Resolution of Dispute

31 Mar 2006 07:00

Hardman Resources Limited31 March 2006 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 31 March 2006 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: RESOLUTION OF MAURITANIAN DISPUTE PAGES: 1 Hardman Resources Limited (Hardman) notes the statements issued by theGovernment of Mauritania and Woodside Petroleum Ltd ("Woodside") that they havereached an agreement to settle a dispute over supplementary agreements("Avenants") to four of its Production Sharing Contracts ("PSCs") for Area A,Area B, Area C Block 2 and Area C Block 6 offshore Mauritania. The PSCs areoperated by a Woodside subsidiary on behalf of the relevant joint ventures,which include Hardman. The basis for the resolution is an agreement in principle to amend the PSCs, tobe negotiated in detail in due course, which would then supersede the Avenants.Importantly, the exploration periods under the PSCs are upheld in accordancewith all previous agreements. Hardman and the other co-venturers have been advised by Woodside of theagreement but under the terms of the PSC unanimous consent is required to amendthe PSCs and individual company evaluation of the terms is continuing. SIMON POTTERMANAGING DIRECTOR This information is provided by RNS The company news service from the London Stock Exchange