HDR hardman resources limited

Hardman Raises Oil Estimate at Chinguetti Field; S

  1. 2,104 Posts.
    From BLOOMBERGS web site.
    By Jason Gale

    Perth, Australia, May 9 (Bloomberg) -- Hardman Resources Ltd. shares rose as much as 6.3 percent after the Australian oil and natural gas explorer said recoverable reserves at the Chinguetti field in Mauritania may be 54 percent bigger than reported in January. Hardman owns 21.6 percent of the field, which is operated by joint venture partner Woodside Petroleum Ltd. The Perth-based company said studies at Chinguetti show the field may contain more than 100 million barrels of recoverable oil, compared with the 65 million barrels previously estimated by Woodside. The shares rose as much as 4 cents to 68 Australian cents. They have doubled during the past 12 months. Woodside shares gained as much as 13 cents, or 0.9 percent, to A$14.05.

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