FOG Falcon Oil & Gas Ltd.

RNS Number:3586C
Hardman Resources Limited
11 October 2002

RELEASE DATE:                11 October 2002



TO:                          London Stock Exchange Limited



CONTACT:                     Ted Ellyard (08 9321 6881)



RE:                          WIRELINE LOGS CONFIRM OIL BEARING SANDS IN 
                             CHINGUETTI 4-4 APPRAISAL WELL, OFFSHORE MAURITANIA



Dear Sir/Madam

Hardman Resources Ltd ("Hardman") is pleased to advise that the preliminary
evaluation of the wireline log data has confirmed the presence of oil bearing
sandstones over a gross interval of 114 metres in the Chinguetti 4-4 appraisal
well, located on the Chinguetti field, offshore Mauritania.  The Chinguetti 4-4
well was drilled on the southern downthrown flank of the Chinguetti field,
approximately 1.5 kilometres east of the Chinguetti-1 discovery well.

Since the last progress report (9/10/02) the well was at the total depth of
2,986 metres and wireline logging has been undertaken.

Evaluation of the wireline logs, pressure measurements and wireline fluid
samples confirms that the Chinguetti 4-4 well has intersected gross oil pay of
114 metres in the A sand reservoir and located the oil-water contact in the
southern, downthrown part of the field.  The oil-water contact is 69 metres
deeper than predicted before the start of the 2002 drilling campaign and 204
metres deeper than the oil-water contact found by the Chinguetti 4-2 well in the
northern, upthrown part of the field.

The Chinguetti-1 and 4-4 wells are both located in the southern part of the
field and intersected the A sand reservoir at different depths.  The combined
results from the drilling of these two wells have confirmed a total vertical
relief from highest known oil to lowest known oil in the southern part of the
field of 280 metres oil bearing sandstones.  (Note:  The vertical relief of the
oil column in this field is greater than the gross thickness of the reservoir
interval).  Additional hydrocarbon bearing sands have been interpreted from 3D
seismic above the highest known oil but the hydrocarbon type and pay thickness
have not been confirmed by drilling.

The northern upthrown block is interpreted to have similar vertical relief of
hydrocarbon column but only 94 metres of gross oil pay has been confirmed by the
drilling of the Chinguetti 4-2 well.

The reservoirs at both the Chinguetti field and the recent C-4-3 Banda discovery
are composed of channel sands deposited within submarine canyons.  The overall
net sand content within the gross reservoir intervals observed in these wells
varies from 25 to 40%.  Individual sands thicken or thin away from any
individual well location and net pay in individual wells should always be viewed
within the overall extent of the channel sand system.  The net oil pay within
the Chinguetti 4-4 well is similar to the other wells in the field and within
the range quoted above.

The deeper oil-water contact and other results from Chinguetti 4-2 and 4-4
provide sufficient confidence for the evaluation of the Chinguetti project to
continue and for future critical project decisions to be made without the need
for the proposed second production test of the Chinguetti 4-2 well.  As a result
of this increased confidence the joint venture has decided that further testing
of these wells is not necessary and after completing operations on the
Chinguetti 4-4 and 4-2 wells the rig will move to the Thon Prospect in PSC Block
6 (Hardman 35.5% equity).

Equity participation in the Chinguetti 4-4 appraisal well is as follows:

              Hardman Resources Ltd                           21.6%

              Fusion Oil & Gas NL                              6.0%

              Roc Oil (Mauritania) Company                     2.4%

              Agip Mauritania BV                              35.0%

              Woodside Mauritania Pty Ltd                     35.0%

Hardman's Managing Director, Mr Ted Ellyard commented:

"We are very encouraged by the results of the drilling program, especially the
confirmation of a deeper oil water contact in the Chinguetti 4-4 well as this
gives us the opportunity for a commercially robust project without further
testing or appraisal drilling.  We and the joint venture will be examining these
results and the other reservoir and engineering studies currently underway as we
work confidently towards a development decision in 2003.  It will take some time
to complete these studies on the Chinguetti field, however we expect that the
oil reserve estimate for Chinguetti will be increased from Hardman's earlier
estimate of 110 million barrels recoverable.

We are looking forward now to the next exploration well, on the Thon Prospect,
and hope to continue the success this program has delivered so far."

Yours sincerely
HARDMAN RESOURCES LTD


TED ELLYARD
MANAGING DIRECTOR




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

DRLIIFISILLLLIF

Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Nov 2024 to Dec 2024

Falcon Oil & Gas (LSE:FOG)
Historical Stock Chart
From Dec 2023 to Dec 2024