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Declaration of Commerciality for Chinguetti Oil Field, Mauritania

Source: www.gulfoilandgas.com 1/6/2004, Location: Africa

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Hardman Resources Ltd ("Hardman") is pleased to advise that the PSC Area B joint venture has voted unanimously in favour of a "Declaration of Commerciality" for the Chinguetti Oil Field, offshore Mauritania. The joint venture's decision on commerciality was in line with the project schedule and was a key milestone towards the venture making by mid-2004, a final investment decision and awarding major contracts for the development. The operator Woodside has stated that "Our assessment of recent appraisal and development drilling, reservoir characteristics and technical data gives us greater confidence that Chinguetti can be developed with first oil in late 2005-early 2006".

The Chinguetti-1 discovery well was the first of two farmin wells drilled by Woodside and Agip/ENI in 2001. Two appraisal wells were drilled on the field in 2002 and the Chinguetti 4-5 Early Development Well was drilled and completed for production in September/October 2003. During production testing of the well, oil flow rates of over 15,000 barrels per day were achieved.

Prior to the Chinguetti 4-5 well, Hardman's internal estimate of the size of Chinguetti Field had indicated a P50 estimate of 125 million barrels and a mean estimated recoverable reserve of 142 million barrels. The Chinguetti Field reserves and development plan are currently being reviewed by the US based independent consulting firm Netherland Sewell and Associates, as a requirement for the project financing by ANZ Investment Bank for Hardman's share of the Chinguetti development cost. This reserve certification is expected to be completed in late January 2004.

In addition to the Chinguetti oil discovery in 2001, Hardman has made further discoveries in Mauritania; the Banda oil and gas discovery in 2002 and the Tiof and Tiof West oil discoveries in 2003, plus the recently announced Pelican-1 gas discovery in Block 7.


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