RNS Number:5860T
Hardman Resources Limited
23 December 2003

HARDMAN RESOURCES LTD

Ground Floor, 5 Ord Street, West Perth
PO Box 869, West Perth
Western Australia 6872
Tel: +61 8 9321 6881 Fax: +61 8 9321 2375
ABN 98 009 210 235

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE:     23 December 2003

CONTACT:          Ted Ellyard (08 9321 6881)

RE:               TIOF WEST RESULTS CONFIRM LARGE POTENTIAL OIL
                  RESERVES AND MAURITANIA DRILLING UPDATE





Hardman Resources Ltd ("Hardman") provides the following weekly progress report
on the drilling and testing operations in offshore Mauritania:



                    TIOF WEST EXPLORATION WELL (PSC AREA B)



Hardman is pleased to report on further results from the Tiof West oil discovery
well, located approximately 8 kilometres to the west of the initial Tiof-1
discovery well.


Progress:             The Tiof West exploration well was spudded on 8 December by the drillship "West
                      Navigator" and has been drilled to a total depth of 2,991 metres.  Since the last
                      report (16 December) wireline logging operations were completed, including the
                      collection of seven oil samples and one gas sample from the hydrocarbon bearing
                      interval.  The well was then plugged and abandoned on 21 December 2003, as planned.

Hydrocarbon Shows:    As previously advised, evaluation of the wireline log and RCI pressure data indicates
                      that the Tiof West well has intersected a total gross hydrocarbon column of 126 metres
                      comprising an upper 4 metre gas interval overlying a 122 metre oil column above the
                      confirmed oil water contact.  The upper 4 metre gas interval is interpreted as an
                      isolated gas sand within a larger gross oil column, as the oil column in Tiof West is
                      structurally lower than the oil column in the Tiof-1 well.  Of significance is the fact
                      (reported by Woodside, 16 December) that the pressure data from the oil columns in both
                      Tiof-1 and Tiof West are likely to be in direct communication, indicating a common oil
                      pressure gradient across the larger Tiof Field.



                      Based on the common oil pressure gradient in both wells, a total gross oil column for
                      the Tiof Field is estimated to be 214 metres, from the top of the oil column in Tiof-1
                      to the base of known oil in Tiof West.  The Tiof Field has a relatively small gas cap
                      as indicated by the 46 metre gross gas interval in the Tiof-1 well drilled near the
                      structural crest.



                      The net to gross reservoir ratio (net sandstone distribution) for the Tiof Field is
                      expected to be similar to that encountered in the Chinguetti Field.  Reservoir quality
                      in the Miocene sandstone systems varies depending on whether the well has intersected a
                      channel centre or the more shale prone flanks of the channels.  Further appraisal
                      drilling will be required to assess the connectivity and the net to gross ratio of the
                      reservoir section in the Tiof Field.

                      Hardman's technical staff have now undertaken preliminary mapping of the 3D and 2D
                      seismic data over the Tiof-1 - Tiof West structure.  The structural closure of the Tiof
                      Field has a mapped area of approximately 54 square kilometres.  On the basis of this
                      area, the gross oil column indicated from both wells and the initial reservoir data,
                      Hardman has estimated a potential field size of between 300 to 400 million barrels
                      recoverable (statistical mean estimate).



Participants in the Tiof West exploration 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%



   *     Note:  As previously reported, Hardman Resources Ltd has entered into
an agreement with Woodside and the other non-Agip joint venture partners to
purchase on a pro-rata basis the 35% equity in PSC Area B held by Agip
Mauritania BV.  The acquisition of Agip's interest is expected to be completed
in the first quarter of 2004 at which time Hardman's equity will increase from
21.6% to 33.2% in PSC Area B, which includes the Chinguetti and Tiof Fields.



                      PELICAN-1 EXPLORATION WELL (BLOCK 7)


Progress:                The Pelican-1 exploration well was spudded (commenced drilling) on 30 November 2003.
                         Since the last report (16 December), the well was drilled in 17 1/2 inch hole size
                         to 3,356 metres depth and 13 3/8 inch casing was run and cemented.  At 0800 hours
                         (Australian WST) on 23 December 2003 preparations were underway to drill ahead in
                         12 1/4 inch hole size.

Geology and Hydrocarbon  Hydrocarbon shows will only be reported after wireline logs have been evaluated at
Shows:                   total depth of the well.

Well Location:           The Pelican Prospect is located approximately 150 kilometres north of the Chinguetti
                         Oil Field in PSC Block 7.  The well, which is in approximately 1,700 metres water
                         depth, is planned to be drilled to a total depth of about 3,800 metres (includes
                         water depth).

Prospect Details:        The Pelican-1 exploration well will test a large structural closure with multiple
                         objectives within the Tertiary and Upper Cretaceous sequences.



The Pelican-1 exploration well is being drilled by the drillship "Jack Ryan"
which has remained in Mauritanian waters since completing production testing of
the Chinguetti 4-5 Early Development Well.  Woodside Energy Limited is managing
the drilling of the well on behalf of the Block 7 operator, Dana Petroleum plc.



Participants in the Pelican-1 exploration well and PSC Block 7 are:



Dana Petroleum plc Ltd (Operator)                 80.0%
Hardman Resources Ltd                             18.0%
Roc Oil (Mauritania) Company                       2.0%



Note:  All reported depths (except water depth) are referenced to the rig rotary
table.









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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