falklands licence areas: update

Hardman Resources has been advised by the operator Falkland Oil and Gas Ltd (“FOGL”) that it has completed recording approximately 85% of the planned 4,900 kilometre 2D seismic survey in their 33,000 square kilometre licence areas to the south and east of the Falkland Islands (Hardman (22.5%) is in joint venture with FOGL (77.5%)). The vessel “GSI Admiral” has moved temporarily to the northern licence area where FOGL holds 100% and it is expected the Hardman licence area data acquisition will be completed during March.
A preliminary review of the early processed sections of the lines recorded thus far has provided further information on identified leads in the Hardman/FOGL area and has also identified several additional leads which could warrant further work. Full processing of these lines will take place over the coming months.
The fully processed and interpreted results of the entire survey are expected to begin to be available about mid year.

Simon Potter, CEO and Managing Director, Hardman Resources, commented: “This is a continuation of our exploration strategy with a low cost entry into frontier areas with known oil potential followed by high impact exploration using seismic techniques. The overall indications from the data we have received to date are encouraging. We are looking forward to completing the balance of the survey and in due course fully assessing the results of this work.”