re: oil exploration abandoned - old news The (behind the) Times...

re: oil exploration abandoned - old news The (behind the) Times I would say....

From Hardman's fourth quarter 2002 report:

"MALTA
Hardman held an 87.6% interest in Blocks 4 and 5 offshore Malta. The Joint Venture had
been seeking a farmin partner to fund the drilling of an offshore well to enable continuation in
the licence beyond the well commitment date of 5 October 2002. Although large prospects
had been identified in the licence area, offshore Malta is still regarded as a relatively high risk
carbonate play and the well was expected to cost about US$8 million. Reluctantly, in the
absence of a suitable farmin arrangement the Joint Venture agreed to surrender the licence
during the quarter."