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Hardman shares jump after oil well success
By Michael Weir Perth
August 20 2002

Hardman Resources shares leapt more than 13 per cent yesterday following the success of the Chinguetti 4-2 appraisal well off the coast of Mauritania.
The results seem to confirm expectations that the field contains about 110 million barrels of recoverable oil.
Also enjoying the market limelight yesterday was Perth junior Arc Energy, which surged more than 16 per cent on oil shows at the Hovea 3 appraisal well in the onshore Perth basin, near Dongara.
Chinguetti operator Woodside Petroleum said the well had intersected oil-bearing sandstones in the primary objective over a gross hydrocarbon interval of 94 metres. Woodside said it would run a production test.
Chief financial officer Doug Bailey deflected speculation that Woodside would make a move on Hardman, in which it owns 10 per cent, given the outlook for the field.
Woodside became a major shareholder last year when it took a big placement to allow Hardman to be fully funded going into the Chinguetti drilling program.