Highlands Natural Resources Regulatory News (HNR)

24 Aug 2005 08:47

Hardman Resources Limited24 August 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 24 August 2005 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: SOTTO-1 ST1 WELL RESULTS Hardman Resources Limited ("Hardman") provides the following report on theSotto-1 ST1 well results and the Mauritanian offshore drilling campaign. Sotto-1 Exploration Well, PSC A Progress and Current Status:Acquisition and evaluation of wireline logs in the Sotto-1 ST1 well hasconfirmed that no hydrocarbon bearing intervals were encountered by the well.The "Stena Tay" rig is currently plugging and abandoning the Sotto-1 ST1 well,and on completion of this will move to the Espadon -1 location in PSC B. Espadon-1 Exploration Well, PSC BWell 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. Hardman interests in PSC A, PSC 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