual developmentof both Talbot and Marloo". SIMON POTTERMANAGING DIRECTORHARDMAN RESOURCES LTD 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