Highlands Natural Resources Regulatory News (HNR)

15 Nov 2005 07:00

Hardman Resources Limited15 November 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 15 November 2005 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: MAURITANIA DRILLING PROGRAMME WEEKLY DRILLING REPORT Hardman Resources Limited ("Hardman") provides the following progress report onits Mauritania offshore activities: PSC Area B: Labeidna-1 Exploration Well The Labeidna-1 exploration well reached a total depth of 3,080 metres on the13 November 2005. Oil has been intersected in the Miocene sand objective.Conventional wireline and drilling data indicate that the well has encountered anumber of thin oil bearing sands interbedded with shales. A small gas bearingsand was also encountered at the top of this interval. In order to fully evaluate these sands further high resolution logs will beacquired to determine the reservoir potential. On completion of the evaluationof these high resolution data, a further announcement will be made. Currentactivity is the collection of wireline pressure data and oil samples. Labeidna-1 is approximately 15 kilometres to the south west of Chinguetti in1,261 metres of water. Chinguetti Development Update The Berge Helene FPSO has arrived on location at the Chinguetti oil field inMauritania and has commenced connection to the permanent moorings. This will befollowed by a series of activities including hookup and commissioning of water,gas and oil systems. As previously announced first oil is expected in February2006. 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. 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