Courbine-1A Well Offshore Mauritania Comes Up Dry

Hardman Resources NL reports that the Courbine-1A well offshore Mauritania has completed running wireline logs over the interval 12,227 feet to 14,606 feet (total depth) which includes the primary objective for the well. Preliminary results of the wireline logging indicate that the primary objective contains no commercial hydrocarbons, however minor hydrocarbon shows were encountered. As previously reported, the well encountered a 9 meter gas interval in the upper (Tertiary) section.

The well was drilled below the primary objective to a revised total depth of 14,60 feet to obtain additional geological information. Preparations are now underway to plug and abandon the well, following which the Scarabeo 7 will be released from its current contract.

This completes the current two well drilling program and planning has begun for further evaluation of the Chinguetti-1 oil discovery. Both of these wells were drilled in Joint Venture Area B under the Woodside/Agip farm-in agreement whereby Hardman's interest was free-carried to completion of drilling. Hardman Resources NL holds a 21.6% interest, Fusion Oil & Gas NL holds a 6.0% interest, Roc Oil Company Limited holds a 2.4% interest, ENI Agip British Borneo Ltd holds a 35.% and Woodside Mauritania Pty Ltd as operator, holds a 35.%.

The co-ventures will now incorporate the information obtained into the 2D and 3D seismic data base to further evaluate the other prospects previously identified. Although the results from Courbine-1A were disappointing, the Chinguetti-1 results were very good. This confirms the Tertiary salt dome play, which has large upside potential in the basin. For Woodside and Agip to earn their interest in Area C they are required to fund Hardman's share of the first exploration well in this area. A decision to drill this well and the future evaluation work to be undertaken at Chinguetti will be made over the next 2 to 3 months.