Highlands Natural Resources Regulatory News (HNR)

28 Oct 2005 07:01

Hardman Resources Limited28 October 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 28 October 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 - TEVET WELL RESULTS Hardman Resources Limited ("Hardman") provides the following progress report onits Mauritania offshore activities: PSC Area B: Tevet -2 ST1 Appraisal / Exploration Well In line with the last update on Tevet-2 ST1 on 25 October, Hardman Resourcesadvises that wireline evaluation of the deeper target in this well indicates thepresence of an 8 metre gross oil column within good quality Cretaceous sands. The result demonstrates the presence of a working petroleum system at this leveland whilst probably too small to be commercial, upgrades the potential of otherCretaceous prospects in the area. Logging operations are presently concluding, after which the well will beplugged and abandoned. The 'Stena Tay' will then move to the Labeidna prospectin PSC B. The Tevet-2 well is located 2.5 kilometres to the south of the Miocene discoverywell Tevet-1, and lies in a water depth of 466 metres. The Tevet-1 discoverywas successfully appraised in an earlier phase of the Tevet-2 well. Hardman interests in PSCs 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. 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