Hardman Resources Spuds Marloo-1 Well

As previously announced Hardman elected to plug and abandon Talbot-1 and Talbot-2 as a commitment to the Joint Authority (Northern Territory and Federal Government) in Retention License AC/RL1 (Hardman 100%). Hardman’s studies of development options for the Talbot field have shown that these old wells would not be optimally located for production and any future development would require completely new wells. It is therefore in line with responsible environmental management that the well-heads should be removed and the site left clean.

The Talbot-1 and Talbot-2 abandonments were successfully completed on March 31st.

The Marloo-1 well is located in AC/P26 in the Timor Sea and was spudded directly after the Ocean Bounty moved from Talbot-2 on April 1st.

Marloo-1 is located in Exploration Permit AC/P26 in the Timor Sea some 660 kilometers west of Darwin and 52 kilometers southeast of the Challis Field. Water depth at the well location is 95 meters and the planned total depth is 2,039 meters.

The Marloo-1 well is testing a Late Jurassic structural/stratigraphic trap. The main targets are the Lower Vulcan Formation and the Montara Sandstones.

Hardman Oil and Gas Pty Ltd has a 100% stake and Lonman Pty Ltd has 1.25% Carried to Production Interest.

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