Hardman Resources Ltd ('Hardman') provides the following progress report on the
Mauritania offshore drilling programme:
Chinguetti Development Drilling
Since the last report on 21 December, the Stena Tay has commenced drilling the
bottomhole sections through the reservoir interval. To maintain operational
efficiency the West Navigator drill ship left the Chinguetti field on December
27 to drill the Tiof-6 tophole. Hardman does not intend to provide detailed
weekly reports during the course of the development well drilling programme but
will continue to report significant matters as appropriate and in accordance
with its continuous disclosure obligations.
Tiof-6 Appraisal Well
Progress and Current Status:
The Tiof-6 appraisal well was spudded on 28 December 2004 and the West Navigator
has commenced drilling the 18 1/2' hole after setting the surface conductor at
1,260 metres.
Well Location:
The Tiof Discovery is located approximately 90 kilometres west of Nouakchott,
the Mauritanian capital and 25 kilometres north of the Chinguetti Field. The
Tiof-6 well is located 3 kilometres west of the Tiof-1 discovery well and 1
kilometre east of Tiof-3. Water depth is approximately 1,200 metres.
Well Details:
The Tiof-6 well is intended to further appraise the Tiof oil discovery and will
continue the evaluation of the Miocene channel sand system within the Tiof Field
area as interpreted with 3D seismic.
Page 2
Other information:
All reported depths are referenced to the rig rotary table (except water depth).
Hydrocarbon shows will only be reported after all required logs have been run
and evaluated for each exploration and appraisal well.
Times and dates refer to Mauritania time (GMT), 8 hours behind Western Standard
Time, Perth.
A map showing the location of the 2004/05 wells is available on the Hardman
website (
www.hdr.com.au
) and will be updated during the course of the 2004/2005
drilling programme.
The government of Mauritania has exercised its right to participate in the
Chinguetti development, as previously announced, and the resulting joint venture
interests in the Chinguetti Field and PSC B are:
Company PSC B Chinguetti Field
(Remainder)
Woodside group companies (operator) 53.846% 47.384%
Hardman group companies 21.6% 19.008%
BG group companies 11.63% 10.234%
Premier group companies 9.231% 8.123%
ROC Oil group companies 3.693% 3.250%
Groupe Projet Chinguetti (Govt. interest) - 12.000%
SCOTT SPENCER
DIRECTOR
Note: In accordance with Australian Stock Exchange Limited listing requirements,
the geological information supplied in this report has been based on information
provided by geologists who have had in excess of five years experience in their
field of activity.
This information is provided by RNS
The company news service from the London
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