HDR hardman resources limited

Hardman-Just thinking to myself....

  1. 2,104 Posts.
    Just reading this article in Oil and gas International started me thinking that if Amerada Hess are "acquiring majority interests" in FOG then you'd have to start thinking that maybe its not Woodside that could be the danger to Hardman but Amerada Hess who trade at $70.57 dollars on the U.S. market (AUST $129.23) .
    One could just picture Alan Stein and the boys from Amerada Hess having a casual chat over a few reds and talking about the Mauritanian project.
    As I said just thinking to myself.....

    Hess acquiring majority interest in 3 West African blocks

    (9/4/2002 - Oil & Gas International: Lagos) Amerada Hess revealed today that it is acquiring majority interests in three West African deepwater blocks from Fusion Oil & Gas covering a total area of approximately 11,100 sq km. The company said the tracts are each in highly prospective Atlantic Margin locations.
    The three blocks, for which Hess will now become operator, are Gambia's Deepwater PPL Block, the Senegal/Guinea-Bissau AGC Croix du Sud Block, and Cameroon's Ntem Block. The company held varying interests in each of them prior to this increase in its ownership.
    Under the new agreement with Fusion, Hess holds 80% of the Gambia Deepwater PPL Block, 68% of the AGC Croix du Sud Block, and 80% of the Ntem Block, subject to the normal approval of the respective government ministries
    Fusion is retaining 20% interest in each of these blocks and has the right to re-acquire a further 5% working interest in each licence prior to drilling the first exploration well through payment of pro-rata back costs.
    Amerada Hess will fund all costs related to the acquisition and processing of an aggregate 4,250 sq km of 3D seismic data across the three exploration licenses, in addition to certain costs that relate to 2D seismic surveys previously acquired in the licenses by Fusion. 3D seismic tender documents have been issued with a view to commencing acquisition at the earliest possible opportunity.
    Amerada Hess may elect to fund all costs associated with the drilling of up to six deepwater exploration wells, up to two wells on each of the three blocks. After evaluation of the 3D seismic data, Hess will have the option to fund the first exploration well on each license or to withdraw from the respective license. On completion of the first exploration well on any block, Hess will have the option to fund a second exploration well or to withdraw from the block.
    The extent of the Fusion 20% carry through the drilling operations will be capped at US$4.5 million for each of the wells in The Gambia and AGC and $3 million in Cameroon. Amerada Hess will fund all operating and permit costs in each of the blocks until it either completes the second well or elects to withdraw.
    The Gambia Deepwater PPL covers approximately 5,250 sq km extending from the 164 ft (50 meter) bathymetric contour to beyond 6,560 ft (2,000 meters). Only one offshore well has been drilled within this area since the onset of exploration in the region in the late 1960s.
    The Agence de Gestion et de Coopération (AGC) entre le Sénégal et la Guinée-Bissau is the joint commission established by the respective governments to administer petroleum activitieswithin their shared maritime border zone, while the Croix du Sud covers an area of approximately 3,550 sq km and extends from water depths of less than 164 ft (50 meters) to greater than 11,480 ft (3,500 meters).
    The Ntem Block covers 2,319 sq km in water depths ranging from less than 3,280 to more than 6,560 ft (1,000 to 2,000 meters). It is situated in the southern Douala/Rio Muni Basin and lies adjacent to the northern border of the Equatorial Guinea territory of Rio Muni, where the Ceiba Field was discovered in Block G.

watchlist Created with Sketch. Add HDR (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.