Highlands Natural Resources Regulatory News (HNR)

26 Sep 2005 07:03

Hardman Resources Limited26 September 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 26 September 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 TEVET-2 APPRAISAL WELL UPDATE Hardman Resources Limited ("Hardman") provides the following progress report onthe Mauritania offshore drilling programme: PSC B: Tevet-2 Appraisal/ Exploration Well Progress and Current Status:Since the last report on 20 September 2005 the Tevet-2 well has been drilled bythe "Stena Tay" rig to a depth of 2,785 metres, the base of the Miocene channelsand appraisal objective. Preliminary analysis of drilling and wireline logging data indicates that thewell has encountered gas and oil bearing sands of similar thicknesses to thoseat the Tevet-1 discovery well. A full wireline programme is currently underwayand when this programme is more advanced we will comment on the significance ofthe oil pay encountered. Well Location and Objectives:The Tevet-2 well is located 2.5 kilometres to the south of the discovery wellTevet-1, and lies in a water depth of 466 metres. The well is a combinedappraisal and exploration well; it is designed to appraise the Tevet Miocene oildiscovery and also to target a deeper Cretaceous exploration prospect. Theplanned total depth of the well is approximately 3,965 metres. 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