Hardman Resources Says Chinguetti Onstream in 2005

Hardman Resources said that it expects the Chinguetti field offshore Mauritania to begin production at an initial rate of 60,000-75,000 barrels per day by mid-2005. The project is expected to cost approximately $350 million to develop. The joint venture partners have yet to approve a development plan for the oilfield. Woodside is expected to present a concept for development later this spring.

Once a development plan is approved, tenders will be issued for the development facilities and work should begin in 2004. The time-table for first production will depend largely on whether the joint venture decides to use an existing FPSO or build a new one.