RNS Number:7747LHardman Resources Limited03 May 2005STOCK...

RNS Number:7747L
Hardman Resources Limited
03 May 2005


STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 3 May 2005

CONTACT: Simon Potter

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: COMPLETION OF 4,800KM 2D SEISMIC PROGRAMME IN SOUTH FALKLANDS BASIN

Hardman Resources holds a 22.5% interest in seven offshore production licences
covering approximately 33,700 square kilometres to the south and east of the
Falkland Islands in a joint venture with Falklands Oil and Gas Limited (FOGL), a
company listed on AIM. FOGL, the operator of the Falkland Island joint venture,
has advised that it has completed the current 4,847 kilometres 2D seismic data
acquisition programme over the joint venture licence areas. The initial
interpretation of the preliminary processed data from the survey has proved
encouraging.

These initial results show a much larger and more diverse prospect inventory
than originally anticipated and have identified numerous new leads, with
indications that some could potentially be commercially significant in size. A
full evaluation of these leads, supplemented by further investigations, will be
necessary before technically sound and economically viable drillable prospects
can be defined.

Given the positive results of the survey and signs of potential hydrocarbons,
the joint venture is considering plans to increase the scope of its exploration
programme in order to develop a number of drillable prospects by mid-2006. Full
details of the exploration programme are still to be finalised by the joint
venture but, given the increased number of identified leads, Hardman expects the
scope of the exploration programme to increase significantly. The operator is
targeting drilling of the first well in 2007.

Simon Potter, Managing Director / CEO of Hardman, commented:

"The results of the 2D seismic are very encouraging. Initial interpretation of
the new data gives considerable cause for optimism. There is a wide range of
play types with several different styles identified. The number of leads
identified has exceeded our estimates and we believe it has greatly enhanced the
licence area's value. It is Hardman's goal to identify and define prospects in
the immediate future so that they can be considered for drilling in 2007. It is
clear that the scope of work needed to maximise the potential of our acreage has
to be increased significantly. Hardman's share of funding for such an expanded
programme will be sourced from cash at hand."


SIMON POTTER
MANAGING DIRECTOR