SEY.L Regulatory News (SEY)

25 Oct 2005 07:01

Hardman Resources Limited25 October 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 25 October 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 onits Mauritania offshore activities: PSC Area B: Tevet -2 ST1 Appraisal / Exploration Well Since the last update on 18 October 2005 the 'Stena Tay' drilling rig hassuccessfully run and cemented the 7 inch liner and has then drilled 6 inch holethrough the Cretaceous objective to a final total depth of 3,914 metres. Wellcontrol has been a primary consideration whilst drilling the 6 inch section witha number of kick / loss events occurring and background gas(C1-C5) being observed at surface. Whilst the evidence of hydrocarbons isencouraging, the open hole data does not show evidence of extensive reservoirdevelopment. As at midnight on the 24 October the well was being conditioned prior to pullingout of hole to commence wireline logging operations. The Tevet-2 well is located 2.5 kilometres to the South of the Miocene discoverywell Tevet-1, and lies in a water depth of 466 metres. Hardman interests in PSCs 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