Hardman Resources to Begin Work on Leafcutter-1 this Month

Site preparation for the Leafcutter-1 well in Australia is being completed and operations are expected to begin later this month. It is planned to set conductor casing next week to a depth of approximately 50m. The commencement of drilling with the Logue Rig is scheduled to commence on August 24 2003.

Leafcutter-1 is an oil exploration well which will test the upthrown (high) block of the Beagle Ridge west of the Woodada Gas Field. The well will be located approximately 8 kilometers west of the Woodada-19 gas production well within the Woodada Production License (L4), approximately 260 kilometers north of Perth, Western Australia. A period of sixteen (16) days has been estimated for the completion of drilling and testing operations at Leafcutter-1 to an approximate total depth of 1,400 meters.

Participants in the Leafcutter-1 well are: Bounty Oil & Gas NL 25% Hardman Resources Ltd (Operator) 75%.

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