+++++++++++++++++++++++++ Hardman Resources Ltd is pleased to announce that the drillship "Deepwater Discovery" spudded the C-6-1 Thon exploration well on the Thon Prospect in PSC Block 6 and provides the following progress report.
PROGRESS: (TO 08:00 HOURS PERTH 22/10/2002)
The well was spudded on 20/10/02 and has been drilled to a depth of 1,377 metres. Current operation is running 13(3/8) inch (340mm) casing.
Note: All reported depths are referenced to the rig rotary table.
GEOLOGY & HYDROCARBON SHOWS:
Hydrocarbon shows will only be reported after wireline logs have been run and evaluated for that hole size section.
PROSPECT DESCRIPTION:
The Thon Prospect is located 125km northwest of Nouakchott and 100km north of the Chinguetti discovery. Water depth at the location is 659 metres and planned total depth is 3,309 metres. The primary target at the Thon Prospect comprises a sand channel system interpreted from 3D seismic.
Note: Under the well naming convention adopted by the Mauritanian government all wells drilled by Woodside will follow the naming convention "Chinguetti - Block No - Well No" In order to avoid confusion the prospect name has been appended to the end of the well name.
Agreement has been reached (subject to completion of formal farmout documentation) to farmout equity in the PSC to Petronas Carigali of Malaysia, Revised equities in the PSC Block 6 and the C-6-1 Thon Well will then be as follows: PSC C (BLOCK 6) PSC C (BLOCK 6) (PRE-FARMOUT) (POST-FARMOUT) Woodside Mauritania Pty Ltd 59.5% 37.58% Hardman Resources Ltd 35.5% 22.42% Roc Oil (Mauritania) Company 5.0% 5.00% Petronas Carigali 35.00%
In addition Hardman has a 12.25% free carry in the C-6-1 Thon well by Woodside as a result of the remaining farmin obligation for the Area C joint venture. As a result of these two farmouts in PSC Block 6, Hardman will be free carried through the entire cost of the well.
T 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.
HDR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held