Drilling Report
August 29 2003 - 3:02AM
UK Regulatory
RNS Number:1587P
Hardman Resources Limited
29 August 2003
STOCK EXCHANGE / MEDIA RELEASE
RELEASE DATE: 29 August 2003
CONTACT: Ted Ellyard (08 9321 6881)
RE: MAURITANIA DRILLING PROGRAMME TO COMMENCE
EARLY SEPTEMBER 2003
Hardman Resources Ltd ("Hardman") is pleased to advise that the Mauritania PSC
Area B joint venture (which includes the Chinguetti Oil Field has agreed to
enter into a contract with Global Santa Fe for the drillship "Jack Ryan" to
drill and test the Chinguetti Appraisal-Early Development Well (AEDW). As a
result, the Chinguetti 4-5 AEDW is now expected to spud on or about 2 September
2003.
As previously advised Woodside, as Operator of the PSC Area B joint venture, had
signed a contract with Smedvig Offshore AS for the drillship West Navigator to
drill up to four wells in offshore Mauritania during 2003. The drillship is
currently working in the North Sea, and has possibly been delayed from
completing its work contract, thereby delaying its arrival in Mauritania. To
avoid any delay to the drilling schedule and in particular the development
timetable to achieve first oil production from the Chinguetti Field, it was
decided to contract another drillship for the first well in the programme. A
decision will be made at a later date on whether to use the Jack Ryan drillship
for the three planned exploration wells or accept the West Navigator drillship
for this work when it becomes available.
Chinguetti 4-5 AEDW will be drilled on the south western part of the field
approximately 900 metres northwest from Chinguetti-1 discovery well. It will be
drilled within the current mapped oil reserve area and is not expected to
significantly change the oil-in-place reserve estimates for the field. The well
will be suitably completed for long term production with measures in place to
control sand inflow. An extended production test (1-2 week production period)
is also planned.
The well would thereafter be suspended pending commissioning of the production
facilities of the field in late 2005. The information gained from this early
development well is expected to provide confirmation of the development scheme
and has the potential to provide significant cost savings in the drilling and
completion of further development wells.
The three exploration wells that are planned to follow the drilling of
Chinguetti 4-5 AEDW are:
* Tiof Prospect (PSC Area B): Targeting Miocene channel
sandstones within structural closure, adjacent to a salt dome, approximately 25
kilometres north of the Chinguetti Field. The prospect is in 1,130 metres water
depth and has estimated potential of 153 million barrels (Mean Recoverable
Volume).
* Second exploration well in PSC Area B: A number of prospects
are under consideration including: Tevet, a Miocene channel sandstone prospect
situated between the Chinguetti and Banda Fields, and Poune, an Upper Cretaceous
prospect. A decision on whether to drill and the preferred prospect will be
made on completion of further studies and after drilling the Chinguetti well.
* Pelican Prospect (PSC Block 7): A large structural
closure with multiple reservoir targets in water depth of approximately 1,700
metres. The Block 7 joint venture (operated by Dana Petroleum plc) has agreed
to drill this well as part of the Woodside drilling programme.
Hardman Resources Ltd holds 21.6% and 18.0% equity in PSC Area B and PSC Block 7
respectively.
TED ELLYARD
MANAGING DIRECTOR
Note: In accordance with Australian Stock Exchange Limited listing
requirements, the geological information supplied in this report has been based
on information provided by geologists who have had in excess of five years
experience in their field of activity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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