Highlands Natural Resources Regulatory News (HNR)

11 Oct 2005 07:01

Hardman Resources Limited11 October 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 11 October 2005 AUSTRALIAN CONTACT: Simon PotterHardman Resources Ltd+61 8 9261 7600 LONDON CONTACT: Patrick HandleyBrunswick Group+44 207 404 5959 RE: MAURITANIA DRILLING PROGRAMME WEEKLY PROGRESS REPORT Hardman Resources Limited ("Hardman") provides the following progress report onits Mauritania offshore activities: PSC Area B: Tevet-2 Exploration Well The Tevet-2 well was drilled to a depth of 3,741 metres by the Stena Taydrillship, at which point the well took a kick. It is not known at this stagewhether the influx comprised water or hydrocarbons. Well control operations wereundertaken resulting in the eventual abandonment of the original borehole bymeans of cement plugs. The rig is presently preparing to initiate a sidetrackfrom below the 9 5/8" casing shoe. The Cretaceous Exploration target and aplanned total depth (TD) of 3,965 metres remain unchanged. 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. All reported depths (except water depth) are referenced to the rig rotary table(RT). Hydrocarbon shows will only be reported after all required logs have beenrun and evaluated, although Hardman will release weekly updates on theexploration drilling campaign. Hardman interests in PSC's 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