SEY.L Regulatory News (SEY)

11 Jan 2005 07:00

Hardman Resources Limited11 January 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 11 January 2005 CONTACT: Scott Spencer TELEPHONE: Within Australia: 08 9261 7600International: +61 8 9261 7600 RE: MAURITANIA DRILLING PROGRAMMEWEEKLY PROGRESS REPORT 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 4 January 2005 the West Navigator drilled the Tiof-6well to the final total depth of 2,963 metres and commenced wireline logging. Atmidnight (GMT) 10 January the logging programme was continuing. A preliminaryanalysis of logs acquired while drilling and the wireline logs acquired so farindicates the presence of an oil column. It is currently planned that the wellwill be suspended to allow the rig to work on the Chinguetti developmentdrilling programme before returning to flow test the Tiof-6 well. 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 is intended to further appraise the Tiof oil discovery and willcontinue the evaluation of the Miocene channel sand system within the Tiof Fieldarea as interpreted with 3D seismic. Chinguetti Development Drilling Since the last report on 4 January, the Stena Tay has continued drillingoperations on the Chinguetti field. Hardman does not intend to provide detailedweekly reports during the course of the development well drilling programme butwill continue to report significant matters as appropriate and in accordancewith its continuous 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 government of Mauritania has exercised its right to participate in theChinguetti development, as previously announced, and the resulting joint ventureinterests 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 SPENCERDIRECTOR 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