Hardman Resources Ltd (‘Hardman’) provides the following report on the evaluation of the wireline data:

Tiof-6 Appraisal Well - PSC B

Progress and Current Status:
Since the last announcement made on Tuesday 11 January, evaluation of wireline and drilling data, including downhole pressure measurements and fluid sampling indicates that Tiof-6 has intersected oil over a gross interval of at least 123 metres. Wireline oil samples have been recovered to surface. It is interpreted that no gas or water leg has been intersected by the well. The interval comprises several good quality sands of varying thickness, and meets the criteria for flow testing. The well will thus be cased and temporarily suspended, allowing the West Navigator rig to conduct Chinguetti development
drilling, before returning to resume Tiof-6 test preparations.

Comment:
Chinguetti development drilling has priority over other drilling activity in this campaign. The Joint Venture is committed to being flexible in rig scheduling in order to maximise the operational efficiencies of running two rigs simultaneously. Thus individual wells are occasionally re-scheduled at short notice, as with the Tiof-6 drilling and completion activities.

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 Stock Exchange.

RNS ANNOUNCEMENTS
RELEASE DATE: 13 January 2005