Drilling Report

1 Nov 2005 07:01

Hardman Resources Limited01 November 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 1 November 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 onits Mauritania offshore activities: PSC Area B: Tevet-2 ST1 Appraisal / Exploration Well The Tevet-2 ST1 well wireline logging operations have concluded, and plug andabandonment operations are presently ongoing. As previously advised on 28October, the exploration component of this well intersected a gross oil columnof approximately 8 metres within good quality Cretaceous sands, therebyupgrading surrounding Cretaceous exploration prospects. On completion of plug and abandonment operations, the 'Stena Tay' drilling rigwill move to the Labeidna prospect. The Labeidna-1 well will target Mioceneturbidite sands in the vicinity of the Chinguetti field and success here willsignificantly upgrade the adjacent prospect N'Dor immediately to the southwest. The Labeidna prospect lies approximately 15 kilometres to the south westof Chinguetti in 1,265 metres of water. 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% 9.008%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