SEY.L Regulatory News (SEY)

13 Sep 2005 07:04

Hardman Resources Limited13 September 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 13 September 2005 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: MAURITANIA DRILLING PROGRAMME WEEKLY PROGRESS REPORT Hardman Resources Limited ("Hardman") provides the following progress report onthe Mauritania offshore drilling programme: PSC B: Espadon-1A Exploration Well Progress and Current Status:Since the last report on 6 September 2005 the Espadon-1A well was drilled by the'Stena Tay' rig to a total depth of 3,042 metres. Wireline log data was thenacquired. Preliminary analysis of both wireline and drilling data indicate thatthe well has not encountered any significant hydrocarbon bearing sands. Well Location:The Espadon-1A well is located approximately 108 kilometres west of Nouakchott,the Mauritanian capital, and 13 kilometres west of the Tiof Discovery. Waterdepth is 1,677 metres. Exploration Look Ahead :The 'Stena Tay' rig will plug and abandon the Espadon-1A well and then move tothe Tevet-2 location within the Chinguetti EEA. Tevet -2 is a dual target wellwhich will appraise the 2004 Tevet Miocene discovery, and also test the deeperCretaceous section beneath the Miocene sand fairway. After the Tevet-2 exploration appraisal well the 'Stena Tay' rig will drillLabeidna-1 exploration well also in PSC B before mobilising to Block 1 to drillFaucon-1 exploration commitment well. The continuing 2005/2006 explorationcampaign will also include a PSC C (Block 6) commitment well and further PSC Aand B exploration work. Comment :Whilst no significant hydrocarbons were found at Espadon-1A the result does notimpact the prospects for good quality sands or oil charge in the main canyonsystem to the west of the Tiof field. Indeed the thick shales encountered at thewell location could assist in stratigraphic trapping of hydrocarbons within thefairway. Chinguetti Development Wells The 'West Navigator' drillship is continuing operations on Chinguettidevelopment wells. To date, all upper and lower well completions have beenfinished successfully and three of the six production wells have been flowtested for clean up and sampling purposes. Flow tests on the remaining threeproducers will be run within the next month. This removes a significant amountof the technical risk on the project. Hardman interests in PSC's A, B and the Chinguetti field are: PSC B PSC A Chinguetti Field (EEA)Woodside (operator) 53.846% 53.846% 47.384%Hardman 21.6% 24.3% 19.008%BG Group 11.63% 13.084% 10.234%Fusion/Premier 9.231% 4.615% 8.123%ROC 3.693% 4.155% 3.250%Groupe Projet Chinguetti - - 12.000% All reported depths (except water depth) are referenced to the rig rotary table(RT). Hydrocarbon shows will be only be reported after all required logs havebeen run and evaluated, although Hardman will release weekly updates on theexploration drilling campaign. Times and dates refer to GMT (Mauritania time), 8 hours behind Western StandardTime, Perth. SIMON POTTERMANAGING 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