Highlands Natural Resources Regulatory News (HNR)

1 Aug 2006 07:00

Hardman Resources Limited01 August 2006 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 1 August 2006 AUSTRALIAN CONTACT: Simon Potter, CEO & Managing Director Hardman Resources Limited +61 8 9261 7600 LONDON CONTACT: Patrick Handley, UK media relations Brunswick Group +44 207 404 5959 RE: HARDMAN RESOURCES DRILLING UPDATE Hardman Resources Limited ("Hardman") provides the following progress report onits drilling activities: Mauritania, West Africa: PSC-A Block 3 Colin-1 Since the last report on the 28th July the 'Atwood Hunter' rig has drilled theColin-1 exploration well to a final depth of 2,322 metres. Despite a thick andwell-developed reservoir section, analysis of drilling data and wireline logsindicate that the well has not encountered any significant hydrocarbons. As atmidnight GMT on 31 July 2006, wireline logging was continuing prior to the wellbeing plugged and abandoned. Upon completion of operations, the Atwood Hunter will be relocated to Block 8 tocommence drilling the exploration well Flamant-1, which is targeting a largeCretaceous gas prospect. Later in the drilling sequence the rig will return to the PSC Area A to drillthe Kibaro-1 prospect which will test older Cretaceous aged channel sands. Equities in PSC A Block 3 are: PSC A Block 3Woodside Group (operator) 53.846%Hardman Group 24.300%BG Group 13.084%Fusion Mauritania A Ltd 3.000%Premier Oil Group 1.615%ROC Oil Group 4.155% All reported depths (except water depth) are referenced to the rig rotary table(RT). Times and dates for Mauritania wells refer to GMT (Mauritania time), 8 hoursbehind Western Standard Time, Perth. SIMON POTTERMANAGING DIRECTOR Note: (1) In accordance with the ASX Listing Rules, the geological informationsupplied in this report has been based on information provided by geologists whohave had in excess of five years experience in their field of activity.(2) In accordance with the AIM Rules, the information in this report hasbeen reviewed and signed off by Mr David Cliff, BSC Hons (Geology), ExplorationManager at Hardman, who is a member of the Petroleum Exploration Society ofAustralia and who has at least 5 years relevant experience within the sector. This information is provided by RNS The company news service from the London Stock Exchange