Highlands Natural Resources Regulatory News (HNR)

1 Jul 2005 07:01

Hardman Resources Limited01 July 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 1 July 2005 AUSTRALIAN CONTACT: Richard O'Shannassy Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: EXTENSION OF FALKLAND ISLANDS EXPLORATION LICENCES PAGES: 1 Hardman Resources Limited ("Hardman") is pleased to announce that the FalklandIslands authorities have granted a two year extension to the licence totalingapproximately 33,500 square kilometres to the south and east of the FalklandIslands. Hardman holds a 22.5% interest in the joint venture with Falklands Oiland Gas ("FOGL", 77.5% and Operator). As a result of this extension, Phase I ofthe licence now runs until July 2007 and Phase II will run (subject to adrilling commitment) from July 2007 until July 2010. During Phase 1 FOGL (77.5%)and Hardman (22.5%) will be required to acquire and interpret an additional4,000 kilometres of 2D and 2,000 square kilometres of 3D seismic, and to enterPhase II in July 2007, FOGL and Hardman will be required to commit to thedrilling of two wells. The extension will allow more time to investigate and assess the increasednumber of identified leads from the approximately 4,000 line kilometre seismicsurvey completed in the first quarter. Preliminary review of the early processedsections has also lead to the identification of several additional leads whichcould warrant further work. A new 4,000 kilometre 2D seismic survey has already commenced and the jointventure expects to conduct the 3D seismic survey later this year and into 2006. 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