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Hardman drilling mauritainia sooner than expected

  1. towie

    28,092 posts.
    Hardman announces drilling in Mauritainia maybe thiis year 200++++++++++++++++++++++++ Towie
    This report summarises the activities of Hardman Resources Ltd and
    its controlled entities ("Hardman" or "The Company") during the
    quarter ended 31 March 2002.

    ACTIVITY HIGHLIGHTS

    * ARC Energy NL ("ARC") Investment: Hardman has converted the
    $2,500,000 loan advanced to ARC in September 2001, to ARC shares at
    16 cents per share, representing 10% of ARC's issued capital. On 6
    March 2002 Tap Oil announced a takeover offer for ARC consisting of
    one Tap Oil share for every four ARC shares. Hardman has advised the
    market that it does not intend to accept the Tap Oil offer.

    * French Guyane: Planning is underway for a 2D seismic survey in
    excess of 8,000 line kilometres to be shot in mid 2002.

    * Gabon: A 2D shallow water seismic survey comprising of 2,732
    kilometres was completed during the quarter. This data will provide
    the first comprehensive seismic coverage available to the Joint
    Venture across the two permit areas.

    * Malta: The Government authority has agreed to extend the
    exploration permit to 5 October 2002, at which time the Joint Venture
    is required to convert the permit to a Production Sharing Contract.

    * Mauritania: Negotiations to award the rig contract for the drilling
    of up to four wells in offshore. Mauritania is in final stages of
    completion and should be signed during the next 2-3 weeks. Drilling
    is expected to commence in third quarter 2002.

    * Mauritania: The 2002 drilling programme is to comprise two
    appraisal wells on the Chinguetti field, one firm exploration well in
    PSC Block 6 and one contingent exploration well in the vicinity of
    the Chinguetti field in PSC Area B.

    * Mauritania: A large 3D seismic survey commenced in PSC Areas A and
    B during the quarter. Additional 3D seismic is to be acquired over
    one of the prospects being considered for the 2002 PSC Area B
    exploration well, thereby delaying a decision on this fourth well in
    the programme until the third quarter.

    * Mauritania: Field development studies on the Chinguetti oil
    discovery are progressing and initial results indicate that less that
    100 million barrels of recoverable reserves is required for a "stand
    alone" economic development. Studies by Hardman have indicated that
    the Most Likely (P50) recoverable, oil for the primary reservoir only
    (A sand) is in excess of 100 million barrels.

    * Mauritania. South African company Energy Africa have signed a
    farmin agreement to earn 20% interest in PSC block 2 by funding the
    bulk of a large 3D seismic survey in 2002, Hardman's interest in
    Block 2 will reduce from 6.0% to 28.8% once completed.

    * New Zealand: An application to extend the permit area by an
    additional 1,973 square kilometres was approved by government
    authorities. The additional area covers several leads which were
    found in Hardman's preliminary technical assessment to extend beyond
    the permit boundary.

    * North Perth Basin: EP 413: The drilling of an exploration well is
    planned for June/July 2002. This permit adjoins TP 15 and the Woodada
    production licences. TP 15: The discovery of significant oil reserves
    in the Cliff Head 1 and 2 wells has considerably upgraded the
    prospectivity of Hardman's adjoining acreage at TP 15. The Joint
    Venture has agreed to drill tip to two offshore wells (one firm, one
    contingent) in the first quarter 2003.

    * Uganda. Preparations are in progress to shoot a 2D seismic survey
    on Lake Albert in the third quarter 2002.

    * Woodada Gas Field:

    - During the quarter gas production has been maintained at a rate of
    approximately 3.5 million cubic feet per day.

    - Drilling of the Woodada #19 gas well commenced on 12 April 2002.
    The well will be drilled to a total depth of about 2,900 metres and
    will test deeper objectives below the Carynginia Limestone gas
    producing zone. If successful, the well can potentially be completed
    as a gas production well or a multiple zone producer.

    MORE TO FOLLOW2 Towie

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