HDR hardman resources limited

hardman acquires new permits in the timor

  1. 3,559 Posts.
    HARDMAN ACQUIRES NEW PERMITS IN THE TIMOR
    SEA, AUSTRALIA
    Hardman Resources Ltd (“Hardman”) is pleased to advise of its purchase from West Oil NL
    of two permits AC/R1 (100% equity) and AC/P26 (49.375% equity) in the productive Timor
    Sea region, offshore Western Australia for AU$100,000. Hardman will also hold an option
    over 100% equity in WA-316P to the northeast of the Talbot Field for a further cost of
    AU$10,000. In addition Hardman is to make certain bonus payments to West Oil NL in the
    event of a commercial discovery inWA-316P.
    AC/R1 encompasses the Talbot Field which was discovered in 1989 by Santos with the
    Talbot-2 appraisal well drilled in 1990. Hardman’s initial estimate of recoverable reserves
    ranges from 4 to 6 million barrels which is currently deemed uneconomic for a “stand alone”
    development. The adjoining AC/P26 permit was granted in 1998 and is covered by extensive
    2D and 3D seismic data. Several leads have been identified in the permit although a decision
    to drill is not required until May 2004.
    Hardman’s managing director Ted Ellyard commented:
    “For the past six months Hardman has been looking for an opportunity to expand the
    Australian production base beyond our producing assets at the Woodada Gas Field and
    Jingemia Oil Field in the Northern Perth Basin. This Timor Sea acquisition provides
    Hardman with upside potential in the event of a commerciality decision for the Talbot Field,
    which could be driven by the discovery of additional reserves in AC/P26. We intend to take a
    fresh technical look at this area in preparation for drilling a well next year on one of the
    prospects close to the Talbot Field”
    The WA-316P permit lies in the eastern Timor Sea area within Western Australian waters,
    12 kilometres south of the producing Laminaria Field. The licence has a well drilling
    obligation to be satisfied by December 2004. The option held by Hardman will enable it to
    undertake detailed technical studies of the area before being required to commit to drilling.
    Ground Floor, 5 Ord Street, West Perth PO Box 869, West Perth Western Australia 6872 Tel: +61 8 9321 6881 Fax: +61 8 9321 2375
    ABN 98 009 210 235
    HARDMAN RESOURCES LTD
    … Page 2 …
    Hardman’s managing director commented further:
    “The WA-316P permit fits Hardman’s strategy of doing high-quality technical work to
    identify potentially large reserves. The Timor Sea area has been a challenging exploration
    frontier for many companies, which has yielded some small and occasionally large
    discoveries (e.g. Woodside’s Laminaria). This acquisition has enabled Hardman to increase
    its asset base in Australia at a low entry cost, whilst still maintaining the strong momentum to
    develop the Chinguetti Field in Mauritania.”
 
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