STOCK EXCHANGE RELEASE
RELEASE DATE: 26 April 2002
TO: London Stock Exchange Limited
CONTACT: Scott Spencer (08 9321 6881)
RE: PROGRESS REPORT FOR WOODADA #19 WELL
PAGES: 2
Dear Sir/Madam
Hardman Resources Ltd provides the following progress report on the drilling of the Woodada #19 gas well. The well is being drilled within the Woodada Production Licence (PL 5) located approximately 260 kilometres north of Perth, Western Australia. Further details are:
(Last 48 hours to 06:00 hours 26/4/02)
Progress: Current depth of 1,513 metres KB. Drill out casing cement and running in hole with new bit. Preparing to drill ahead in 8 ½ inch (216 mm) hole size.
Geology and
Hydrocarbon Shows: Background gas shows in Kockatea Formation.
Well Location: Located to intersect primary reservoir target approximately 700 metres west of the Woodada #8 gas production well.
Primary Target: Gas producing zones within Carynginia Limestone at approximately 2,200 meters depth.
Secondary Targets: · Sandstone within basal Carynginia Formation (between 2,400 metres to 2,500 metres depth), below the Carynginia Limestone Gas Reservoir.
· Sandstones within the Irwin River Coal Measures, between 2,530 metres to 2,800 metres depth.
· High Cliff Sandstone (if present) at about 2,820 metres depth.
Note: These secondary objectives below the producing gas reservoir of the Woodada Gas Field have not previously been tested.
Drilling of Woodada #19 commenced on 11 April 2002. A period of 25 days has been estimated for the completion of drilling and testing operations at Woodada #19 to an approximate total depth of 2,900 metres.
Participants: Hardman Resources Ltd 75%
Bounty Oil & Gas NL 25%
Yours sincerely
HARDMAN RESOURCES LTD
SCOTT SPENCER
DIRECTOR
HDR
hardman resources limited