Hardman Resources Limited ("Hardman") provides the following progress report on its drilling activities:
Uganda Block 2: Mputa-1 Wildcat
Mobilisation of the drilling rig has commenced with the first loads arriving at the Mputa-1 well site on 20 November. The well is expected to spud in mid-December.
Mputa-1 will target a structural prospect with potential multiple objectives. The prospect was defined by the 2005 onshore seismic survey and oil seeps have been identified in the immediate area. Planned total depth is approximately 1,100 metres. Further updates will be provided closer to the spud date.
Block 2 Hardman 50.0% Tullow Oil 50.0%
Mauritania PSC Area B: Labeidna-1 Exploration Well
The Labeidna-1 exploration well was plugged and abandoned on the 20 November as planned. Preliminary analysis of the wireline and fluid sample data shows a gross oil bearing interval of 116 metres in interbedded, high quality, though thin reservoir sands and claystones.
These results will be incorporated into an assessment of the commercial potential of the Labeidna accumulation, subsequent appraisal potential and impact for adjacent prospects such as N'dor.
As at midnight on the 21 November the 'Stena Tay' drilling rig was moving to the Faucon-1 location.
Hardman interests in PSCs A, B and the Chinguetti field are:
PSC B PSC A Chinguetti Field (EEA) Woodside (operator) 53.846% 53.846% 47.384% Hardman 21.6% 24.3% 19.008% BG Group 11.63% 13.084% 10.234% Fusion/Premier 9.231% 4.615% 8.123% ROC 3.693% 4.155% 3.250% Groupe Project Chinguetti - - 12.000%
Mauritania Block 1: Faucon-1 Exploration Well
Faucon-1 is located in 1,164 metres of water in Block 1, the reservoir is a Cretaceous canyon complex sealed against a salt diapir with a planned total depth of 4,200 metres.
^ Gaz De France acquiring 24% subject to completion of their assignment from Dana.
All reported depths (except water depth) are referenced to the rig rotary table (RT). Hydrocarbon shows will be only be reported after all required logs have been run and evaluated, although Hardman will release weekly updates on the exploration drilling campaign.
Times and dates refer to GMT (Mauritania time), 8 hours behind Western Standard Time, Perth.
SIMON POTTER 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.
HDR Price at posting:
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