HDR hardman resources limited

Thon Prospect Exploration Well spudded

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    Thon Prospect Exploration Well spudded

    HARDMAN RESOURCES LIMITED 2002-10-22 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Hardman Resources Ltd is pleased to announce that the drillship
    "Deepwater Discovery" spudded the C-6-1 Thon exploration well on the
    Thon Prospect in PSC Block 6 and provides the following progress
    report.

    PROGRESS: (TO 08:00 HOURS PERTH 22/10/2002)

    The well was spudded on 20/10/02 and has been drilled to a depth of
    1,377 metres. Current operation is running 13(3/8) inch (340mm)
    casing.

    Note: All reported depths are referenced to the rig rotary table.

    GEOLOGY & HYDROCARBON SHOWS:

    Hydrocarbon shows will only be reported after wireline logs have been
    run and evaluated for that hole size section.

    PROSPECT DESCRIPTION:

    The Thon Prospect is located 125km northwest of Nouakchott and 100km
    north of the Chinguetti discovery. Water depth at the location is 659
    metres and planned total depth is 3,309 metres. The primary target at
    the Thon Prospect comprises a sand channel system interpreted from 3D
    seismic.

    Note: Under the well naming convention adopted by the Mauritanian
    government all wells drilled by Woodside will follow the naming
    convention "Chinguetti - Block No - Well No" In order to avoid
    confusion the prospect name has been appended to the end of the well
    name.

    Agreement has been reached (subject to completion of formal farmout
    documentation) to farmout equity in the PSC to Petronas Carigali of
    Malaysia, Revised equities in the PSC Block 6 and the C-6-1 Thon Well
    will then be as follows:
    PSC C (BLOCK 6) PSC C (BLOCK 6)
    (PRE-FARMOUT) (POST-FARMOUT)
    Woodside Mauritania Pty Ltd 59.5% 37.58%
    Hardman Resources Ltd 35.5% 22.42%
    Roc Oil (Mauritania) Company 5.0% 5.00%
    Petronas Carigali 35.00%


    In addition Hardman has a 12.25% free carry in the C-6-1 Thon well by
    Woodside as a result of the remaining farmin obligation for the Area
    C joint venture. As a result of these two farmouts in PSC Block 6,
    Hardman will be free carried through the entire cost of the well.


    T Ellyard
    MANAGING DIRECTOR

    Note: In accordance with Australian Stock Exchange Limited listing
    requirements, the geological information supplied in this report has
    been based on information provided by geologists who have had in
    excess of five years experience in their field of activity.

 
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