Highlands Natural Resources Regulatory News (HNR)

22 Feb 2005 07:02

Hardman Resources Limited22 February 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 22 February 2005 CONTACT: Scott Spencer TELEPHONE: Within Australia: 08 9261 7600International: +61 8 9261 7600 RE: MAURITANIA DRILLING PROGRAMMEWEEKLY PROGRESS REPORT PAGES: 2 Hardman Resources Ltd ("Hardman") provides the following progress report on theMauritania offshore drilling programme: Tiof-6 Appraisal Well - PSC B Progress and Current Status:Since the last report on 15 February 2005, the 'West Navigator' drill shipsuccessfully completed production testing of the Tiof-6 appraisal well. Atmidnight on 21 February 2005, the 'West Navigator' was suspending the well as apotential future oil production well prior to resuming operations on ChinguettiDevelopment wells. As previously reported, the well produced oil during the main flow period at astable rate of approximately 9,150 barrels of oil per day, constrained by a 72/64 inch choke. The maximum rate at which the well was flowed during the test wasapproximately 12,400 barrels of oil per day, constrained by a 104/64 inch choke. Well Location:The Tiof Discovery is located approximately 90 kilometres west of Nouakchott,the Mauritanian capital and 25 kilometres north of the Chinguetti Field. TheTiof-6 well is located 3 kilometres west of the Tiof-1 discovery well and 1kilometre east of Tiof-3. Water depth is approximately 1,165 metres. Well Details:The Tiof-6 well was intended to further appraise the Tiof oil discovery andcontinued the evaluation of the Miocene channel sand system within the TiofField area as interpreted with 3D seismic. ... Page 2 ... Chinguetti Development Drilling Since the last report on 15 February, the Stena Tay continued operations on theChinguetti Development wells. Hardman does not intend to provide detailed weeklyreports during the course of the development well drilling programme but willcontinue to report significant matters as appropriate and in accordance with itscontinuous disclosure obligations. Other information: All reported depths are referenced to the rig rotary table (except water depth). Times and dates refer to Mauritania time (GMT), 8 hours behind Western StandardTime, Perth. A map showing the location of the 2004/05 wells is available on the Hardmanwebsite (www.hdr.com.au) and will be updated during the course of the 2004/2005drilling programme. The joint venture interests in the Chinguetti Field and PSC B are: Company PSC B Chinguetti Field (Remainder)Woodside group companies (operator) 53.846% 47.384%Hardman group companies 21.6% 19.008%BG group companies 11.63% 10.234%Premier group companies 9.231% 8.123%ROC Oil group companies 3.693% 3.250%Groupe Projet Chinguetti (Govt. interest) - 12.000% SCOTT SPENCEREXECUTIVE 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