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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