hardman full year results come in as expected

Hardman full year results come in as expected
22/09/05 By: James Seabrook

Oil and gas explorer Hardman Resources Limited (HDR) today said it was expecting first oil from the Chinguetti field as early as February 2006. The comments were made with the release of the company’s full year results, which showed a net loss of $10 million for the twelve months to 30 June 2005.

The loss, which was in line with the company’s expectations, compares with an underlying loss of $2 million in the previous year, excluding $93.1 million in gains on asset sales.



The group explained that this year’s result reflected higher exploration costs, foreign exchange losses and a number of non-recurring charges relating to employee costs.

Chairman Alan Burns remained confident, commenting that Hardman was continuing to progress towards significant oil production.

He highlighted a number of operational achievements during the financial year, including the Tevet oil and gas discovery and the ongoing development of the Chinguetti field.

“Hardman also conducted a 4 well appraisal programme on the Tiof field, including a test of Tiof-6 at a stabilised rate of 9,150 barrels per day,” he said.

Appraisal of the Tevet discovery is currently in progress and a decision on development of the Tiof field will be made shortly.

Looking ahead, Hardman is expecting first oil from the Chinguetti project in February 2006.

The company will also undertake a new exploration campaign with 12 wells scheduled to be drilled by June 2006.

At 30 June 2005, Hardman had a cash balance of $147.5 million, with an additional US$100 million available under the Chinguetti project loan facility.

At 1440 AEST, Hardman shares were 1c lower at $2.26.