SEY.L Regulatory News (SEY)

22 Nov 2005 07:00

Hardman Resources Limited22 November 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 22 November 2005 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: HARDMAN DRILLING PROGRAMME WEEKLY DRILLING REPORT Hardman Resources Limited ("Hardman") provides the following progress report onits drilling activities: Uganda Block 2: Mputa-1 Wildcat Mobilisation of the drilling rig has commenced with the first loads arriving atthe Mputa-1 well site on 20 November. The well is expected to spud inmid-December. Mputa-1 will target a structural prospect with potential multiple objectives.The prospect was defined by the 2005 onshore seismic survey and oil seeps havebeen identified in the immediate area. Planned total depth is approximately1,100 metres. Further updates will be provided closer to the spud date. Block 2Hardman 50.0%Tullow Oil 50.0% Mauritania PSC Area B: Labeidna-1 Exploration Well The Labeidna-1 exploration well was plugged and abandoned on the 20 November asplanned. Preliminary analysis of the wireline and fluid sample data shows agross oil bearing interval of 116 metres in interbedded, high quality, thoughthin reservoir sands and claystones. These results will be incorporated into an assessment of the commercialpotential of the Labeidna accumulation, subsequent appraisal potential andimpact for adjacent prospects such as N'dor. As at midnight on the 21 November the 'Stena Tay' drilling rig was moving to theFaucon-1 location. 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 Project Chinguetti - - 12.000% Mauritania Block 1: Faucon-1 Exploration Well Faucon-1 is located in 1,164 metres of water in Block 1, the reservoir is aCretaceous canyon complex sealed against a salt diapir with a planned totaldepth of 4,200 metres. Hardman interests in Block 1 are: Block 1Hardman 18.0%Dana (Operator) 60.0% ^Tullow Oil 20.0%ROC 2.0% ^ Gaz De France acquiring 24% subject to completion of their assignment fromDana. 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