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Guyane Farm Out Agreement Signed With Gaz de France

Source: www.gulfoilandgas.com 11/21/2006, Location: North America

Hardman Resources Limited has concluded a Farm-Out Agreement with Gaz de France SA for a 20% participating interest share of the Guyane Maritime Exclusive Exploration Licence (EEL) in South America.

Under the terms of the Agreement, Gaz de France will conduct and fund geophysical studies in the acreage to further reduce risks of selected exploration prospects and subsequently carry costs attributable to part of Hardmanís remaining participatinginterest through the first exploration well. The Agreement also provides two further options to Gaz de France: first, to exit the joint venture after completing the further geophysical studies; and second, the option for Gaz de France to increase its participating interest to 30%, shortly after completion of the first exploration well.

The Guyane Maritime EEL was awarded in June 2001 and has since been the subject of an extensive exploration programme by Hardman. Over 9,000 line kilometres of 2D seismic data and 380km2 of 3D seismic data have been recorded in two campaigns,resulting in the identification of more than 20 prospects and leads. It is intended that the Matamata prospect would be the first to be drilled, and subject to contracting a suitablerig, drilling is expected in late 2007 or 2008.

The farm-out reduces Hardmanís participating interest in the EEL from 97.5% to 77.5%. The farm-out is subject to the usual regulatory approvals and official rendering of the second period of the EEL. Hardman will remain as operator.

Equities in the Guyane Maritime EEL on completion of the Farm Out Agreement, assuming that neither option is exercised, will become:

Planet Oil Limited / Hardman Petroleum France SAS (operator):97.5 % Pre Farm-Out, 77.5 % Post Farm-Out
Northpet Investments Limited: 2.5 % Pre Farm-Out, 2.5 % Post Farm-Out
Gaz de France SA: 20.0 % Post Farm-Out

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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