HDR hardman resources limited

re: reserves announcement, page-3

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    re: reserves announcement Hi lozza and joker

    Ted said the JV would be announcing Chinguetti reserves upgrade by mid-December. However, when pressed he agreed that this might mean that WPL would increase their 65 mmbl recoverable to the 100 mmbl recoverable that HDR are currently saying has been proven by 2002 drilling results. He said WPL would probably still run with the more conservative part of the probable reserve range.

    He thought that a further increase would come from further study over the next few months and he was confident that this would show around 150 mmbl. No doubt there will have to be some pretty firm figures included in the development proposal which is due in April/May.



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