PAGES: 2 Hardman Resources Ltd (“Hardman”) provides the following weekly progress report on the Mauritania offshore drilling programme: Tevét-1 Exploration Well – PSC B Progress and Current Status: Since the last report (8 October 2004) the Stena Tay rig has plugged and abandoned the well as planned, and has moved onto the Dorade-1 (PSC 2) exploration well location.
Well Location: The Tevét oil and gas discovery is located approximately 80 kilometres southwest of Nouakchott, the Mauritanian capital, 10 kilometres northeast of the Chinguetti Field and 10 kilometres west of the Banda oil and gas discovery. The Tevét-1 well is within potential tieback distance to the Chinguetti Field. Water depth is 489 metres.
Well Details: The Tevét-1 exploration well was a successful test of a tructural/stratigraphic trap in sands of the same Miocene channel fairway that comprise the reservoir at Chinguetti and Banda. As previously reported, the well recovered oil, gas and water samples, and has intersected a gross hydrocarbon column of 114 metres, comprising at least a 70 metre gas leg and a 44 metre oil leg.
Dorade-1 Exploration Well – PSC 2 Progress and Current Status: The Stena Tay rig arrived at the Dorade-1 exploration well location on 9 October and at 2400 hours on 11 October the current operation was preparing to re-enter the well. The top hole section had previously been drilled, cased and suspended at 2,347 metres, as planned, by the West Navigator rig.
Well Location: The Dorade-1 prospect is located approximately 165 kilometres southwest of Nouakchott, the Mauritanian capital, and 85 kilometres southwest of the Chinguetti Field. Water depth is 1,670 metres, and the planned total depth of the well is approximately 2,650 metres.
Well Details: The Dorade-1 exploration well is testing an interpreted Late Miocene channel sand fairway. The main target is prognosed at approximately 2,400 metres depth. Ground Floor, 5 Ord Street, West Perth PO Box 869, West Perth Western Australia 6872 Tel: +61 8 9321 6881 Fax: +61 8 9321 2375 ABN 98 009 210 235 HARDMAN RESOURCES LTD Web address: www.hdr.com.au email: [email protected] Page 2 Tiof-3 Appraisal Well – PSC B Progress and Current Status: Since the last report (8 October 2004) the West Navigator rig has successfully sidetracked the well from the 13 3/8 inch casing shoe at 2,145 metres depth, as planned, and drilled to the coring point in the sidetrack well bore. The current operation at 2400 hours on 11 October is coring the oil reservoir section. Following the coring operations, wireline logging and testing of the well will take place. 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-3 well is located approximately 4 kilometres west of the Tiof-1 discovery well. Water depth is 1,198 metres. Well Details: The Tiof-3 well is intended to appraise the Tiof oil discovery. The well will further evaluate the Miocene channel sand system within the Tiof Field area as interpreted with 3D seismic. The evaluation of the wireline data from the original borehole, including reservoir pressures and oil samples, indicates that Tiof-3 intersected a gross oil column of 134 metres containing several individual sands of variable thickness. 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 well. Times and dates refer to Mauritania time (GMT), 8 hours behind Western Standard Time, Perth. A map showing the location of the wells will be available on the Hardman website (www.hdr.com.au) and will be updated during the course of the 2004/2005 drilling programme. The 2004/05 drilling programme will include wells in three production sharing contract areas (PSC’s). Joint venture interests in those areas are: Company PSC A PSC B PSC 2 Woodside group companies (operator) 53.846% 53.846% 48% Hardman group companies 24.3% 21.6% 28.8% BG group companies 13.084% 11.63% - Premier group companies - 9.231% - Fusion Mauritania A Ltd 4.615% - - ROC Oil group companies 4.155% 3.693% 3.2% Energy Africa - - 20%
HDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
