Hardman Resources Says Tiof Discovery 'Significant'

Hardman Resources says the C-4-6 Tiof exploration well offshore Mauritania located in PSC Area B has been completed and the well is being prepared for plug and abandonment (as originally planned) but with the status of being a significant new oil and gas discovery.

Evaluation of further information obtained from wireline logging has confirmed a ƒngross gas interval of 49 meters. A minimum gross oil interval of 39 meters confirmed from oil sampling and pressure measurements. The minimum hydrocarbon column (confirmed) of 88 meters thickness has an overall net reservoir sand ratio of approximately 45%. Below the confirmed oil zone there is an additional 73 meter section with poor reservoir quality which may be oil bearing. ƒnA high reservoir quality water bearing sand was encountered at the base of the 73 meters of poor reservoir. And, pressure measurements in the oil and water zones indicate that the oil-water contact may be at or below the water sand. This could indicate a potential gross oil column thickness in excess of 100 meters.

The Tiof exploration well is testing an independent structural closure within a Miocene channel sandstone system, believed to be of similar age to the oil and gas reservoirs at Chinguetti and Banda. The Tiof Prospect is adjacent to and associated with a salt diapir and has a closure of approximately 50 square kilometers (about four times larger than at Chinguetti). On the basis of a possible inferred oil column of over 100 meters, Hardman Resources' technical staff have estimated that the Tiof Field has the potential to contain in excess of 200 million barrels oil recoverable. The true oil water contact and potential size of the Tiof Discovery will only be determined by the drilling of one or more appraisal wells.

The Tiof exploration well was drilled with the Smedvig's drillship, West Navigator. The well is located approximately 25 kilometers north of the Chinguetti Oil Field, 90 kilometers west of Nouakchott, the capital of Mauritania. Water depth at the Tiof well location is approximately 1,080 meters.

Upon completion of the drilling operations at Tiof, the West Navigator will sail to the Poune Prospect location, which is located approximately 27 kilometers northeast of the Tiof Field and 48 kilometers north of the Chinguetti Field in PSC Area B.

Participants in the Tiof well and PSC Area B are Woodside Mauritania Pty Ltd (Operator) 35.0%; AGIP Mauritania BV 35.0% Hardman Resources Ltd 21.6%; Fusion Mauritania B Limited 6.0%; Roc Oil (Mauritania) Company 2.4%.