HDR hardman resources limited

hardman completes sale to bg group

  1. 3,559 Posts.
    HARDMAN COMPLETES SALE TO BG GROUP
    Hardman Resources Ltd (“Hardman” or “the Company”) is pleased to advise completion of
    the sale to BG Group (“BG”) of interests previously acquired from ENI-Agip in two
    Production Sharing Contract (“PSC”) areas offshore Mauritania, West Africa.
    As previously advised (see announcement of 19 February 2004), Hardman had agreed to sell
    to BG a 13.084 percent interest in the PSC covering Area A and an 11.630 percent interest in
    the PSC covering area B, offshore Mauritania. These interests had been acquired by
    Hardman as a result of the non ENI-Agip joint venture partners pre-empting a proposed sale
    of the ENI-Agip stake to a major international oil company.
    The consent of the other Mauritanian joint venture partners having been obtained, the sale to
    BG settled on 31 March 2004. At settlement, Hardman received a cash payment of
    US$132,000,000. In addition BG has assumed an ongoing liability to ENI-Agip of
    approximately US$5.1 million, payable contingent on the attainment of certain exploration
    and production milestones.
    Hardman’s Managing Director, Ted Ellyard commented: “We are very pleased to have
    completed this transaction with BG and welcome this company to the Mauritania consortium.
    We look forward to working with BG as a valued partner in what we are sure will be a highly
    successful venture”.
    SCOTT SPENCER
 
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