Hardman Resources Ltd (‘Hardman’) provides the following progress report on the Mauritania offshore drilling programme:
Tiof-6 Appraisal Well - PSC B
Progress and Current Status:
The West Navigator returned as planned to the Tiof-6 appraisal well location on 28 January to conduct a production test. Tiof-6 was previously suspended on 17 January 2005 at a total depth of 2,963 metres after intersecting a gross oil column of approximately 124 metres containing several individual sands of variable thickness.
At midnight on 31 January preparations to production test the well were underway.
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 1,165 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.
Chinguetti Development Drilling
Since the last report on 18 January, the Stena Tay continued operations on the Chinguetti development wells. The West Navigator was released from Chinguetti operations on 27 January to resume operations on the Tiof-6 appraisal well. 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.
Other information:
All reported depths are referenced to the rig rotary table (except water depth).
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 joint venture interests in the Chinguetti Field and PSC B are:
| 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% |
SIMON POTTER, MANAGING 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 Stock Exchange.
