Highlands Natural Resources Regulatory News (HNR)

9 Aug 2005 07:01

Hardman Resources Limited09 August 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 9 August 2005 AUSTRALIAN CONTACT: Richard O'Shannassy Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: MAURITANIA DRILLING PROGRAMME WEEKLY PROGRESS REPORT PAGES: 2 Hardman Resources Limited ("Hardman") provides the following progress report onthe Mauritania offshore drilling programme: Sotto-1 Exploration Well, PSC A Progress and Current Status:The Stena Tay rig has drilled the Sotto -1 well to 1,147m RT. The operation atmidnight on 8 August was running 13-3/8 inch casing. 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. Banda -2 Gas Injection Well The 'West Navigator' drillship continues to perform completion work on theChinguetti Development wells. As part of the Chinguetti Development Wellprogramme a gas injection well has been drilled into the Banda field. This wellis currently being tested by the 'West Navigator' drill ship and the well testis progressing as planned. The well has flowed gas at the rate of 32mmscf/dthrough a 52/64 inch choke, at a surface flowing pressure of 2,866 psi duringthe main flow period. Testing is continuing with a reduced flow rate period forsampling and production logging. Gas produced in association with the Chinguetti oil production, in excess of theChinguetti field requirements, will be injected and stored in the Banda gasreservoir rather than flared. The Banda-2 injection well results will also beused in the assessment of the Banda resource. 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% Hardman does not intend to provide detailed weekly reports during the course ofthe Chinguetti development well drilling programme but will continue to reportsignificant matters as appropriate and in accordance with its continuousdisclosure obligations. 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. RICHARD O'SHANNASSYCOMPANY SECRETARY 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