Highlands Natural Resources Regulatory News (HNR)

12 Jan 2006 07:07

Hardman Resources Limited12 January 2006 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 12 January 2006 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: MAURITANIA DRILLING UPDATE Hardman Resources Ltd announces that the Zoule-1 exploration well in PSC C Block6 is currently being plugged and abandoned after failing to encountersignificant hydrocarbons. Following the completion of this operation, the 'Stena Tay' rig will move to theDore-1 well in PSC B, Block 4. The Dore prospect is located approximately 20kilometres east of the Tiof field, and 30 kilometres north of the Chinguettifield in water depth of approximately 390 metres. The well will be drilled to aproposed total depth of 2,350 metres and will target Oligocene aged submarinechannel/turbidite sands as well as encountering the updip extension of the TiofMiocene canyon system. Upon completion of the Dore-1 well the 'Stena Tay' drilling rig will be releasedby the PSC A and B Joint Ventures. With the recognition of a number ofattractive prospects in the shallower, eastern part of PSC A and B a rig capableof drilling in shallower water depths than the targets of the 2004 and 2005programmes was required. The 'Atwood Hunter', which is capable of drilling fromapproximately 100 to 1,500 metres, has been contracted to conduct the PSC A andB 2006 and 2007 drilling campaigns and is due to arrive in Mauritania in thesecond quarter of 2006 after completing its current commitments. The initialexploration wells will be drilled in PSC A and are likely to include the Colin/Colin Deep, Kibaro and Awatt prospects. Hardman's 2006 Mauritania explorationprogramme is expected also to include wells in PSCs B, 7 and 8. The 'AtwoodHunter' provides the joint ventures with significant operational flexibility asit is able to carry out work on any of the Chinguetti development wells, if everrequired, as well as conducting appraisal on existing discoveries. 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