Drilling Report

27 Sep 2005 07:03

Hardman Resources Limited27 September 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 27 September 2005 AUSTRALIAN CONTACT: Peter Thomas 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 Area B: Tevet-2 Appraisal / Exploration Well Progress and Current Status:The Tevet-2 well has been drilled to a depth of 2,785 metres by the 'Stena Tay'drilling rig. Wireline logs, including fluid sampling and downhole pressuremeasurements, have been acquired over the Miocene appraisal objective, where oiland gas was discovered in the Tevet-1 well. A preliminary evaluation of drillingand wireline data has established that the well has intersected a gross gasinterval of approximately 1.5 metres above a gross oil interval similar toTevet-1, of approximately 37 metres. Further studies including integration ofthese results, plus reservoir quality and fluid contact data, will be requiredto determine future plans for the Tevet field. The Tevet-2 well is located 2.5 kilometres to the south of the discovery wellTevet-1, and lies in a water depth of 466 metres. The well is a combinedappraisal and exploration well; it is designed to appraise the Tevet Miocene oildiscovery and also to target a deeper Cretaceous exploration prospect. Theplanned total depth of the well is approximately 3,965 metres. Chinguetti Development Wells During the last week two northern fault block Chinguetti production wells havebeen successfully flowtested, meaning that all production wells have now flowedoil to surface. The 'West Navigator' drill ship is currently completing the final wellpreparation and clean-up work; it is expected to complete these activities inthe next week. 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. PETER THOMASCHIEF FINANCIAL OFFICER 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