hdr sells eni-agip percentage, page-9

STOCK EXCHANGE / MEDIA RELEASE
RELEASE DATE: 19 February 2004
CONTACT: Ted Ellyard (08 9321 6881)
Here ya go Trendy,



RE: HARDMAN SELLS ENI-AGIP INTERESTS IN MAURITANIA
TO BG GROUP PLC
Hardman Resources Ltd (“Hardman”) is pleased to advise that it has entered into an
agreement to sell its recently acquired ENI-Agip interests in offshore Mauritania to BG UK
Holdings Limited, a subsidiary of BG Group plc, collectively referred to herein as “BG”.
The interests being sold to BG are 13.084% in PSC Area A, which contains the Banda
discovery, and 11.63% in PSC Area B, which contains the Chinguetti and Tiof discoveries.
The purchase price payable by BG to Hardman is US$132 million. In addition BG will
assume the ongoing pro-rata liability payment to ENI of approximately US$5.1 million,
payable once future success milestones are achieved. Hardman will retain its prior equity
levels of 24.3% in PSC Area A and 21.6% in PSC Area B.
As reported on 2 February 2004, Hardman had completed prior transactions with Woodside
and ENI-Agip to purchase its pro-rata entitlement by pre-empting a proposed sale of ENI-
Agip’s 35% interest in PSC Areas A and B, offshore Mauritania. The acquisition price paid
by Hardman was approximately US$33 million. This consideration had been fixed prior to
the consortium’s exploration success at the end of 2003, and particularly the high flow rates
achieved from the Chinguetti early development well test. The net proceeds of this
subsequent sale will be used towards repayment of the US$31 million corporate loan with
ANZ Investment Bank and ongoing exploration, appraisal and development costs.
The sale is subject to the consent of the other joint venture partners, however it is hoped that
the transaction can be completed within 30 days. Upon completion, the joint venture
participants in these licenses, which are located in the prospective central portion of the
Mauritanian deep water basin, will be:
Participant PSC A PSC B
Woodside 53.846 53.846
Hardman Resources 24.3 21.6
Fusion Mauritania A 4.615 -
Fusion Mauritania B - 9.231
ROC Oil Company 4.155 3.693
BG UK Holdings 13.084 11.630
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