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Hardman Announces Operating Cash Flows Chinguetti

Source: www.gulfoilandgas.com 5/15/2006, Location: Africa

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Hardman Resources Limited provides the following update in respect of the Woodside operated Chinguetti oil field, offshore Mauritania. As Hardman has previously announced, production from the field averaged 66 mbopd for the month of March and 53 mbopd for April 2006. Production for the period 1 May to 10 May 2006 has averaged 45 mbopd.

The Operator has reported that the principal reasons for the lower production are the minimal contribution from the two production wells in the northern part of the field and gas and water management issues. The failure last week of a gas compressor onboard the FPSO, Berge Helene, will further delay the commissioning of gas re-injection to the Banda field and therefore resolution of facilities gas handling issues, as well as the availability of gas lift to support production.

Production from Chinguetti is not expected to increase significantly from the present level until well intervention and/or additional drilling takes place. Such remedial actions are currently anticipated by end of the third quarter or beginning of the fourth quarter 2006. Optimally configured wells or sidetracks should add potential of at least 10 mbopd per well in the southern sector of the field and 5-10 mbopd in the northern sector. Plans for even earlier intervention, including sourcing additional completion equipment, are currently being evaluated though would have the effect of delaying the commencement of the 2006 Mauritanian exploration campaign.

The current production issues do not impact on estimates of oil in place nor likely ultimate recoverable reserves, though additional investment may be required to access those reserves. Anticipated operating cashflows from Mauritania will remain robust given high current oil price realisations despite the lower production from Chinguetti.

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