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re: hdr is worth $1.25 easily - p & a Monday November 10, 3:32 PM
Hardman Resources Discovers Oil, Gas Offshore Mauritania
Edited Press Release

LONDON (Dow Jones)--Hardman Resources Ltd. Monday said it has obtained oil and gas samples at its drilling operations in the Chinguetti 4-6 exploration in offshore Mauritania.


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The Tiof exploration well is located in PSC Area B and was spudded (commenced drilling) October 28.

Since the last report the well was drilled to the final total depth of 2,870 meters and wireline logging operations commenced. Preliminary log data has been evaluated and some oil and gas samples obtained. Wireline logging is continuing.

Preliminary wireline log results and reservoir pressure measurements indicate that the well has intersected a gross gas column of 48 meters and a minimum gross oil column of 38 meters.

There is a possibility that the oil column may be greater in the well but further reservoir sampling and pressure measurements are required to determine the full extent of the hydrocarbon column.

The Tiof exploration well is being drilled with the drillship "West Navigator". The well is located approximately 25 kms north of the Chinguetti Oil Field, 90 kms west of Nouakchott, the capital of Mauritania.

Water depth at the Tiof well location is approximately 1,080 meters.

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 reservoir at Chinguetti and Banda. The Tiof Prospect is adjacent to and associated with a salt diapir.

Hardman's Managing Director Ted Ellyard said: "The early indications of both oil and gas are encouraging but further data is needed before we will know the true thickness of the oil column.

"At this early stage we consider that a new, oil bearing Miocene channel system has been discovered to the north of the Chinguetti-Banda fairway. We hope to be able to provide further details on the hydrocarbon shows within the next few days."