Acquires Interest in Suriname

24 Apr 2006 07:00

Hardman Resources Limited24 April 2006 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 24 April 2006 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: HARDMAN ACQUIRES NEW VENTURE IN SURINAME PAGES: 2 Hardman Resources Limited ('Hardman') is pleased to announce that its subsidiary- Hardman Oil and Gas Pty. Ltd - has signed Heads of Agreement with Suriname'sState Oil Company, Staatsolie Maatschappij Surinam N.V. ('Staatsolie') and itsaffiliate, Paradise Oil NV, to acquire a 40% working interest in the onshoreUitkijk and Coronie concessions in Suriname, South America. Hardman is now inthe process of concluding final negotiation of Joint Operating and ProductionSharing Agreements and arrangements for a third party potentially to participatein a small portion of Hardman's acquired interest. The concessions are both large and prospective, covering a total area ofapproximately 3300 km2, and lying directly adjacent to Suriname's main producingoil fields, Tambaredjo and Calcutta (Figure 1), which collectively have over 1billion barrels of oil in place and which produce approximately 13 000 bopd.Hardman will earn its interest via the funding of an initial explorationcampaign of up to 25 wells capped at a maximum expenditure of US$ 8.5million;drilling is anticipated to commence in the 4th quarter of 2006. Hardman's Managing Director and CEO, Simon Potter, commented: "The Suriname acreage complements Hardman's existing exploration portfolio,being prospective acreage but in a lower cost, lower risk environment.Staatsolie is an established operator, and we look forward to building on thisrelationship in maturing both current and future opportunities. The Suriname entry forms part of a broader initiative in the Latin Americanregion; Hardman already has a key offshore holding in neighbouring FrenchGuyane." Paste the following link into your web browser to download the PDF document related to this announcement: Figure 1http://www.rns-pdf.londonstockexchange.com/rns/8555b_-2006-4-24.pdf 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