Highlands Natural Resources Regulatory News (HNR)

18 Jan 2006 07:00

Hardman Resources Limited18 January 2006 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 18 January 2006 AUSTRALIAN CONTACT: Peter Thomas Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: OFFSHORE MAURITANIA RESPONSE TO MEDIA SPECULATION PAGES: 1 Hardman Resources Limited has become aware of recent media speculation inMauritania regarding certain events in Mauritania and the reported linkage tocontracts with foreign companies, including with agreements supplementary tosome of its Mauritanian production sharing contracts. The relevant joint venturers, through Woodside Mauritania Pty Ltd (Woodside) asoperator, are presently engaged in ongoing discussions with the MauritanianGovernment concerning elements of agreements which are supplementary to someproduction sharing contracts. The supplementary agreements includeclarifications as to how provisions of the PSCs should be applied - for thebenefit of both the joint venturers and the Government. Such modifications and clarifications of the obligations of each party under thePSCs and other agreements are common place in the industry; they dealprincipally with matters that typically arise as the venturers approachpetroleum production operations. These supplementary agreements were negotiated with the previous Government ofMauritania by Woodside on behalf of the joint venturers and were approved by theGovernment and the Mauritanian Parliament and became law in early 2005. The Chinguetti Project remains on schedule for first oil in February 2006. Otherexploration and development activities are also unaffected by the discussions. PETER THOMASCHIEF FINANCIAL OFFICER This information is provided by RNS The company news service from the London Stock Exchange