Hardman Resources to Spud Marloo-1 Soon

Marloo-1 Location, Australia
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Hardman has elected to plug and abandon Talbot-1 and Talbot-2 as a commitment to the Joint Authority (Northern Territory and Federal Government) in Retention License AC/RL1 (Hardman 100%). Talbot-1 and Talbot-2 were drilled by Santos in 1989 and 1990 respectively. Both wells flowed oil on test before being cased and suspended, but are now considered too old and inadequately positioned to be utilized in any potential development of the Talbot field. This work had already been included in Hardman's 2005 budget.

Marloo-1 Exploration Well

The Marloo-1 well is located in AC/P26 in the Timor Sea and will spud directly after the Talbot-2 abandonment.

The well will be drilled by Diamond Offshore's semisub, Ocean Bounty. Marloo-1 is approximately 660 kilometers west of Darwin and 52 kilometers southeast of the Challis Field. Water depth at the well location is 89 meters and the planned total depth is 2,039 meters.

The Marloo-1 well is testing a Late Jurassic structural/stratigraphic trap. The main targets are the Lower Vulcan Formation and the Montara Sandstones.

Hardman Oil & Gas Pty Ltd hold a 100% interest in the well.

Simon Potter, CEO and Managing Director, Hardman Resources, commented: "these are the first offshore drilling operations that Hardman has conducted as the "operator" and shows how Hardman has grown its organizational capabilities in recent times".

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