Hardman Resources Begins Mauritania Drilling Program

Hardman Resources Ltd is pleased to advise that the drill ship Deepwater Discovery is now expected to arrive in Mauritania later this month. The rig was working for Shell offshore Nigeria and has completed its assignment earlier than expected.

Upon arrival the rig will commence drilling the first well of the program, Chinguetti 4-2 appraisal well. This well will be located on the northern (upthrown) flank of the Chinguetti salt structure, approximately 2.5 kms north of the Chinguetti-1 discovery well, which was located on the downthrown fault block. This first appraisal well is considered to be a significant step out from the discovery well and will evaluate a geologically separate portion of the prospect.

The 2002 Mauritania drilling campaign is comprised of 3 to 5 wells as follows:

  • ƒnChinguetti 4-2 appraisal well (PSC Area B ¡V Hardman equity 21.6%) - FIRM
  • ƒnBanda Exploration Prospect (PSC Area A ¡V Hardman equity 24.3%) ¡V FIRM
  • ƒnChinguetti 4-3 appraisal well (PSC Area B ¡V Hardman equity 21.6%) ¡V CONTINGENT on the drilling and/or testing results of Chinguetti 4-2.
  • Exploration Prospect (PSC Area B ¡V Hardman equity 21.6%) ¡V CONTINGENT on securing additional drilling slot and joint venture approval.
  • ƒnThon Exploration Prospect (PSC Block 6 ¡V Hardman equity 35.5%) ¡V FIRM

The revised 2002 drilling program has yet to be formally approved by joint venture participants who will be meeting during the week commencing July 22, 2002. As announced previously in December 2001, the joint venture has approved two firm wells and two contingent wells.