HDR hardman resources limited

Hardman increases Mauritania estimates

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    Hardman increases Mauritania estimates
    By Jane Counsel
    October 12 2002

    Hardman Resources's Chinguetti discovery, in offshore Mauritania, appears to be shaping up as a notable new oil province after initial analysis of an appraisal well extended the known oil resource.

    Hardman, which is drilling the well in partnership with Woodside, Roc Oil, Agip and Fusion Oil, said the Chinguetti 4-4 appraisal well confirmed the presence of a significant additional oil interval.

    The company said that the combined results from the appraisal well and the earlier Chinguetti-1 well had confirmed a total 280m oil interval in the southern portion of the oilfield.

    Importantly, the appraisal information is now expected to lead to Hardman increasing its reserve estimate for the field beyond the 110 million barrels originally thought to be there.

    Hardman managing director Ted Ellyard said the company was encouraged by the results of the drilling program. "Especially the confirmation of a deeper oil water contact in the Chinguetti 4-4 well, as this gives us the opportunity for a commercially robust project without further testing or appraisal drilling," he said.

    "We and the joint venture will be examining these results and the other reservoir and engineering studies currently under way as we work confidently towards a development decision in 2003."

    Hardman shares firmed 3c to 69c on the news, but the company's share price continues to fluctuate widely, reflecting the fact that it is attracting the interest of the day-traders
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