Hardman Fulfils All Conditions on $100 Million Subscription
Hardman Resources on behalf of its 100% owned subsidiary Hardman Chinguetti Production Limited has fulfilled all Conditions Precedent on its US$100M Subscription Facility with Australia and New Zealand Banking Group ("ANZ"). This facility, which is fully underwritten by ANZ, is now available for immediate drawdown, and will be used solely for the purpose of financing HCP's share of expenditure on the Chinguetti Field offshore Mauritania. ANZ is now concluding the syndication process, with four leading international banks committed to the facility subject to final documentation.
HCP's holding in the Chinguetti field is 19.008%, with Woodside the field and development operator. The project is now over 71% complete. The target date for first oil from the Chinguetti field remains Quarter 1, 2006.
Hardman is also pleased to announce that all Joint Venture Participants have now agreed and signed the
Chinguetti Joint Operating Agreement ("Chinguetti JOA"). The Chinguetti JOA has been put in place
to reflect the Mauritanian Government's exercise in November 2004 of its right under the relevant
Production Sharing Contract ("PSC") to back in and hold a 12% interest in the Chinguetti field (as
previously announced). HCP's equity in the field has therefore reduced to 19.008%, while in the
remainder of PSC Area B HCP continues to hold a 21.6% interest.
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