Woodside Petroleum Ltd. advises that through its wholly owned subsidiary, Woodside Mauritania Investments Pty. Ltd., it has agreed with Hardman Resources Ltd to take a placement of 10 million ordinary shares in Hardman at a placement price of A$0.70 a share. The additional 10 million shares will take Woodside's shareholding in Hardman to 10.86%, calculated on the basis that Hardman places 57 million new shares.
The placement underscores Woodside's confidence in Mauritania as a growth region. The joint venture has now drilled three prospects offshore Mauritania and has made two promising discoveries, increasing Woodside's optimism for the area.
Hardman, which earlier Wednesday placed its securities under a trading halt pending the completion of the placement, intends to use the funds for future explorations near Mauritania and the possible development of its Chinguetti oil field.