HCP's holding in the Chinguetti field is 19.008%, with Woodside the field and development operator. The project is now over 71% complete. The target date for first oil from the Chinguetti field remains Quarter 1, 2006.
Hardman is also pleased to announce that all Joint Venture Participants have now agreed and signed the Chinguetti Joint Operating Agreement ("Chinguetti JOA"). The Chinguetti JOA has been put in place to reflect the Mauritanian Government's exercise in November 2004 of its right under the relevant Production Sharing Contract ("PSC") to back in and hold a 12% interest in the Chinguetti field (as previously announced). HCP's equity in the field has therefore reduced to 19.008%, while in the remainder of PSC Area B HCP continues to hold a 21.6% interest.
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