poune drilling update - not time to sell

Hardman Resources Limited
18 November 2003

HARDMAN RESOURCES LTD
Ground Floor, 5 Ord Street, West Perth
PO Box 869, West Perth
STOCK EXCHANGE / MEDIA RELEASE Western Australia 6872
Tel: +61 8 9321 6881 Fax: +61 8 9321 2375
RELEASE DATE: 18 November 2003 ABN 98 009 210 235

CONTACT: Ted Ellyard (08 9321 6881)

RE: OFFSHORE MAURITANIA WEEKLY DRILLING UPDATE


Hardman Resources Ltd ('Hardman') provides the following weekly progress report
on the drilling and testing operations in offshore Mauritania:



Tiof Exploration Well



The Tiof exploration well (Chinguetti 4-6 Tiof) located in PSC Area B was
spudded (commenced drilling) on 28 October 2003. Following completion of
wireline logging operations the well was plugged and abandoned (as originally
planned) at a total depth of 2,870 metres on 15 November 2003. The Tiof
exploration well has been declared a new oil and gas discovery (refer to
Hardman's stock exchange announcement of 15 November 2003).



The drillship West Navigator then sailed to the Poune well location in Block 5
(still within PSC Area B), offshore Mauritania.



Poune Exploration Well


Progress: The Poune exploration well (Chinguetti 5-1 Poune) was spudded (commenced
drilling) on 16 November 2003. At 0800 hours (Australian WST) on 18 November
2003, a 26 inch hole has been drilled to 1,709 metres depth and preparations are
underway to run the 20 inch casing.

Well Location: The independent Poune Prospect is located approximately 48 kilometres north of
the Chinguetti Field and 27 kilometres northeast of the Tiof oil and gas
discovery. Water depth at the location is approximately 920 metres and the
planned total depth is approximately 3,250 metres (includes water depth).

Prospect Details: The Poune exploration well is testing an interpreted Upper Cretaceous channel
sandstone system located within an independent structural closure. This main
target is prognosed at approximately 2,960 metres depth and is expected to be
penetrated within the next two to four weeks.



In addition to testing the Upper Cretaceous target, the Poune exploration well
will also test a shallower Miocene aged channel sandstone.



Note: All depths are referenced to the rig drill floor.






Hardman's internal estimate for the Mean Reserve Volume of the Poune Prospect is
approximately 145 and 60 million barrels oil recoverable for the Upper
Cretaceous and Miocene targets respectively (total of approximately 200 million
barrels oil recoverable).



Participants in the Tiof and Poune explorations wells and PSC Area B are:



Woodside Mauritania Pty Ltd (Operator) 35.0%
AGIP Mauritania BV 35.0%
Hardman Resources Ltd 21.6%
Fusion Mauritania B Limited 6.0%
Roc Oil (Mauritania) Company 2.4%


TED ELLYARD

MANAGING DIRECTOR





Note: In accordance with Australian Stock Exchange Limited listing
requirements, the geological information supplied in this report has been based
on information provided by geologists who have had in excess of five years
experience in their field of activity.