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FALKLAND ISLANDS

  1. Hardman Resources Limited ("Hardman") i s pleased to announce that it has been awarded a
    large offshore exploration permit covering ten licence blocks, with a total area of
    approximately 57,000 sq kms, in the South Falklands Basin. The licences are situated to the
    south and east of the Falkland Islands, in the south Atlantic, and have been granted by the
    Government of the Falklands in accordance with "open-door" legislation introduced in 2001.
    Falkland Islands petroleum legislation is separate from that of the UK, althoughthere are
    marked similarities to UK North Sea legislation.
    The licences have been awarded to a Joint Venture comprising:
    Global Petroleum Ltd 50% (Operator) Hardman Resources Ltd 30%
    Falkland Islands Company 20%
    Global Petroleum is a newly-formed Australian pekoleum company listed on the Australian
    Stock Exchange. The Falkland Islands Company is the main infrastructure and commercial
    entity in the islands.
    The South Falklands Basin, where Hardman's licences are located, is distinct geographically
    and geologically &om the northern basin which was the focus of exploration activity in 1996-
    98. The southern basin is under-explored and is covered by a grid of seismic dating from 1993
    and totalling almost 8,000 h s . This basin has analogies with the Malvinas and Magallanes
    Basins in Argentine waters to the west ofthe Falklands, where a well drilled by Exxon in the
    early 1980s flowed 3,200 barrels of oil per day, demonstrating the existence of a nearby
    working petroleum system.

    The permit has been awarded for an initial three-year period during which the Joint Venture
    will reprocess existing seismic data, followed by acquisition of a new seismic survey to further
    delineate leads identified. At the end of this period, all or part of the permit area may by
    renewed for a firther three-year period during which drilling of one or more wells will be
    required.
    Hardman's Managing Director, Ted Ellyard, commented: "We are very pleased 10 have been
    awarded such a lurge acreage position in this frontier basin. The South Falklands Basin is
    quite dzferent geologically from the North Falklands Graben, with a much thicker
    sedimentary section, Cretuceous source roch and potentially large structures. This acreage
    awurd j t s within Hardman's strategv of acquiring large acreage holdings of prospective
    frontier basins at the early stage of exploration. Five yews ago the Mauritania deepwater
    basin WQS at a similar stage of exploration. We now hope to repeat our success in Mauritania
    in one or more ofour other frontierprojects. and hopefully in the southern Falklands, where a
    technically focussed and staged exploration programme will be underruken ".

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