HDR hardman resources limited

hdr announcement

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    RELEASE DATE: 29 August 2003
    CONTACT: Ted Ellyard (08 9321 6881)
    Hardman Resources Ltd (“Hardman”) is pleased to advise that the Mauritania PSC Area B joint venture
    (which includes the Chinguetti Oil Field has agreed to enter into a contract with Global Santa Fe for the
    drillship “Jack Ryan” to drill and test the Chinguetti Appraisal-Early Development Well (AEDW). As a
    result, the Chinguetti 4-5 AEDW is now expected to spud on or about 2 September 2003.
    As previously advised Woodside, as Operator of the PSC Area B joint venture, had signed a contract with
    Smedvig Offshore AS for the drillship West Navigator to drill up to four wells in offshore Mauritania
    during 2003. The drillship is currently working in the North Sea, and has possibly been delayed from
    completing its work contract, thereby delaying its arrival in Mauritania. To avoid any delay to the drilling
    schedule and in particular the development timetable to achieve first oil production from the Chinguetti
    Field, it was decided to contract another drillship for the first well in the programme. A decision will be
    made at a later date on whether to use the Jack Ryan drillship for the three planned exploration wells or
    accept the West Navigator drillship for this work when it becomes available.
    Chinguetti 4-5 AEDW will be drilled on the south western part of the field approximately 900 metres
    northwest from Chinguetti-1 discovery well. It will be drilled within the current mapped oil reserve area
    and is not expected to significantly change the oil-in-place reserve estimates for the field. The well will be
    suitably completed for long term production with measures in place to control sand inflow. An extended
    production test (1-2 week production period) is also planned.
    The well would thereafter be suspended pending commissioning of the production facilities of the field in
    late 2005. The information gained from this early development well is expected to provide confirmation of
    the development scheme and has the potential to provide significant cost savings in the drilling and
    completion of further development wells.
    The three exploration wells that are planned to follow the drilling of Chinguetti 4-5 AEDW are:
    · Tiof Prospect (PSC Area B): Targeting Miocene channel sandstones within structural closure,
    adjacent to a salt dome, approximately 25 kilometres north of the Chinguetti Field. The prospect is
    in 1,130 metres water depth and has estimated potential of 153 million barrels (Mean Recoverable
    · Second exploration well in PSC Area B: A number of prospects are under consideration including:
    Tevèt, a Miocene channel sandstone prospect situated between the Chinguetti and Banda Fields, and
    Poune, an Upper Cretaceous prospect. A decision on whether to drill and the preferred prospect will
    be made on completion of further studies and after drilling the Chinguetti well.
    Ground Floor, 5 Ord Street, West Perth PO Box 869, West Perth Western Australia 6872 Tel: +61 8 9321 6881 Fax: +61 8 9321 2375
    ABN 98 009 210 235
    · Pelican Prospect (PSC Block 7): A large structural closure with multiple reservoir targets in
    water depth of approximately 1,700 metres. The Block 7 joint venture (operated by
    Dana Petroleum plc) has agreed to drill this well as part of the Woodside drilling programme.
    Hardman Resources Ltd holds 21.6% and 18.0% equity in PSC Area B and PSC Block 7 respectively.
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