Sale by Woodside

1 Dec 2005 08:39

Hardman Resources Limited01 December 2005 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 1 December 2005 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 Jim Kelly Third Person Communications Pty Ltd +61 2 8298 6100 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: SALE BY WOODSIDE OF ITS 10% SHAREHOLDING IN HARDMAN Hardman Resources Limited ("Hardman") today issued the statement below followingthe announcement by Woodside Petroleum Limited ("Woodside") regarding the saleby Woodside Mauritania Investments Pty Ltd of 67.4 million shares in Hardman. Following advice from Woodside concerning the sale, Hardman requested a tradinghalt in its securities. The Companies have today worked together to ensure thedivestment has taken place in an orderly fashion. Woodside's initial investment in Hardman was made in July 2001, following theChinguetti discovery offshore Mauritania. Woodside's prime strategic interestwas to ensure that Hardman could fund its continuing activities in Mauritania.This ensured stability in the joint venture, which was also in Woodside'sinterest. At present, Hardman is well funded with existing resources sufficient forcommitted and planned expenditures. The presence of Woodside on the register isno longer seen as relevant and the sale will free up additional liquidity in thestock. Hardman, CEO and Managing Director, Simon Potter, commented: "It is now an appropriate time for Woodside to sell its holding given thetransformation that Hardman has undergone in the last few years. Financially and operationally Hardman has never been in better shape. Chinguettiis nearly complete with the anticipation of first oil in February 2006. While the presence of Woodside on our register has provided historical benefits,Hardman is now a more robust company than when Woodside made its initialinvestment over four years ago. Hardman is now a substantial international company with a broad base ofshareholder support through its dual listings in Australia and the UK. While Woodside is no longer a shareholder, Hardman will continue to enjoy thebenefits of the operational partnership that we have with them in Mauritania." RICHARD O'SHANNASSYCOMPANY SECRETARY Enquiries: Simon Potter Managing Director and CEO +61 8 9261 7600Peter Thomas Chief Financial Officer +61 8 9261 7600Jim Kelly Third Person + 61 2 8298 6100Patrick Handley Brunswick Group +44 207 404 5959 Notes to Editors: Hardman Resources Ltd is an oil and gas exploration and production (E&P) companylisted on the Australian Stock Exchange Limited and on the AlternativeInvestment Market of the London Stock Exchange. Hardman's early growth was based on the strategy of acquiring acreage inunderexplored, but prospective regions, and seeking development partners.Currently its operational focus is its leading acreage position offshoreMauritania (West Africa). In addition, Hardman has a portfolio of projects that are currently at earlystages of exploration. These are its other Atlantic margin projects in offshoreFrench Guyane and the Southern Falklands Basin, and its acreage in the AlbertineGraben in Uganda. The 67.4 million shares in Hardman held by Woodside represented 10.24% of theissued shared capital of Hardman. This information is provided by RNS The company news service from the London Stock Exchange