Hardman was awarded the "Guyane Maritime" Exclusive Exploration License in June 2001. The EEL covers the entire offshore zone from the 12 mile limit to the 3,000-meter water depth, a total area of some 65,000 square kilometers. The EEL was granted and is administered under French legislation and regulations and provides for a five year exploration program with a well commitment due at the end of the first three years. Hardman holds a 97.5% interest in the license.
The last phase of exploration in the area was in the 1970s when two wells were drilled and approximately 4,000 kilometers of seismic data was acquired. Hardman acquired the old 1970s seismic data via a data trade in 2001. This data was scanned and interpreted in-house on Hardman's computer workstations. This initial phase of work identified some giant deepwater leads and confirmed that all the requirements for an active petroleum system are present in offshore Guyane.
The acquisition of Hardman's new seismic survey began in December 2002 and was completed by mid February 2003 with an average daily production over 100 kilometers. Data quality is very good and the processing of the data is expected to be completed by the end of May 2003. The new seismic survey will be used to further delineate the leads already identified and is expected to define potentially giant prospects to enable Hardman to farmout the next phase of deepwater drilling.
Hardman's Managing Director, Ted Ellyard, commented: "In the mid 1990s Hardman embarked upon a new strategy of acquiring international acreage in under-explored but prospective regions. The Guyane Basin is an important element in this strategy, and our recently concluded seismic survey is a significant step forward in the exploration of this frontier region. Four years ago the Mauritania deep-water basin was at a similar stage of exploration. We now hope to repeat our Mauritanian success in Guyane, through a technically sophisticated exploration program. We would like to express our appreciationto Fugro for a job well done."
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