Highlands Natural Resources Regulatory News (HNR)

13 Dec 2005 07:00

Hardman Resources Limited13 December 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 13 December 2005 AUSTRALIAN CONTACT: Peter Thomas Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: HARDMAN DRILLING PROGRAMME WEEKLY PROGRESS REPORT Hardman Resources Limited ("Hardman") provides the following progress report onits drilling activities: Mauritania: Block 1 - Faucon-1 Exploration Well The 'Stena Tay' drilling rig is continuing operations on the Faucon-1exploration well in Block 1 offshore Mauritania. Since the last report the well has been drilled from 3,475 metres to the currentdepth of 3,674 metres, where continuing indications of increased pressure haveresulted in a decision to run a 7 inch casing string. The casing has now been cemented in place and preparations are underway to drillahead in 6 inch hole to the planned total depth of 4,200 metres. Wireline logging, including pressure measurements and fluid sampling werecompleted over the Upper Cretaceous interval reported last week. This has confirmed the presence of a reservoir sand interval of approximately 40metres. Logs and pressure data indicate the presence of a hydrocarbon column ofapproximately 10 metres in the upper part of the sand. A further announcement on the hydrocarbon type and column height will be made oncompletion of the analysis of log data and fluid samples. This process hascommenced, and is expected to complete toward the end of the month. It should be noted that the logged interval corresponds to an upper targetobjective and there is potential for other sands in the remaining section to theplanned total depth. Faucon-1 is located in 1,164 metres of water in Block 1, the reservoir is aCretaceous canyon complex sealed against a salt diapir with a planned totaldepth of 4,200 metres. Equities in Block 1 are: Block 1Dana Petroleum (E&P) Ltd (Operator) ^ 60.0%Hardman Petroleum (Mauritania) Pty Ltd 18.0%Tullow Oil 20.0%ROC Oil (Mauritania) Company 2.0% ^ Gaz De France acquiring 24% subject to completion of their assignment fromDana. 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. Uganda: Block 2 - Mputa-1 Wildcat Mobilisation of the drilling rig is now complete. Less than ten loads ofconsumables are all that remain to be mobilised. Rig up is approximately 85%complete. After the rig has been accepted as being fully rigged up andoperational, Mputa-1 will spud (expected to be within a week). Mputa-1 will target a structural prospect with potential multiple objectives.The prospect was defined by the 2005 onshore seismic survey and oil seeps havebeen identified in the immediate area. Planned total depth is approximately 1,100 metres. Equities in Block 2 are: Block 2Hardman Petroleum Africa Pty Ltd (Operator) 50.0%Tullow Oil 50.0% PETER THOMASCHIEF FINANCIAL OFFICER 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