Hardman Issues Waraga-1 Testing Update

Hardman Resources Limited provides the following update on the production testing of its Waraga-1 oil discovery in Uganda:

Hardman confirms that the lowermost zone in the Waraga-1 well was successfully perforated at 9 a.m. on June 22. The well flowed oil to surface and a stabilized rate has been established sufficient to derive composition, flow characteristics and key reservoir parameters. Initial results show a flow rate of c.1,500 bopd of 33.8 degree API oil through a 36/64" choke. The well is now shut in for pressure build up prior to further flow testing later today.

This lower zone will continue to be tested over the next 48 hours. Subsequently, further flow tests will then be conducted on the two other identified hydrocarbon-bearing horizons in this well. Testing on all three zones at Waraga-1 is estimated to take approximately 14 days.

Following testing at this well location, the future program at Mputa will be determined. The next testing program update is scheduled for June 27.

"The Hardman-operated exploration program in Uganda has delivered three discoveries in the first three wells and now the first oil flow not only for Uganda but also in East Africa, south of the Sudan,” said Simon Potter, Hardman’s managing director and CEO. “The hydrocarbons flowing to surface from the first of three potentially productive zones in a single well give further grounds to establish the commercial potential of the region."

"We also note that these zones are represented in the other wells, which is indicative of the areal extent of these sands and play systems," added Potter. "However, it is important to bear in mind that Hardman's exploration program in Uganda is at an early stage. Over the next 18 months we look forward to more fully appraising the potential of this license, including the highly prospective area under Lake Albert, where geological analysis suggests there is significant further upside potential."

In Block 2, Hardman Petroleum Africa Pty Ltd (operator) owns 50% interest and Tullow Oil owns the remaining 50%.

50.0% Times and dates for Ugandan wells refer to UTC/GMT +3 hours (Uganda time), 5 hours behind Western Standard Time (Perth). All reported depths are referenced to the rig rotary table (RT).


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