re: announcement from the 13th Hardman Resources Ltd (“Hardman”)...

re: announcement from the 13th Hardman Resources Ltd (“Hardman”) is pleased to provide the following progress report on drilling
operations in the C-4-6 Tiof exploration well in offshore Mauritania:
The Tiof exploration well is located in PSC Area B and was spudded (commenced drilling) on
28 October 2003.
Progress: Since the last report (10 November) wireline logging operations have
been completed and the well is being prepared for plug and abandonment
(as originally planned) but with the status of being a significant new oil
and gas discovery.
Hydrocarbon Shows: Evaluation of further information obtained from wireline logging has
confirmed the following:
· Gross gas interval of 49 metres.
· Minimum gross oil interval of 39 metres confirmed from oil
sampling and pressure measurements.
· The minimum hydrocarbon column (confirmed) of 88 metres
thickness has an overall net reservoir sand ratio of approximately
45%.
Note: The C-4-5 Tiof well was drilled on or close to the structural
crest.
· Below the confirmed oil zone there is an additional 73 metre section
with poor reservoir quality which may be oil bearing.
· A high reservoir quality water bearing sand was encountered at the
base of the 73 metres of poor reservoir.
· Pressure measurements in the oil and water zones indicate that the
oil-water contact may be at or below the water sand (mentioned
above). This could indicate a potential gross oil column thickness in
excess of 100 metres.
Prospect Details: The Tiof exploration well is testing an independent structural closure
within a Miocene channel sandstone system, believed to be of similar age
to the oil and gas reservoirs at Chinguetti and Banda. The Tiof Prospect
is adjacent to and associated with a salt diapir and has a closure of
approximately 50 sq kms (about four (4) times larger than at Chinguetti).
On the basis of a possible inferred oil column of over 100 metres,
Hardman Resources’ technical staff have estimated that the Tiof Field
has the potential to contain in excess of 200 million barrels oil
recoverable. The true oil water contact and potential size of the Tiof
Discovery will only be determined by the drilling of one or more
appraisal wells.
Well Location: The Tiof exploration well was drilled with the drillship “West
Navigator”. The well is located approximately 25 kilometres north of the
Chinguetti Oil Field, 90 kilometres west of Nouakchott, the capital of
Mauritania. Water depth at the Tiof well location is approximately 1,080
metres.
Poune Exploration Well
Upon completion of the drilling operations at Tiof, the drillship “West Navigator” will sail to the
Poune Prospect location, which is located approximately 27 kms northeast of the Tiof Field and
48 kms north of the Chinguetti Field in PSC Area B.
Participants in the Tiof well and PSC Area B are:
Woodside Mauritania Pty Ltd (Operator) 35.0%
AGIP Mauritania BV 35.0%
Hardman Resources Ltd 21.6%
Fusion Mauritania B Limited 6.0%
Roc Oil (Mauritania) Company 2.4%