Hardman Says Drilling for Chinguetti Phase I Completed

Hardman Resources reports that the Stena Tay has completed the drilling of the wells required for the first phase of the Chinguetti development project, offshore Mauritania. This drilling program included 5 new oil producers, 5 water injectors to maintain reservoir pressure, and 1 gas injection well drilled on the Banda discovery for disposal of the Chinguetti associated gas. The Chinguetti early development well drilled in late 2003 will also be tied into the production system, resulting in the planned 6 producing wells being on stream at the end of the first phase of development. During the drilling of the Banda gas injection well a number of cores were cut and fluid samples taken, to aid in the continuing evaluation of this discovery. The West Navigator remains in the Chinguetti field and is continuing work on the installation of well completion equipment. As of May 31, 2005 sand completion equipment had been installed on 7 of the 10 new wells, and this work will be followed by the installation of the production tubing and subsea trees before connecting the wells to the Berge Helene Floating Production Storage and Offtake (FPSO) Vessel for production.

Drilling results on Chinguetti were positive, meeting or exceeding expectations. The completion of the drilling phase removes one significant element of forward project risk and confirms that the volume of oil-in-place is at least as expected. On the assumption that early well performance remains in line with forecasts, Hardman anticipates that this will result in an increase in proven reserves when it carries out its initial reserves redetermination. The project is now over 71% complete and the target date for first oil from the Chinguetti field remains Quarter 1, 2006.

The Stena Tay is preparing to move to the Canary Islands for upgrade work before returning in July to commence the 2005/6 exploration and appraisal program. The forward drilling schedule and selection of the exploration and appraisal targets are the subject of a number of key joint venture meetings to be held from mid-June.

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