Hardman Acquires New Venture in Suriname

Hardman Resources says that its subsidiary, Hardman Oil and Gas Pty. Ltd, has signed Heads of Agreement with Suriname's State Oil Company, Staatsolie Maatschappij Surinam N.V. and its affiliate, Paradise Oil NV, to acquire a 40% working interest in the onshore Uitkijk and Coronie concessions in Suriname, South America. Hardman is now in the process of concluding final negotiation of Joint Operating and Production Sharing Agreements and arrangements for a third party potentially to participate in a small portion of Hardman's acquired interest.

The concessions are both large and prospective, covering a total area of approximately 3300 km2, and lying directly adjacent to Suriname's main producing oil fields, Tambaredjo and Calcutta, which collectively have over 1 billion barrels of oil in place and which produce approximately 13 000 bopd. Hardman will earn its interest via the funding of an initial exploration campaign of up to 25 wells capped at a maximum expenditure of US $8.5million; drilling is anticipated to commence in the 4th quarter of 2006.

Hardman's Managing Director and CEO, Simon Potter, commented:

"The Suriname acreage complements Hardman's existing exploration portfolio, being prospective acreage but in a lower cost, lower risk environment. Staatsolie is an established operator, and we look forward to building on this relationship in maturing both current and future opportunities.

The Suriname entry forms part of a broader initiative in the Latin American region; Hardman already has a key offshore holding in neighboring French Guyane."


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