Good old hardman.

At it again!

One to follow people imho.

They won't stop at modest profit.

5* company.

The Company

Overview

Hardman Resources Ltd is an Australian natural resource company listed on the Australian Stock Exchange Limited and on the Alternative Investment Market of the London Stock Exchange PLC. It is named after one of the early Western Australian explorers, E T Hardman. The Company has built a portfolio of assets in oil and gas production and exploration acreage in may areas of the world.

In the mid 1990s Hardman embarked upon a new international strategy of acquiring acreage in under-explored but prospective regions. The first and most significant achievement was Hardman's first Production Sharing Contract (PSC) offshore Mauritania, West Africa, which was signed in late 1996. This contract area, in which two large discoveries have already been made, together with other subsequent PSCs in the same offshore basin, today represent Hardman's largest exploration project, covering an area of approximately 74,000 sq. kms. Management believes that Hardman is now in a position to capitalise on its drilling success in Mauritania and can achieve the status of a significant oil producer by 2006. Initial plans for development studies indicate that a peak production rate of about 75,000 bopd from the Chinguetti Field is possible resulting in a net production for Hardman's 21.6% interest of over 15,000 bopd. The Company intends to retain its level of equity in the Chinguetti field development through project financing.

Hardman has assembled a portfolio of projects which are currently at varying stages of development. These include: offshore Guyane (French Guiana), offshore Gabon, the Albertine Graben in Uganda, the Great South Basin offshore New Zealand, and the Southern Falklands Basin and the Timor Sea.

Combining our Australian producing assets together with the undeveloped reserves in Chinguetti and Banda Fields in Mauritania provide Hardman with a substantial proven and probable (2P) reserve base. Based on Hardman's in-house estimates of field reserves the Company now has net recoverable reserves of up to 100 million barrels of oil and oil equivalent.

Hardman's success in offshore Mauritania has resulted in its focus on gaining a low cost entry into a frontier area, where oil potential could be recognised from the old exploration data. Thus, the Company had the advantage of being the originator of the project, rather than gaining entry at a later and more costly stage. The Company intends where possible to repeat this strategy with projects such as Guyane and the Falklands.

Hardman will continue to develop new frontier projects with the intention of providing Shareholders with exploration upside. At the same time the Company will focus on lower risk exploration of its two core production areas in the deep water Mauritania basin and in the onshore Perth Basin.

The corporate philosophy is one of entrepreneurial, but conservative, independent, measured risk-taking in hydrocarbon exploration and development worldwide. All projects involve a combination of the Company's wide range of expertise, experience, technical and financial skills with local partners to allow exploration and development to progress rapidly and with due regard to local political, social and environmental issues.

Directors

Alan Burns, Chairman


Mr Burns has been actively involved at senior levels in the oil and mining industries in Australia and worldwide for over 26 years. In this period Mr Burns has been associated with companies that have participated in the exploration and development of oil and gas fields both onshore and offshore, and gold and diamond mines in Australia. Mr Burns is a founding Director of Hardman.


Ted Ellyard, BSc (Geology), Grad Dip, MAAPG, Managing Director

Mr Ellyard graduated as a geologist from Curtin University, Perth in 1974. He has gained over 29 years experience with major Australian and international resource companies in mineral and petroleum exploration and development, including Western Mining Corporation and Kuwait Foreign Petroleum Corporation. Mr Ellyard has been involved in the management of listed Australian resource companies for the past 15 years. He has been Managing Director of Hardman since 1996 and has overseen the Group's international expansion into petroleum projects in West Africa, South America and the Australian region. He is also a non-executive director of Bounty Oil & Gas NL.


Scott Spencer, BA (Hons), BPhil, MLitt, Dip AICD, Assoc. AAPG, Executive Director

Mr Spencer is a former member of the Australian Foreign Service and he worked for nearly 15 years with the Australian Government on international political and economic issues. He has post graduate degrees in Russian studies from Oxford University and is fluent in Russian and French as well as a number of other languages. From 1990 to 1993 Mr Spencer was regional director in Western Australia for the Department of Foreign Affairs and Trade. Since 1993 he has been based in Western Australia and has worked on international resource projects. Mr Spencer has been a Director of Hardman since 1995.


Peter Raven, MBE, FCA, FCT, Non-Executive Director

Mr Raven has had a long career at senior levels in the international petroleum industry. After qualification as a Chartered Accountant, he joined the Ultramar Group in 1964 (until its takeover by Lasmo in 1992, Ultramar was a leading UK independent petroleum company). He relocated to New York in 1980 as a Senior Vice President - Finance, and was subsequently appointed Finance Director of Ultramar plc (1982), Executive Vice President (1984), and President and Group CFO (1988), in which capacity he was also responsible for the Ultramar Group's corporate development and risk management. Mr Raven now lives in London and Ireland and is a non-executive director of FX Energy Inc and Chairman of The Total Translation Company Ltd.

Robert Carroll, BEc, FCPA, Non-Executive Director

Mr Carroll is a graduate in economics from the University of Sydney and a qualified accountant with over 30 years experience in the resources industry, including 21 years as a senior finance executive with Woodside Petroleum Ltd where he was Chief Financial Officer from January 1997 to mid 2002. Mr Carroll has substantial experience in large scale international financings of oil and gas facilities and was involved at a senior level right through the period of Woodside's transformation from a junior explorer to a significant petroleum production company. He is currently a non-executive director of Sydney Gas Ltd.


Senior Management and Staff

Kathryn Davies, BBus, ASA, Company Secretary and Chief Financial Officer

Ms Davies holds a Bachelor of Business with a double major in Accounting and Business Law. She has been employed by Hardman for over 9 years, commencing as Company Accountant in 1993. She was appointed Company Secretary in October 1999 and Chief Financial Officer in May 2001. Ms Davies has also worked for other ASX listed companies which have been involved in both natural resources and technology development.


Bob Cassie, BSc (Hons), Asset Manager - Africa

Mr Cassie has had more than 24 years experience in the petroleum exploration industry. He joined Hardman in 2002 to work on its African assets. Mr Cassie previously worked for CSIRO, the Australian national research organisation and held positions managing Mobil's Australian deepwater exploration and its PNG exploration, development and producing assets. In addition, he held a variety of technical and management positions in Ampolex Limited and was both a geologist and geophysicist for Esso Australia. Mr Cassie is a graduate in geophysics from the University of Sydney.


John Sheppard, MBA, BEng, Met Cert. M AusIMM, Asset Manager - Australia and Europe

Mr Sheppard holds a Masters degree in Business Administration and a Bachelors degree in Mining Engineering. Mr Sheppard has over 21 years of technical, financial and managerial experience in the resource sector and a background in project finance and investment banking. He has considerable domestic and international experience from assignments in Australia, Canada, New Zealand, Indonesia, United States of America, South America and Central Asia. He has been involved in international exploration and development projects, the commercial negotiation and financial evaluation of the natural resource projects, acquisitions and divestments and project financings including major oil and gasfield developments.


Terence Nilsen, BSc (Hons), Exploration Supervisor

Mr Nilsen graduated as a geologist from the University of Western Australia in 1985. He has 15 years experience with junior and major oil and gas exploration and production companies. Before joining Hardman in 2001 Mr Nilsen worked with Santos Limited. In recent years, Mr Nilsen has been involved in the discovery of several hydrocarbon fields and successful gas field developments.


Ian Bulley, MSc, BSc, Senior Geologist

Mr Bulley holds a Masters degree in Petroleum Geology from Imperial College, London and a Bachelors degree in Geology from Reading University. He has 17 years experience with major oil companies, junior explorers and consultancies, working in North Africa, the Middle East, the UK and Australasia. Prior to joining Hardman in 2002, Mr Bulley worked for PGS Reservoir Consultants on North West Shelf and international exploration and development projects, asset evaluations and reserves certifications. Recently he has been involved in several successful oilfield appraisal and development programmes.


Health, Safety and Environmental Policy

Hardman Resources Ltd is a successful international oil and gas company with operations and acreage in Australia and around the world. Hardman is committed, on a global basis, to achieving health, safety and environmental excellence in all of our business practices and operations.

It is Hardman's Policy

To approach each project with the highest integrity, with special regard to local political, social and environmental issues.
To ensure that potential health, safety and environmental risks associated with all activities are assessed as early as is practicable in order to minimise and manage adverse effects and to identify opportunities for improvement.
Implement systems to identify hazards, manage risk and hazardous substances, thereby reducing the risk to people and the environment.
Communicate with and involve all company employees and contractors in all aspects of Health, Safety and Environment management, ensuring that no persons are put at risk due to lack of information, communication or skills.
Comply with all relevant legislation, Standards and Codes of Practice as a minimum requirement. Ensure all sites are rehabilitated after use and any hazards eliminated.
Ensure this Policy intent is communicated to all employees, the local community and other interested parties.

This policy will be subject to periodic review to ensure that the stated management commitment and strategic goals have continuing relevance to Hardman Resources Ltd.



PROJECTS


JINGEMIA OILFIELD - EP413 (HARDMAN 12.0%)

Hardman's remaining 12% equity in EP413 (Jingemia) has been made subject to a put and call option arrangement such that Hardman can require ARC Energy Limited to purchase the interest and ARC may require Hardman to sell the interest to ARC for an agreed amount. Under the terms of this Agreement, ARC will acquire the interest no later than June 2005.

EP413 adjoins the Woodada production licences to the north and TP15 to the west and covers the prospective area between the Woodada and Dongara fields. Following the completion of a small 2D seismic survey in early 2002, the Joint Venture agreed to drill the Jingemia-1 well in October 2002.

Jingemia-1 was confirmed as a new oil discovery following the recovery of 36.6 API oil from drillstem testing in late October 2002. Subsequent production testing of the well has confirmed a stabilised production flow rate of up to 2,000 bopd.

Production Testing

Production Testing has been approved through to 21st May 2004. The aim of the extended production test is to acquire additional information on reservoir performance, water injectivity and pressure maintenance to enable the formulation of a field development plan and confirm the facilities required for permanent field development.



TIMOR SEA EXPLORATION PERMITS

Hardman Resources Ltd purchased from West Oil NL two permits, AC/R1 (100% equity) and AC/P26 (49.375% equity) in the productive Timor Sea region, offshore Western Australia in October 2003. Hardman also holds an option over 100% equity in WA-316P to the northeast of the Talbot Field and is to make certain bonus payments to West Oil NL in the event of a commercial discovery in WA-316P.

AC/R1 (Hardman 100%)

AC/R1 encompasses the Talbot Field which was discovered in 1989 by Santos with the Talbot-2 appraisal well drilled in 1990. Hardman's initial estimate of recoverable reserves ranges from 4 to 6 million barrels which is currently deemed uneconomic for a "stand alone" development

AC/P25 (Hardman 95.%)

AC/P25 adjoins AC/R1, was granted in 1998 and is covered by extensive 2D and 3D seismic data. Several leads have been identified in the permit although an additional 440km seismic acquisition will be required before October 2004 when a decision to drill is required.

AC/P26 (Hardman 49.375%)

AC/P26 adjoins AC/R1, was granted in 1998 and is covered by extensive 2D and 3D seismic data. Several leads have been identified in the permit although a decision to drill is not required until May 2004.

WA-316P

The WA-316P permit lies in the eastern Timor Sea area within Western Australian waters, 12 kilometres south of the producing Laminaria Field. The licence has a well drilling obligation to be satisfied by December 2004. The option held by Hardman will enable it to undertake detailed technical studies of the area before being required to commit to drilling.



ERITREA

On 5th January 2004, Hardman signed a Memorandum of Undertaking (MOU) with the Government of Eritrea over the 11,550 square kilometre Massawa Block, offshore Eritrea. Hardman will hold a 30% interest and has been joined by Afrex Limited and Pancontinental Oil & Gas NL in this venture.

The MOU covers the principal terms negotiated over the last twelve months with the Government for a Production Sharing Contract (PSC) over the Massawa Block, located in the Red Sea solely within Eritrean territorial waters. Subject to the PSC being finalised the joint venture has exclusive rights to explore for hydrocarbons in the Massawa Block for up to seven years.

The Massawa Block lies in a Tertiary aged salt basin off the Southern Red Sea. To the north of the Massawa Block, in offshore Egypt, a large number of commercial oil and gas fields have been discovered over the past twenty years. Within the Massawa Block itself, surface oil seeps have been identified near the Dahlak Islands.

The exploration programme in the Massawa Block will commence with re-mapping of the existing seismic data and seismic reprocessing (if necessary) followed by the acquisition of new seismic data. The Joint Venture will then consider inviting farminees to earn equity in the Block by drilling one or more exploration wells.



Falkland Islands - South Atlantic

The Falkland Islands are located in the South Atlantic approximately 500 kilometres east of South America at around 52 degrees latitude (equivalent to southern England). The Falklands are a dependency of the United Kingdom but are administered by the Legislative Council of the Falkland Islands which also governs the exploration and production of petroleum.

Hardman holds a 30% interest in a joint venture that was awarded a large offshore exploration permit covering ten licence blocks, with a total area of approximately 57,000 square kilometres, in the South Falklands Basin. The licences are situated to the south and east of the Falkland Islands and have been granted by the Government of the Falklands in accordance with "open-door" legislation introduced in 2001. (See Location Plan Falkland Islands.)

The South Falklands Basin, where Hardman's licences are located, is distinct geographically and geologically from the northern basin which was the focus of exploration activity during 1996-98. The southern basin is under-explored and is covered with a sparse grid of seismic dating from 1993.

The joint venture has now completed mapping of 4,340 kilometres of old seismic data purchased from seismic contractor firms. A number of leads and differing play types have been identified and these will be the focus of seismic reprocessing work currently underway. A decision will then be made on whether to acquire infill 2D seismic or 3D seismic over the leads prior to seeking a farmin partner for the drilling phase of the exploration.



GABON

Gabon lies astride the equator on the west coast of Africa. Petroleum constitutes the principal source of revenue for the country with current production of more than 300,000 barrels of oil per day.

Hardman holds a 12.86% working interest in two PSCs offshore Gabon which were awarded in November 1999 and are known as Iris Marin and Themis Marin. The two PSC areas are operated by Fusion Oil & Gas N.L. and cover a combined area of approximately 2,000 square kilometres. The PSCs are located in a proven and well established petroleum province.

The Iris Marin Licence is adjacent to Shell's onshore Gamba and Ivinga Oil Fields which, combined, had original recoverable reserves of 350 MMBO (million barrels oil) with some 300 million of this having already been produced. The Themis Marin Licence lies some 30 kilometres to the southeast of the Iris Marin Licence. Between the two licences is the Sette Cama High which reportedly contains up to 2.5 trillion cubic feet of dry gas. Recent drilling by Pioneer has discovered an oil rim around this gas field which extends close to the Themis Marin Licence.

A 2D seismic survey of 2,732 line kilometres was acquired across both licences during early 2002. This new seismic data has upgraded the prospectivity of both PSCs. Within Iris Marin a large number of leads with potential reserves up to 100 MMBO were identified. In Themis Marin a number of smaller features were identified on the southern end of the Sette Cama High, immediately south of Pioneer's oil discovery. The individual small closures may be part of a larger closure and possibly an extension of Pioneer's discovery.

The joint venture has agreed to enter the next term of both PSCs and committed to 3D surveys of 200 square kilometres and 160 square kilometres in Iris and Themis respectively. These surveys are necessary to improve the imaging of the leads, which are located under shallow salt diapirs and are subject to complex velocity variation in the overlying section. It is hoped that the 3D seismic will delineate one or more drilling locations for testing in late 2003 or 2004.


Guyane

Guyane (also known as French Guiana) is a French overseas dependency located on the north-eastern coast of South America, between Surinam to the west and Brazil to the south and east. This geographical region has been the focus of increased petroleum exploration in recent years. Guyane, however, is under-explored, with only some seismic coverage and two shallow-water wells drilled in the 1970s.

Hardman is the Operator and holds a 97.5% equity in the Exclusive Explortion Licence ("EEL") offshore Guyane, which was awarded on 1 June 2001. The licence covers the major part of the offshore basin of Guyane and extends from the twelve mile coastal limit to the 3,000 metre depth contour with a total area of approximately 65,000 square kilometres. (see Location Plan Offshore Guyane).

Acquisition of the large 2D seismic survey was completed in mid-February 2003. This data has been mapped and interpreted by Hardman's technical team. The new seismic is of excellent quality and has confirmed the existence of a thicker sedimentary section in the basin and indicated structuring in these deeper sediments which was not visible on the 1970s seismic data. The technical work has confirmed the major structural trends of the area. Numerous hydrocarbon loads, both structural and stratigraphic, have been identified in this vast exploration licence area. Of particular interest is a giant sized structure with multiple objectives and is referred to as the "Matamata Prospect". The Guyane project is currently being presented to a limited number of potential farmin partners and several are now reviewing the project.


Mauretania

Mauritania is located on the northern Atlantic coast of West Africa between Morocco and Senegal. The country is largely arid and has a population of about 2.7 million. Mauritania gained independence from France in 1960 and now has a multi-party political system with an elected Presidency and two houses of parliament. The country presently has no oil and gas production, although it is one of the few countries in West Africa with refining capacity. Formal diplomatic relations with Australia were established in late 2001.

Hardman has interests in Production Sharing Contracts ("PSCs") in eight offshore blocks in Mauritania (i.e. diagram showing summary of holdings), with the first PSC being signed in 1996. These blocks cover approximately 67,000 square kilometres, extend along 540 kilometres of coastline and include the majority of the prospective basin area, offshore Mauritania.

Two joint venture groups were established by Hardman. Blocks 2, 3, 4, 5 and 6 which cover the central, deep water salt basin were divided into Areas A, B and C under the terms of Farmin Agreements with Woodside Mauritania Pty Ltd ("Woodside") and ENI-Agip ("Agip"), signed in 1998. Hardman also holds three PSCs over Blocks 1, 7 and 8 which straddle the Woodside joint venture areas. These PSCs are in joint venture with Dana Petroleum plc ("Dana"), an oil production company listed on the London Stock Exchange.

Woodside Joint Venture Areas

Since 1998, Woodside has shot two large seismic surveys over the Joint Venture areas at a cost exceeding A$50 million, including a total of 3,580 square kilometres of 3D seismic acquired during 2000. Initial exploration interest was focussed in the deep water portion of Blocks 3, 4 and 5 (Areas A and B) where mature source rocks, turbidite sand reservoirs and salt dome anticlines were identified from the 2D seismic data. In addition a small 3D seismic survey was acquired in Block 6. All of this work was undertaken as part of Woodside and Agip's farmin obligations. The drilling of the Chinguetti-1 and Courbine-1 wells by Woodside and Agip during 2001 completed the farmin obligations for Joint Venture Areas A and B with Hardman retaining an interest of 24.3% and 21.6% respectively.


Dana Joint Venture Blocks 1, 7 and 8

The Dana Joint Venture comprises three PSC areas which are situated immediately to the north and south of the Woodside/Agip acreage. Under the terms of the Joint Venture, Dana Petroleum plc ("Dana") is operator, while Hardman has an 18% interest in all blocks.


Block 1: The 3D seismic survey covering 1,330 square kilometres was completed during the last quarter of 2002. Processing of the data is being fast-tracked and a preliminary version of the data will be available by February 2003 to enable interpretation work to commence. The joint venture will need to commit by June 2003 to drill the first well in the Block.
Block 7: Interpretation of the 3D seismic acquired in early 2002 has identified a large prospect with multiple reservoir targets. The joint venture partners are in discussion on the well commitment, joint venture equity and timing to drill this prospect during 2003 and a decision is expected in February/March 2003.
Block 8: Block 8 is different from the rest of the Mauritanian offshore acreage as it includes carbonate platforms and reefs of Late Cretaceous to Palaeocene age. Interpretation work is continuing with an emphasis on understanding the carbonate seismic stratigraphy to identify potential reservoir and seal facies necessary to establish a drillable prospect. A decision to drill or surrender the permit will be required by June 2003.

The first drilling campaign for the joint venture commenced in May of 2001. The drilling of the Chinguetti-1 and Courbine-1 wells by Woodside Mauritania Pty Ltd ("Woodside") and ENI-Agip ("Agip") in 2001 completed the farmin obligations for Joint Venture areas A and B with Hardman retaining an interest of 24.3% and 21.6% respectively.

The well results are summarised as follows:

Chinguetti-1 Exploration Well: encountered a 120 metre gross oil column, a significant oil discovery.
Courbine-1 Exploration Well: targeted Upper Cretaceous sandstones in a broad structural closure. Gas shows were encountered in the well, but the main target sandstones were water net.

Chinguetti-1 Oil Discovery: The well was drilled to a total depth of 2,620 metres in 815 metre water depth (1,805 metres below the sea floor). Several oil bearing sandstones were intersected in the primary objective over a gross hydrocarbon interval of 120 metres, with no oil/water contact identified.

A shallower secondary objective contains gas bearing sandstones over a 7 metre interval. Using a wireline sampling tool, 4 oil samples were obtained from the primary target zone.

Courbine 1-A: The well was drilled to a total depth of 4,452 metres in 1,250 metres water depth (3,202 metres below sea floor). The primary cretaceous objective contained no commercial hydrocarbons, however minor hydrocarbon shows were encountered. The well also intersected a 9 metre gas column in an upper tertiary objective.

The 2002 Mauritania drilling campaign commenced on 30 July 2002 and was completed in early November 2002 with three highly successful wells out of the four wells drilled. The well results are summarised as follows:

Chinguetti 4-2 Appraisal Well: encountered a 94 metre gross oil column on the northern (upthrown) flank of the salt structure.
C-4-3 Banda Exploration Well: encountered a 110 metre gas column underlain by 24 metre gross oil column, confirming a new oil and gas discovery.
Chinguetti 4-4 Appraisal Well: encountered a 114 metre gross oil column on the downthrown side and confirmed an oil column from drilling of at least 280 metres.
C-6-1 Thon Exploration Well: unsuccessful well after encountering only minor oil and gas shows within low quality reservoir sands.

Chinguetti Field Appraisal

The Chinguetti Oil field is a typical salt dome structure with a vertical relief at the target depth of over 300 metres. The primary oil zone is contained within Miocene aged deep water turbidite sandstones which were deposited prior to the salt uplift. The structure is faulted with a downthrown southern flank (Chinguetti-1) and an upthrown northern flank, tested by Chinguetti 4-2.

The second Chinguetti well (C-4-2) encountered a 94 metre oil column. This well confirmed that the oil extends across the entire structure and provided confidence that Hardman's earlier estimate (2001) of 110 MBO was reasonable.


The third well (C-4-4) was drilled on the downthrown side and encountered 114 metre oil column which included an additional 69 metres of oil below the lower limit predicted from the 3D seismic. The total oil column height on the downthrown block confirmed by drilling the two wells (C-1 and C-4-4) is 280 metres.

Excellent quality reservoir sands have been encountered in all three wells with a net to gross pay ratio of between 25% to 40%. A production flow test was undertaken on a 10 metre sand interval in the Chinguetti 4-2 well. The test flowed oil at rates up to 1,560 barrels per day through a 30/64" choke. The production rate was restricted by sand inflow from the reservoir, however pressure data from the test provides confidence that the well is capable of producing at much higher rates. Sand inflow is common in highly porous sands and can be controlled by using sand screens and gravel pack techniques in the production wells. Preliminary field development models have used a Chinguetti field production rate of 75,000 barrels per day as the initial production rate from possibly five wells.

Banda Oil & Gas Discovery: The C-4-3 Banda well encountered a 110 metre gas column and a 24 metre oil column. Approximately 75% of the Banda structure is situated in PSC Area A (Hardman 24.3%) and 25% in PSC Area B (Hardman 21.6%).

Block 6: The C-6-2 Thon well was drilled as the fourth well in the 2002 drilling programme. The well was drilled to a depth of 3,294 metres and abandoned after encountering only minor oil and gas shows in low quality reservoir sands. Although the result was disappointing, this well provides valuable information which is being studied to identify future exploration targets in the Block 6 area.

Prior to the well spudding, Hardman reduced its interest to 22.42% under the terms of a farmout agreement with Petronas Carigali, the Malaysian state oil company. As a result of this agreement and a previous farmout agreement with Woodside, Hardman was free carried through the entire cost of drilling the C-6-2 Thon well.d by the joint venture.

Results of 2003 Drilling Programme

Three exploration wells were drilled in the Woodside operated PSC Area B by the Smedvig Offshore AS drillship "West Navigator" which arrived in Mauritanian waters on 27 October 2003 as follows:

Tiof-1 Exploration Well
PounExploration Well
Tiof West Step Out Well
In November/December 2003, the Pelican-1 exploration well was drilled in the Dana operated Block 7, usint the drillship "Jack Ryan" which remained in Mauritanian waters after completing production testing of the Chinguetti 4-5 well.

Tiof Oil Discovery: The Tiof Prospect is an independent structural closure within a Miocene channel sandstone system. The Tiof channel system is a separate feature but of similar age to the oil and gas reservoir at Chinguetti and Banda. The Tiof Prospect is adjacent to and associated with a salt diapir and is located approximately 25 kilometres north of the Chinguetti Oil Field.

The Tiof-1 exploration well was spudded on 28 October 2003 and was drilled to a total depth of 2,870 metres in water depth of 1,080 metres. The well intersected good reservoir quality within the upper part of the Miocene channel system with an upper gas cap of 49 metres gross thickness underlain by a 39 metre gross interval of oil bearing sandstones confirmed by wireline sampling. Below the confirmed oil zone there is an additional 73 metre section with poor reservoir quality which may be oil bearing, indicating a potentially large oil accumulation of over 200 million barrels.

To follow up the potentially large Tiof oil discovery a decision was made to drill an additional well in the 2003 drilling programme. The Tiof West well was drilled to test the western extension of the Miocene channel system and was located approximately 8 kilometres from the Tiof-1 discovery well which was drilled near the structural crest. As such, the Tiof West well is considered to be a significant step out to evaluate the extent and hydrocarbon bearing potential of the Tiof Miocene channel system.

The Tiof West well was spudded on 8 December 2003 and was drilled to a total depth of 2,991 metres in water depth of 1,320 metres. The well 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 column in both Tiof-1 and Tiof West are likely to be in direct communication, indicating a common oil pressure gradient across the Tiof Field.

Based on the common oil pressure gradient in both wells, the 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.

Hardman's technical staff have 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 approximtely 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).

PounExploration Well: The Poun1 well was spudded on 16 November 2003 as the third well in the 2003 drilling programme. The well was drilled to test an interpreted Upper Cretaceous channel system within an independent structural closure. The Poun1 well was located 48 kilometres north of the Chinguetti Field and 27 kilometres northeast of the Tiof oil discovery. The well was drilled to a total depth of 3,285 metres in 902 metres water depth. Wireline logs showed that the well did not encounter significant hydrocarbons within the primary Cretaceous-aged target, although minor hydrocarbon shows were encountered in the Tertiary-aged sandstones which were a secondary shallower target. The well was then plugged and abandoned.

Pelican-1 Gas Discovery: The Pelican-1 well was spudded on 30 November 2003. Woodside managed the drilling of the well on behalf of the Block 7 operator Dana Petroleum plc. Hardman holds an 18% interest in Block 7 which may reduce to 16.2% if Woodside exercises an option to purchase 10% interest in the licence area following the drilling operation.

The Pelican-1 well was drilled to a total depth of 3,825 metres in 1,700 metres water depth. Evaluation of the wireline logs and RCI pressure data indicated that the Pelican-1 well intersected a gross gas column of approximately 370 metres and within the gross interval a number of gas bearing sands are present. Individual sands are generally thin with variable reservoir characteristics but occasionally are in the range of 5 to 10 metres thick with excellent reservoir quality.

The gas bearing sands are interpreted to be both Lower Tertiary (Palaeocene) and Upper Cretaceous in age and are therefore older and geologically distinct, compared to the Miocene aged sandstone systems that host the Chinguetti, Tiof and Banda discoveries located approximately 150 kilometres to the south.

The discovery of a large gas bearing interval in both Tertiary and Upper Cretaceous sands is very encouraging as it extends the Mauritania hydrocarbon bearing province very substantially to the north. Although oil was not identified in the sandstones, the well was located near the crest of a very large structure, which provides some optimism that oil may be found on the flanks of the structure or in deeper, as yet undrilled formations. Further drilling would be required to evaluate the oil potential of the Pelican discovery and a follow-up well may be considered for drilling in 2004.

Early Plans for 2004 Drilling Programme

Following the outstanding success of the 2003 drilling programme with four successful wells out of the five drilled, a significant increase in drilling activity is envisaged in 2004. At this early stage, discussions with the joint venture participants have indiciated a willingness to drill several exploration wells on Miocene channel sandstone prospects within the Chinguetti and Tiof oil discovery fairways and possibly a further south in the the Area A (Block 3) deep water area where additional Miocene channel systems have been identified. In addition, two appraisal wells are being considered on the Tiof discovery and possibly one appraisal well in the Banda Gas and Oil Field.

In the more outlying licence areas a firm exploration well is planned in PSC Block 2 and possibly one well in each of the Dana operated Blocks 1 and 7. Further details on the drilling programme will be provided in due course however the programme is expected to commence in the third quarter 2004 with as many as ten wells to be drilled in the year.


New ZealandUganda is a landlocked country bounded by Kenya to the north, the Democratic Republic of the Congo to the west and Tanzania and Rwanda to the south. Formerly a British colony, Uganda retained English as the official language when independence was granted in 1962. After a period of political unrest in the 1970s and early 1980s, democracy was restored and the country now enjoys stability.

Hardman is the Operator with a 50% interest in a Production Sharing Agreement ("PSA") over Block 2. The block covers an area of approximately 4,700 square kilometres over the northern part of Lake Albert in north-western Uganda (see location Plan Uganda Permit Block 2). The area is under-explored with only one well having been drilled on the shores of Lake Albert in Block 2 by Shell in 1938, which encountered oil shows. The presence of a thick sedimentary sequence in the graben, well-documented oil seeps along the edge of the lake and information from gravity and magnetic surveys provide encouraging indications of the area's petroleum potential. In 2002 the Block 3 joint venture, operated by Heritage Oil, drilled the Turaco-1 well to 2,487 metres and encountered good shows of both methane and higher order gases (C1 to C4) and also live oil shows, but mechanical difficulties during coring meant that no wireline logs were recorded.

The Lake Albert Seismic Survey commenced recording in September 2003 after the vessel "Victoria III" was transported overland and equipped with seismic recording instruments. The survey, totalling approximately 1,600 line kilometres of data, was conducted by Hardman in conjunction with the adjacent Block 3 parties. The seismic survey was successfully completed in November and processing of the data has recently been completed.

A detailed technical evaluation of the seismic data is currently in progress with early results indicating the presence of robust structural leads and prospects. On completion of this technical work Hardman will commence presentations of the project to companies which have expressed interest to farmin and fund the next phase of drilling one or more wells.



Hardman has a 55% interest in the PEP38215 exploration permit in the Great South Basin, New Zealand. The permit covers an area of 11,665 square kilometres (see Location Map PEP38215 Great South Basin New Zealand). Bounty Oil & Gas NL holds a 35% interest and is operator.

The Joint Venture intends to focus on the hydrocarbon potential of the base Tertiary/top Cretacious sediments within the Central Graben of the basin. Potential is indicated by the results from two offset wells; Toroa-1 in the north of the permit area, encountered 425 metres of oil and gas shows in the Upper Cretaceous; and Pakaha-1 located at the southern margin of the Central Graben which encountered good hydrocarbon shows.

Detailed mapping of reprocessed seismic by Hardman and its parties has confirmed the major structural trends in the area and identified a number of leads.

A 25% interest in the permit has been farmed out to Electro Silica plc in exchange for the cost of a 2,000 km seismic survey. Electro Silica can earn a further 50% interest by funding the drilling of an exploration well.

http://www.hdr.com.au/

xmortal

fyi there is a hardman thread on the traders board may be worth a look

will do... also will update more info once i get time. ta.

All relevant


YUKOS awaits bailiffs as deadline passes
Thu 8 July, 2004 08:46



By Dmitry Zhdannikov

MOSCOW (Reuters) - Russia's largest oil exporter YUKOS is waiting for the government to start selling off its assets after missing a deadline to pay $3.4 billion (1.8 billion pounds) in back taxes.

The deadline expired at midnight after talks with the authorities failed to resolve the issue which analysts warn could sap enthusiasm to invest in Russia and undermine economic growth.

Bailiffs can now arrive at any moment at the company's Moscow headquarters or its operations, which pump a fifth of Russia's crude oil.

"We have no fresh news. We are waiting," YUKOS spokesman Alexander Shadrin said.

The oil giant says it could collapse by the end of the year under a tax bill that totals nearly $7 billion for 2000 and 2001. Analysts say that could rise to $10 billion after audits of 2002 and 2003.

The firm's future to a large extent depends on whether main shareholder Mikhail Khodorkovsky, and other core owners who control YUKOS through holding firm Menatep, can reach a settlement with the Kremlin.

The politically ambitious Khodorkovsky is on trial for fraud and tax evasion and the charges against YUKOS are widely seen as part of a campaign against him by a Kremlin that tolerates little opposition.

Khodorkovsky's lawyer said on Wednesday that he had offered from his jail cell to give up control in return for the company's salvation but there was no word from officials.

"Khodorkovsky has the right to take a decision on behalf of all of us, and the (Kremlin) understands this perfectly well," Russian newspaper Vedomosti quoted a Menatep source as saying.

"They simply have no interest in these discussions. They don't have a united opinion of what to do with YUKOS now."

President Vladimir Putin pledged last month to try to prevent the firm's collapse, but legal blows have continued to rain down on YUKOS.

However, some analysts said bankruptcy looked a long way off.

"We believe the parties can still reach a compromise," Merrill Lynch said in a research note.

"Even if the government wanted to bankrupt YUKOS, a lack of experience with bankruptcy of this magnitude, unclear legislation and the fact the company has not exhausted all the legal means at its disposal ... indicate that YUKOS is unlikely to go bust," it added.

KHODORKOVSKY OFFER

A high-level YUKOS source said on Wednesday the company was in talks with officials on how to reach an amicable agreement and avoid bankruptcy.

But a YUKOS spokesman denied talks were going on and said the government had not responded to attempts to strike a deal.

"Unless the government gives us more time to pay back what we owe ... we will be, technically speaking, insolvent," said Hugo Erikssen, head of international information for YUKOS.

Many Russians may cheer the potential collapse of a company whose shareholders amassed huge fortunes in shady privatisations while most of the population was thrown into poverty after the Soviet Union collapsed.

But analysts say the selective bankruptcy of YUKOS could hurt everyone in a country banking on foreign investment to help double the size of the economy in this decade.

Thursday Closing Oil Prices Barrel Higher

For the first time in more than a month, oil prices have surged back above 40 dollars a barrel. Traders say prices shot higher after Homeland Security Secretary Tom Ridge held a news conference and warned that terrorists are looking to disrupt the November elections.

In New York, crude for August delivery jumped more than three percent, up a dollar and a quarter to 40 dollars, 33 cents a barrel. Crude futures are the highest they've been since before OPEC's announcement last month that it would boost oil production.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

World oil prices soar
July 9, 2004 - 6:06AM

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World oil prices shot higher, taking New York crude above $US40, as the market reacted with shock to a White House warning that al-Qaeda is planning a major US attack.

New York's benchmark light sweet crude contract for delivery in August soared $US1.25 to close at $US40.33 a barrel, the first finish above $US40 since June 1.

Brent North Sea crude leapt $US1.16 to $US37.77.

Homeland Security Secretary Tom Ridge issued the terrorist warning, which shattered market nerves even after weekly government figures showed commercial crude oil, petrol and distillate inventories on the rise.

"Credible reporting" indicated al-Qaeda planned a large-scale attack in the United States, Ridge said, adding that security would be stepped up at Democratic and Republican national conventions.

Ridge said he had no precise knowledge about time, place or method of attack.

"The fundamentals suggest that oil prices should have come down at least a dollar," said Oppenheimer market analyst Fadel Gheit.

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"But Tom Ridge a couple of hours ago said that there is a high probability that there will be a terrorist attack during the Republican and Democratic conventions in Boston and New York in the next few weeks," he added.

"That scared the hell out of everybody."

The Democratic Party's national convention is to be held in Boston July 26-29, while President George W Bush's Republican Party is to hold its convention in New York August 30-September 2, ahead of the November 2 US presidential election.

The US Department of Energy said for the week to July 2 commercial stocks of crude oil rose by 100,000 barrels from the previous week to 305.0 million, petrol rose 1.0 million barrels to 206.1 million and distillate fuels - heating oil and diesel - were up 3.1 million at 114.0 million.

Exploration Start-Up Eyes Falkland Island Waters... And AIM Listing
Falkland Islands Holdings and partners Global Petroleum Limited and Hardman Resources have restructured their joint venture in the waters off the Falkland Islands. A new company, Falkland Oil & Gas Limited (FOGL), will spearhead the exploration campaign in the licences, which cover 33,700 sq km to the south and east of the Falkland Islands, an area geologically distinct from the North Falkland Basin which was the focus for oil exploration activity during 1996-98.

The shareholdings in FOGL will be RAB Special Situations Fund (a fund managed by AIM-listed hedge fund manager, RAB Capital) with 45.4 per cent, FIH 28.9 per cent and Global 25.7 per cent. FOGL will hold 77.5 per cent of the licences with Hardman holding the remaining 22.5 per cent. FOGLs share of the work programme will cost US$3.6 million and will be funded US$2.2 million by RAB, US$1.1 million by FIH and US$0.5 million by Global. Hardman will put up US$0.9 million of the seismic costs. The board of FOGL will comprise representatives of RAB, FIH and Global. The initial chairman will be John Armstrong, executive chairman of Global Petroleum.

The new exploration outfit, which plans to seek eventual admission to Londons Alternative Investment Market, will focus on the acquisition of a 2,300 km 2D seismic survey at an estimated cost of US$4.5 million. The acquisition of the new data follows the 2003 mapping of 4,340 km of purchased seismic data, which identified a number of leads in water depths of 400 to 1,850 metres with targets ranging from 200 million to 2.5 billion barrels of oil.

While no wells have been drilled in these areas, there have been successful tests in the adjacent Malvinas Basin to the west. The Calamar-1 well flowed 3,000 barrels of oil per day and the Salmon-2 well flowed 20 million cubic feet per day of gas. The wells produced from the Cretaceous Springhill Formation, which is expected to occur in the new licences.

These oil and gas flows offer support to the view that the Joint Ventures licences contain an active petroleum system within the 8,000 metres of Late Jurassic to Tertiary sedimentary section, the company said in a statement.

David Hudd, chairman of Falkland Islands Holdings, said: The creation of a new, fully funded oil exploration company that mirrors our minerals venture is an exciting development. FIH is well-placed to benefit, both directly and indirectly, from increased levels of activity in these sectors.

Meanwhile, Falkland Islands Holdings, which operates a range of businesses in the islands, has reported turnover of 11.1 million for the year ended March 31, 2004, slightly down on the prior year period of 11.4 million. Pre-tax profits slipped from 1.025 million in 2003 to 0.847 million in the year just gone. The dividend per share was up 4.5 per cent, however, at 5.75p.

The results were hit by increased shipping costs and a poor fishing season. However, the companys minerals business received encouragement from the results of an initial aeromagnetic survey and drilling could get under way this year.

Hudd commented: The potential from our oil and mineral licenses in the Falklands is real and we have significant mineral and oil exploration programmes currently under way. These developments give the board confidence for the future.

The Tiof Find Offshore Mauritania Emphasises Hardman Is Not A One Discovery Wonder
Hardman Resources, the Australian junior which is also quoted on Londons AIM market, continues, despite some occasional signs of stirring, to be a curious sleeper in the oil and gas sector. Okay, its most recent exploration well Poune, which tested a Upper Cretaceous structure on Production Sharing Contract (PSC) Area B, offshore Mauritania, was dry. But the well before that, Tiof, which was also offshore Mauritania and which tested a shallower Miocene structure, came up trumps.

This showed that Hardman is not, as it appears to be perceived by the market in London, a one discovery wonder that finds it difficult to raise the finance to match its ambitions. Its company making find with Chinguetti, on Area B offshore Mauritania is well advanced in its development. The Tiof discovery could mean reserves offshore Mauritania are much greater than originally thought. A third exploration well in the 2003 programmes offshore Mauritania - the Dana operated Pelican - is currently being drilled. Hardman has production in Australia, which provides enough flow to pay the bills and the wages. It also has some exciting prospects in Guyane in South America, Uganda, Gabon and New Zealand.

Chinguetti was first discovered in 2001. Reserves here have been put at 142 million barrels of oil recoverable; Hardman has a 21.6 per cent stake in the action. Production is expected by 2006 at the latest and is predicted to be at least 75,000 barrels of oil a day (bopd), which means Hardman will have 16,000 bopd for itself and that the company will immediately be punted into the top half dozen of the UK quoted mid-cap explorers and producers.

The cost of developing the field has been put at US$400 million, of which Hardmans share would be US$86 million. The company wants to raise this money off the balance sheet so there will be no dilution for shareholders. It is currently in negotiation with a commercial bank to raise US$75 million and the International Finance Corporation (IFC), which is part of the World Bank, to find another US$100 million. Asked on a scale of one to ten how confident he was that the US$100 million would be raised soon, Executive Director of Hardman, Scott Spencer, said, Ten.

Following Chinguetti, Hardman had another successful discovery with its Banda well, which is also offshore Mauritania. This find was three quarters a gas discovery, with reserves estimated at 3 trillion cubic feet. But there was also oil, with recoverable reserves put at 100 million barrels. Hardman holds 24.3 per cent of this licence. This will probably be developed as a gas field and this will take time. The oil element, however, means that, together with Chinguetti, Hardman has been able to book reserves to itself of over 50 million barrels of oil. Assuming the oil is worth US$5 a barrel in the ground then Hardman shares are worth more than 30p a share on what has been discovered so far;and this says nothing about other activities and prospects.

There is also Tiof. The first well struck oil in the shallow Miocene zone. Total reserves have been tentatively put at 200 million barrels, with Hardman holding 21.4 per cent of the action. In the normal way Hardman would think about drilling appraisal wells next year. However, the company is so excited about the size and possibilities of Tiof, it is about to drill another exploration well, called Tiof West, some 8 kilometres from Tiof-1. Sources, not Hardman it should be stressed, have talked about reserves of 650 million barrels. If this turns out to be the case then Hardmans shares should really wake up.



Hardman Resources Has Lots Of Positive News About Its Activities In Australia And Mauritania
The news flow from Aussie explorer, Hardman Resources, which is quoted on Londons Alternative Investment Market (AIM), as well as in Australia, is like a successful oil discovery - it seems to be spurting out in all directions.

The main story is the progress being made with Hardmans company making discoveries in the Chinguetti field, offshore Mauritania. According to the company's activities report for the third quarter ending September 30, 2003, the Chinguetti 4-5 appraisal and early development well intersected 38 metres of net oil bearing sandstones. Production testing of the high quality reservoir section has flowed oil at rates of up to 15,680 barrels of oil per day.

The preliminary development plan envisaged six production wells to achieve the initial peak field production rate of 75,000 bopd. This would require each well to produce at 12,500 bopd. However, the current well 4-5 being tested is a vertical well, which intersected only a part of the reservoir section, and production is limited by the surface test facilities. Some of the production wells to be tested later will be directionally drilled (inclined) and designed to intersect a greater proportion of the reservoir sands and therefore should be able to produce at even greater rates. Suffice it say, the initial production target of 75,000 barrels a day is comfortably attainable. Hardman has net interest of 21.6 per cent in the Chinguetti field.

So what happens now? To achieve first production by the end of 2005, the Chinguetti Development Plan includes the leasing of a Floating Production Storage and Off-Take Vessel (FPSO) for an eight to ten year period, the drilling of six production wells (possibly more), a gas injection well and water injection wells. The development plan envisages costs will be US$400 million, of which Hardman is expected to find US$86 million.

By the end of 2003 Hardman is hoping to have analysed the test data on Chinguetti 4-5, finalised the Chinguetti Development Plan, commenced the tendering process for facilities (FPSO) and completed the technical and legal due diligence work with the ANZ and IFC banking groups ahead of the project loan financing which Hardman hopes to finalise by February 2004, with the final investment decision (FID) in March 2004. The company also hopes before December 2003 to have joint venture agreement for the Declaration of Commerciality.

The 2P (proven and probable reserves) of Chinguetti have been put at 142 million recoverable, which means just over 30 million net to Hardman. If the initial production estimates turn out to be correct then it would mean 16,000 barrels a day net to Hardman which would immediately punt it in to the top half dozen of the small cap producers listed in London.

Chinguetti is just the first discovery. On the basis of only one well at Banda, which is close to Chinguetti on the same block, there are thought to be 100 million barrels of proven and probable reserves recoverable. This excludes the large gas reserve. Hardman holds 24.3 per cent of this licence.

There are also many more prospects to be looked at. In terms of the exploration drilling programme, on October 28, 2003 the company started the drilling of the first two wells on the Woodside operated Production Sharing Contract (PSC) Area B licence (Hardman 21.6 per cent). This first well is on the Tiof prospect, which is a Miocene aged sand prospect associated with a salt structure and is similar in type and size to the Chinguetti discovery. The second well is in Poune prospect, which is a test of a deeper Upper Cretaceous structure. However, this well will also test a shallower Miocene sand channel target.

Hardman is still hoping to drill a third exploration well on the Pelican prospect in the Dana Petroleum operated PSC Block 7 (Hardman 18 per cent), but this may depend on whether everything can be organised in time for this well to be included in the current schedule to drill the well in November 2003. Hardman has A$40 million cash in the bank with which to fund its share of this programme.

Back home in Australia, Hardman does have some small production from its Woodada gas field in the Perth Basin. This is around 4.5 million cubic feet of gas a day. There was some disappointment that the Leafcutter-1 well on the Woodada licence had to be plugged and abandoned. Ted Ellyard said: I was certainly disappointed. We always considered the Leafcutter to be a relatively high risk but cheap test of the up-dip potential in the Woodada area. However, the well had several zones of residual oil shows and we need fully to consider any follow-up potential before dismissing the play.

Any disappointment here, however, is probably compensated by the progress of the Jingemia discovery in the Perth Basin. The completion of extended production testing at Jingemia-2 and Jingemia-3 has seen oil flows at 2,000 barrels a day and confirmed original estimates of 5 million barrels a day recoverable. Hardman has 22.4 per cent of Jingemia. This not may sound much, but the point about the discovery is that it is onshore and therefore cheap to produce and easy to commercialise. On the basis of 448 barrels a day net to Hardman, and a West Texas Intermediate price of US$25 a barrel, with all-in costs around US$6 a barrel, then Hardman will gain US$3 million net cash flow on an annualised basis.

To develop larger reserves in Australia, Hardman announced an expansion into the Timor Sea with the purchase of adjoining permits AC/R1 (100 per cent equity) and AC/P26 (49.375 per cent equity). These cover the undeveloped Talbot field plus an option over another permit WA-316.

The attraction of these permits, besides giving the company the opportunity to develop beyond its existing holdings in the Perth Basin, is that purchase cost and current commitments are modest, and this allows the company to continue concentrating its funding on Mauritania. Its initial estimate of the fields recoverable reserves range from 4 million to 6 million barrels.

Hardman has other projects, which are longer term, in Guyane (French Guiana), New Zealand and Uganda. As things stand, on its own estimates, the company has company wide 2P reserves of 60 million barrels. This is made up of 50 million in Mauritania, plus 2.5 million of oil equivalent to Hardman in the Woodada gas field and Jingemia oil field, and the 4 to 6 million barrels In the Talbot field.

It obviously takes a long time and is expensive to develop deep-water offshore assets. But Hardman has created value through the drill bit which outweighs its current share price. Broker Canaccord has said: Despite its drilling success Hardman shares have performed weakly. We believe the market will begin to see considerable additional value in Hardman.

For investors who are prepared to take a punt on the Alternative Investment Market (AIM), Hardman Resources could be worth consideration, says David Stevenson, manager of the SVM UK Opportunities fund.

Hardman Resources is an oil exploration company listed on both AIM and Australian Stock Exchange. The company has projects in eight countries and a major presence in the emerging petroleum province offshore Mauritania, West Africa.

Hardman participated in successful exploration and appraisal drilling programmes in 2002 and 2003. "With substantial discoveries already and scope to add significantly to existing reserves the company is now in a transition phase from a small exploration company, and should achieve a much wider ownership and broker coverage," Mr Stevenson said. He expects a full UK listing in due course.

Found this on Hardman:

Fuel for thought
Investment extra, Daily Mail
8 July 2004

OUR months ago Australian explorer Hardman Resources pulled off a stunning deal. It sold a stake in two Mauritanian offshore blocks to gas giant BG for 72m - trebling its money in less than six months. It seemed almost too good to be true.




Hardman sniffed the deal when Italy's Agip decided to sell its 35% of the two blocks 50 miles off north west Africa. Already an investor in the blocks, it used its pre-emption rights and agreed a net* price of 18m.



Then another well flowed oil and it made two new discoveries when BG came looking for part of the action. Hardman obliged at a 54m profit.



Life was not always so sweet. Founder Alan Burns recalls that Hardman started up just in time for the 1987 share crash.



Based in Perth, Australia, Hardman is 10.5% owned by another Perth explorer, Woodside Petroleum. Woodside, itself one-third owned by Shell, is drilling the Mauritanian blocks that are shaping Hardman's fortunes.



With three million people, and wedged between the Spanish Sahara and Mali deserts, Mauritania was eking a living from iron ore and fishing. But Hardman and others reckoned that the big oil finds off Angola and Nigeria augured well for the waters to the north.



They were right. Their first well in 2001 struck the Chinguetti field, now hoped to contain 140m barrels. Hardman's share is 21.6%. First production from a floating drillship is due in 2006.



Chinguetti is modest by oil standards but the next find, Tiof, is thought to hold more than 300m barrels and the licence area has other structures. All seven wells drilled so far have found oil or gas.



These successes have boosted Hardman's shares to 75 1/2p and its market value to 485m, making it the fourth largest oil company in Australia. The gain has been enough for Burns to sell 150,000 of options* this week.



Director sales are a warning sign. But Hardman looks to have a good deal of exploration upside.



Finding oil means you must also find funds to get it out. Chinguetti could cost 330m. But after BG's sale and an April share placing* at 45 1/2p, Hardman has 90m cash, easily enough to pay its share.



Though it has just 24 staff, it is exploring new frontiers for oil off Guyana, Eritrea, New Zealand and the Falkland Islands. It could over-stretch, but it plans to bring in partners where needed. Burns says: 'When the crude


price fell, big oil gave up its land bank.' He is taking advantage.



Oil is a high-risk business that is full of hype and Hardman has yet to break into profit. Australian broker Aegis expects just above break even next year, then 24m net profits in 2006. Hardman's market value is already 20 times that. But further finds could drive it higher.



When the drillships arrive off Mauritania next month, with up to 12 wells in prospect, there should be more excitement.

This just released:

Hardman Resources Limited
09 July 2004




STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 9 July 2004

CONTACT: Kathryn Davies (08 9321 6881)

RE: EXERCISE OF OPTIONS

PAGES: 9

Please find following ASX Appendix 3B being an application for quotation of
additional securities in the Company pursuant to the exercise of 975,000 options
exercisable at $1.10 per share with an expiry date of 31 December 2004, and
540,000 options exercisable at $1.10 per share with an expiry date of 31
December 2006. The conversion of these securities raises A$1,666,500 additional
capital for the Company





KATHRYN DAVIES
COMPANY SECRETARY AND
CHIEF FINANCIAL OFFICER


Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B


New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as
available. Information and documents given to ASX become ASX's property and may
be made public.
Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/
2001, 11/3/2002.

Name of entity
HARDMAN RESOURCES LTD

ABN
98 009 210 235

We (the entity) give ASX the following information.


Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough
space).

1 Class of securities issued or to be issued Ordinary Shares.
------------------------

2 Number of securities issued or to be issued (if 1,515,000 shares.
known) or maximum number which may be issued ------------------------

3 Principal terms of the securities (eg, if options, Shares are as per
exercise price and expiry date; if partly paid existing ordinary shares
securities, the amount outstanding and due dates on issue.
for payment; if convertible securities, the
conversion price and dates for conversion) ------------------------

4 Do the securities rank equally in Yes.
all respects from the date of
allotment with an existing class
of quoted securities?
If the additional securities do
not rank equally, please state:
the date from which they do
the extent to which they
participate for the next
dividend, (in the case of a
trust, distribution) or interest
payment
the extent to which they do not
rank equally, other than in
relation to the next dividend,
distribution or interest
payment ------------------------

5 Issue price or consideration $1.10 per share.
------------------------

Purpose of the issue Exercise of 975,000 options with an expiry
date of 31 December 2004.
6 (If issued as consideration for Exercise of 540,000 options with an expiry
the acquisition of assets, date of 31December 2006.
clearly identify those assets) ------------------------------------------

7 Dates of entering securities 6 to 8 July 2004.
into uncertificated holdings or ------------------------------------------
despatch of certificates
------------- ----------------
Number Class
------------- ----------------
8 Number and class of all 647,856,507 Ordinary shares.
securities quoted on ASX ------------- ----------------
(including the securities in
clause 2 if applicable)
Number Class
------------- --------------------
9 Number and class of all securities not 4,651,588 Options exercisable
quoted on ASX (including the securities at $1.10 each,
in clause 2 if applicable) expiring 31 December
2004.
9,075,000 Options exercisable
------------- at $1.10 each,
expiring 31 December
2006.
--------------------

10 Dividend policy (in the case of a The Directors do not anticipate
trust, distribution policy) on the declaring a dividend in the current
increased capital (interests) financial year.
------------------------------------

Part 2 - Bonus issue or pro rata issue

11 Is security holder approval required?

12 Is the issue renounceable or non-renounceable?

13 Ratio in which the securities will be offered

14 Class of securities to which the offer relates

15 Record date to determine entitlements

16 Will holdings on different registers (or subregisters) be aggregated for
calculating entitlements?

17 Policy for deciding entitlements in relation to fractions

18 Names of countries in which the entity has security holders who will not be
sent new issue documents
Note: Security holders must be told how their entitlements are to be dealt
with.
Cross reference: rule 7.7.

19 Closing date for receipt of acceptances or renunciations

20 Names of any underwriters

21 Amount of any underwriting fee or commission

22 Names of any brokers to the issue

23 Fee or commission payable to the broker to the issue

24 Amount of any handling fee payable to brokers who lodge acceptances or
renunciations on behalf of security holders

25 If the issue is contingent on security holders' approval, the date of the
meeting

26 Date entitlement and acceptance form and prospectus or Product Disclosure
Statement will be sent to persons entitled

27 If the entity has issued options, and the terms entitle option holders to
participate on exercise, the date on which notices will be sent to option
holders

28 Date rights trading will begin (if applicable)

29 Date rights trading will end (if applicable)

30 How do security holders sell their entitlements in full through a broker?

31 How do security holders sell part of their entitlements through a broker
and accept for the balance?

32 How do security holders dispose of their entitlements (except by sale
through a broker)?

33 Despatch date


Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of
securities

34 Type of securities
(tick one)
(a) Securities described in Part 1

(b) X All other securities

Example: restricted securities at the end of the escrowed period, partly
paid securities that become fully paid, employee incentive share
securities when restriction ends, securities issued on expiry or
conversion of convertible securities

Entities that have ticked box 34(a)


Additional securities forming a new class of securities

(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35 If the securities are equity securities, the names of the 20 largest
holders of the additional securities, and the number and percentage of
additional securities held by those holders

36 If the securities are equity securities, a distribution schedule of the
additional securities setting out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over

37 A copy of any trust deed for the additional securities

(now go to 43)


Entities that have ticked box 34(b)

38 Number of securities for which quotation is 1,515,000.
sought --------------------------

39 Class of securities for which quotation is Ordinary.
sought --------------------------

40 Do the securities rank equally in all Yes.
respects from the date of allotment with an
existing class of quoted securities?
If the additional securities do not rank
equally, please state:
the date from which they do
the extent to which they participate for the
next dividend, (in the case of a trust,
distribution) or interest payment
the extent to which they do not rank equally,
other than in relation to the next dividend,
distribution or interest payment --------------------------

41 Reason for request for quotation now Issue of new ordinary shares
upon exercise of options.
Example: In the case of restricted
securities, end of restriction period
(if issued upon conversion of another
security, clearly identify that other
security) --------------------------
------------- ---------------
Number Class
------------- ---------------
42 Number and class of all securities quoted on 647,856,507 Ordinary.
ASX (including the securities in clause 38) ------------- ---------------

(now go to 43)

All entities


Fees

43 Payment method (tick one)
Cheque attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is given to ASX
electronically at the same time.

X Periodic payment as agreed with the home branch has been arranged
Note: Arrangements can be made for employee incentive schemes that
involve frequent issues of securities.

Quotation agreement

1 Quotation of our additional securities is in ASX's absolute discretion. ASX
may quote the securities on any conditions it decides.

2 We warrant the following to ASX.

The issue of the securities to be quoted complies with the law and is not for an
illegal purpose.

There is no reason why those securities should not be granted quotation.

An offer of the securities for sale within 12 months after their issue will not
require disclosure under section 707(3) or section 1012C(6) of the Corporations
Act.

Note: An entity may need to obtain appropriate warranties from subscribers for
the securities in order to be able to give this warranty

Section 724 or section 1016E of the Corporations Act does not apply to any
applications received by us in relation to any securities to be quoted and that
no-one has any right to return any securities to be quoted under sections 737,
738 or 1016F of the Corporations Act at the time that we request that the
securities be quoted.

We warrant that if confirmation is required under section 1017F of the
Corporations Act in relation to the securities to be quoted, it has been
provided at the time that we request that the securities be quoted.

If we are a trust, we warrant that no person has the right to return the
securities to be quoted under section 1019B of the Corporations Act at the time
that we request that the securities be quoted.

3 We will indemnify ASX to the fullest extent permitted by law in respect of any
claim, action or expense arising from or connected with any breach of the
warranties in this agreement.

4 We give ASX the information and documents required by this form. If any
information or document not available now, will give it to ASX before quotation
of the securities begins. We acknowledge that ASX is relying on the information
and documents. We warrant that they are true and complete.

Sign here: Company Secretary Date: 9 July 2004


Print name: Kathryn Davies
== == == == ==




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

Hardman Resources is featured in Today's Investors Chronicle.

Recommedation: BUY


also from www.thisismoney.com

Falkland's booty

AS in Iraq, there were those who said the Falklands War was over its oil reserves, only in that instance, it was potential reserves rather than actual. Now, with that war now history, Falkland Islands Holdings, the AIM-listed* company that is one of the islands biggest employers, is setting out to prove that potential.


It has formed a joint venture, Falkland Oil & Gas, with Global Petroleum of Australia and RAB Capital, to follow up on seismic data, gleaned last year, that has identified eight or nine potential offshore target fields, the ranging in potential from 2.5m to 200m barrels of oil.

moving up to 1.2%

Buy recommendation over the weekend in either Telegraph or Times. Forget which.

Almost everyone is recommending this share. We'll see produce soon. Amazing uptrend.

http://www.gtp.com.au/hardman/inewsfiles/5JulyMauritaniaJVApproves2004DrillingPlans.pdf

I moved the Argentinian drilling rig General Mosconi from Bahia Blanca to Comodoro Rivadavia many years ago for a drilling programme, they have been drilling there for years. Thats just 400 miles NW of Falklands, so there's got to be oil in Falkland waters.

OPEC to keep grip as oil supply lags demand
Tue 13 July, 2004 12:15



By Jonathan Leff

LONDON (Reuters) - The world's dependence on OPEC's oil is expected to increase again next year, supporting cartel efforts to keep prices high as robust demand growth outpaces non-OPEC output, a Reuters survey has found.

Demand growth is likely to climb by 1.8 million barrels per day (bpd) next year, well in advance of extra non-OPEC supply of just one million bpd, according to a survey of 13 analysts.

"The narrative is that demand is weaker than this year, but non-OPEC supply growth will still not be able to meet it," said Roger Diwan, managing director of the Washington DC-based Petroleum Finance Company.

This means the Organisation of the Petroleum Exporting Countries, which produces about a third of the world's oil, should have little difficult maintaining its grip on markets, keeping inventories low to extend an oil-price rally into a sixth year.

Many analysts now expect the challenge for OPEC to be less one of maintaining a floor for prices than managing to keep up with robust demand growth in the face of limited spare capacity.

"Our view is that OPEC...doesn't have a lot of spare capacity to bring this market down," said Jeff Currie, head of Goldman Sachs' global commodities research.

Demand next year is forecast to rise to about 83 million bpd, up from a mean base of 81.2 million bpd this year, while non-OPEC supply climbs to 50.8 million bpd, the survey found.

Estimates on outright levels differed depending on varied baseline assumptions for this year. The range of demand growth forecasts varied from 1.4 to 2.4 million bpd, while non-OPEC supply growth was pegged between 700,000 bpd and 1.4 million bpd.

The International Energy Agency releases its forecasts for 2005 on Tuesday.

PRICES TO STAY HIGH

Demand growth is seen surging 2.3 million bpd in 2004, the fastest in 24 years, according to the IEA's last monthly report. Non-OPEC supplies, however, are rising only by 1.2 million bpd.

"Even though OPEC's market share is not going up as much in 2005 as this year, the upward pressure on prices probably remains," said Deutsche Bank analyst Adam Sieminski.

That is in part because the anticipated surge in non-cartel production that had once been forecast for next year appears to have fizzled.

Some major West African and Caspian oil mega-projects are taking longer than expected, and the outlook for the former Soviet Union as a whole now appears bleaker than before, particularly given the threat to major producer YUKOS.

"Going forward, Russia's growth profile is a critical element in a supply side that is looking increasingly challenged in keeping up with demand," said Barclays Capital in a report.

Last week the U.S. Department of Energy downgraded its 2005 supply forecast for the former Soviet Union, a major engine for non-OPEC growth, by 500,000 bpd to 11.5 million bpd in this month's short-term outlook.

It now expects only 500,000 bpd growth from the region this year. This has in turn pushed its total non-OPEC supply growth forecast for 2005 down to 1.1 million bpd from 1.5 million bpd.

Meeting another year of two-percent-plus demand growth will depend on a continuing economic recovery in the United States and growth from China, which has been the primary engine for this year's surge, analysts say.

"The question is whether continuing robust economic growth is consistent with continuing high oil prices," said Steve Turner, oil analyst with Commerzbank.

US stocks turn lower as oil price jumps
By Elizabeth Wine in New York
Published: July 14 2004 13:56 | Last Updated: July 14 2004 19:36


US markets turned lower in afternoon trade as investors reacted to a jump in the oil price and refreshed terror fears, and continued to fret about disappointing guidance from Intel and an unexpected dip in retail sales.


With a few hours left in the session, the Dow Jones Industrial Average was down 0.1 per cent at 10,237.86, while the S&P 500 was off fractionally at 1,114.91. The Nasdaq Composite was down 0.3 per cent at 1,925.16.

Oil prices leapt above $40 a barrel on reports the FBI warned local law enforcement agencies that recent overseas terrorist attacks "highlight terrorists' interests in targeting energy-related infrastructures."

very very interesting

http://news.bbc.co.uk/1/hi/world/3625207.stm

LONDON, July 16 (Reuters) - U.S. oil prices held firm near $41 on Friday as the most robust demand growth for more than two decades pushes OPEC to keep pumping crude at near capacity, leaving world supplies vulnerable to the slightest production hiccups.
U.S. light crude rose 18 cents to $40.95 a barrel, just a hair away from a six-week high of $41.12 touched on Wednesday. And prices are near June's $42.45 peak, a record for the contract's 21-year history.
European benchmark Brent was up 29 cents at $37.77 a barrel, buoyed by an exceptionally strong cash crude market in the North Sea.
Gains were spurred this week by an unexpected decline in U.S. crude and gasoline inventories, plus worries that heating oil supplies are not being built-up quickly enough ahead of the winter.
The U.S. oil data added to fears over supply disruptions at a time when output capacity was being stretched by rapidly growing demand -- estimated to be expanding at 2.5 million barrels per day (bpd) this year, its fastest clip in 24 years, according to the International Energy Agency (IEA).
The Organisation of the Petroleum Exporting Countries (OPEC) is proceeding with its planned output ceiling hike of 500,000 bpd from August 1 in an effort to cool prices, but it looks unlikely to mean more crude.
The group, which controls around half the world's oil exports, is already pumping nearly two million bpd over its new 26 million bpd August quota, very near the its maximum capacity.
With little to discuss, the cartel cancelled next week's planned ministerial meeting. It will next meet September 15.
"The cartel perhaps concluded that aside from the Saudis, the rest of the group is pretty much tapped out in terms of exports," said Ed Meir, analyst at brokers Man Financial. "Therefore, having a meeting to discuss more 'phantom' quota increases would be of little use."
Kuwait said on Thursday it had spare oil production capacity of almost 100,000 bpd, while Saudi Arabia, which has been producing around 9.1 million bpd, has the capacity to crank it up to 10.5 million bpd.
"The meeting is cancelled because the market is stable. There is no problem at the moment because the decision to increase 500,000 bpd from August 1 is in place," OPEC president Purnomo Yusgiantoro told Reuters on Friday.
HEATING OIL WORRIES
Distillate supplies in the United States, where the Northeast region is a major winter-time consumer of heating oil, have emerged as an early driver for the energy complex as dealers fretted over the pace of pre-winter inventory building.
Heating oil futures reached a year-and-a-half high of $1.1080 a gallon this week, the strongest on record for July, when gasoline is typically the market's strongest product. On Friday, it was trading up 22 points at $1.1008.
Seeking to avoid panic buying, the U.S. government Energy Information Administration (EIA) said on Thursday there was plenty of time to boost heating oil inventories before the winter heating season arrives, so traders should not bid up fuel prices.
It's much too early to worry about heating fuel supplies, EIA administrator Guy Caruso told reporters.
This week's EIA data reported a significant build up of 2.7 million barrels in middle distillate inventories for the week ended July 9, putting them three percent above this time last year.
Caruso conceded that the United States came out of the spring with relatively low heating oil stocks, but added that if crude imports continued to average 10 million bpd and there were no major refinery outages, heating oil stocks should be in the "normal zone" by November.
Still analysts said that, while stock levels looked comfortable on the surface, rapid economic growth could place more demands on inventories than in previous years.
Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, said fund speculators would remain on the buy side of the market on persistent fears of disruptions to crude flows in Iraq and possible refinery outages in the United States.
"There are no bearish factors in the market. Already we are over $40 and there is still room to move higher," he said.

xmortal,

Thanks for posting that, and the oil market currently has a healthy look about it!

Hardman however, IMHO, is all about sentiment, and a couple of decent exploration results will drive this higher even if crude retraces.

Nice little tick up this morning!

yes, andy.... The up trend is established so im just riding it while it last. I placed a punt on here and im sure it willmove slowly but surely on drilling and high oil price expectations. Enjoy

Good to see that Fidelity have built up a 6% stake. They tend to get things right more than not.

Hardman Resources Limited
03 August 2004




STOCK EXCHANGE / MEDIA RELEASE TO AIM

RELEASE DATE: 3 August 2004

CONTACT: Kathryn Davies (08 9321 6881)

RE: CHANGE IN SUBSTANTIAL HOLDING

PAGES: 1

Please note that Hardman Resources Ltd was notified on 3 August 2004 that
entities owned or managed by Fidelity Management and Research Company Limited
and Fidelity International Limited hold 39,459,934 shares in the Company,
representing 6.08%.




TED ELLYARD
MANAGING DIRECTOR

Described by IC as having "good looking assets, with plenty of upside". Sounds sexy to me!!

Bought in yesterday instead of ETQ. Last bit of dosh left now fully invested.
Did I make the right choice?

Mickyskint

mickey,

Hope so!

personally I think both shares are speculative, and ETQ is being ramped on ADVFN, and to a lesser extent here, which would make me wary of investing there.

Hardman have an whole lot of wells to drill in the near future, so worth a speculative punt at least IMHO.

tipped in the Sunday Telegraph, but did not make much impact!!

Security alert in Mauritania!! Stock down about 13% in early trading. Assuming this blows over, could it be a buying oppotunity?

""could it be a buying oppotunity?""

Could be, or things could get worse before getting better

The main politcal concern in Mauritania is an invasion from neighbouring country

Mauri a poor country, has only a population of about 3 million so we can assume not much in line of defence

I sold about 80% of my holding last week at circa 92p, but that based was on a new fangled chart system that I devised
good luck

jal

gallick,

Thanks for the info, was a tad concerned for a moment there!

here are the real news.... TOP UP time

Army officers held in Mauritania


Ould Taya himself came to power in a coup
Several military officers are said to have been arrested in the Mauritanian capital, Nouakchott.
The government has not commented on the reports which link the detentions to a possible coup plot against President Maaoya Sid'Ahmed Ould Taya.

President Taya survived a coup attempt in June 2003 which sparked off days of fighting in the capital.

The capital is reported to be calm, but some new secuity measures. Troops have also been confined to their barracks.

Sources have been talking about 18 officers being arrested and appear to be suggesting the involvement of Islamists.

Some 120 soldiers are still being held in prison awaiting trial following the failed coup last year.

President Taya took power in a bloodless coup in December 1984 and has been re-elected three times since.

To Coup or not to Coo.............?

Well Invasion, Coup, Civil unrest, the end result is that only Oil Companies know how to get the Oil out of the ground or sea.

Whoever is in power, they are beholding to the expertise of these companies.

I do not believe these investments are in peril because of these events.

It is not even making the National News on the BBC.

I have used it as a buying opportunity and am already up on the day.

how can people be frightened out of this and yet stick money into PET under far more serious conditions in Iraq?

eurofox,

A VERY good question!

(and I have a few PET, but do realise it's a total risk!)

LONDON, Aug 10 (Reuters) - Shares in British oil and gas company Premier Oil Plc fell on Tuesday amid tension in the African state of Mauritania, where the company has major projects.
Unconfirmed reports of a foiled putsch swirled round the capital of the coup-prone former French colony earlier this week.
Premier Oil shares were down 3.0 percent at 581 pence at 0823 GMT, one of the main losers in the FTSE 250 mid-cap index < .FTMC>.
A Premier Oil spokesman in London said the company was monitoring the situation in Mauritania, echoing similar comments from Australian energy firms Hardman Resources and Woodside Petroleum , which also operate in the country.
Despite the situation in Mauritania, Numis Securities kept a "buy" rating on Premier Oil, arguing that its offshore drilling programme was unlikely to be affected in the short-term.
"At present, we see the tension as a temporary set back and retain our buy recommendation," Numis said in a research note.


Also SEY and Woodside have gone up since the big drop this morning

Hi, I just sold my EEN for a lost of 25% I used the money to top up HNR. Wait and see going back up again as the situations develops for the better. I suggest you also follow PMO prices too for a better indication of the situation.

LOOKING GOOD SO FAR

Company Reports (Consolidated)
Annual Interim
Period Covered 6 Months 6 Months
Report Currency (AUD) (AUD)

Report Type Prelim Prelim

Profit & Loss 31Dec03 % Change 31Dec02

Revenue 4.17m 62.59 2.57m
Total Income 4.17m 62.59 2.57m
Operating Costs 15.00m
~Depreciation 0.75m 297.89 0.19m
Operating Result (10.83m) - 2.57m
Pretax Profit/Loss (10.83m) -929.99 (1.05m)
Net Profit/Loss (10.83m) -929.99 (1.05m)
Net Attributable (10.83m) -929.99 (1.05m)
Retained Profit/Loss (10.83m) -929.99 (1.05m)

Balance Sheet-Assets

Total Current Assets 35.04m -23.50 45.8m
~Cash & Equivalents 30.91m -27.40 42.58m
~Receivables 2.31m 20.29 1.92m
Fixed Assets 93.31m 57.66 59.18m
Total Assets 128.35m 22.26 104.98m

Balance Sheet-Liabilities

Total Liabilities 8.87m 117.26 4.08m
~Current Liabilities 8.68m 112.45 4.08m
~Deferred Liabilities 0.2m
Shareholders Equity 119.48m 18.41 100.9m

Oh look!

A recovery is on the way after one day!!

Stay in there guys.

Oh look,,, what seawallwalker! whats the news?

Hope this answers all.

A load of nothing as predicted.

I hope you all bought at the low!

Hardman Resources Limited
11 August 2004




STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 11 August 2004

CONTACT: Scott Spencer (08 9321 6881)

RE: MAURITANIA UPDATE

PAGES: 1

Hardman Resources Ltd advises that Woodside's staff and contractors in
Mauritania have returned to work and the company has resumed travel to the West
African country following yesterday's reports that several military personnel
had been arrested.

Work resumed on Tuesday (Mauritanian time). The situation in the capital is
described as calm with business continuing as normal.

Hardman and its partners will continue to monitor the situation.





SCOTT SPENCER
DIRECTOR

i topped up yesterday.

Buyers day today.

Dare say some of those who bailed yesterday are coming back in.

This is what it was all about.

As I said, a load of nothing.

Take the money when it's offered I say!

http://www.theage.com.au/articles/2004/08/10/1092102448459.html

Crackdown hits Mauritania venture
By Barry FitzGerald
Resources Editor
August 11, 2004

Nervous investors yesterday wiped a total of $435 million from the market value of the Woodside-led Australian contingent heading up Mauritania's first oil development.

The sharp sell-off in Woodside, Hardman and Roc Oil was prompted by reports of a security crackdown by Mauritania's coup-wary Government.

The crackdown on Monday by the pro-Western Islamic state was viewed as a pre-emptive strike against plotting by disaffected military elements and radical Islamists to seize power from President Maaouya Ould Taya.

There was no official confirmation of the crackdown but one news agency reported 27 soldiers had been arrested, including a cousin of the main player in a failed coup in June last year.

Unlike last year's coup attempt, there were no reports of gun or tank battles in the dusty streets of the capital, Nouakchott.

But Woodside took the security scare seriously enough to suspend travel to the country "until the situation becomes clearer".

Woodside said that reports from its staff in the country and various diplomatic sources indicated that the situation in the capital was calm.

The group's staff and 20 contractors associated with the $US600 million ($A837 million) Chinguetti oil project were ordered to stay at home pending the all-clear.

Woodside said that, while it was not entirely sure what was going on, it was able to report that life in Nouakchott was proceeding normally.

It said it did not expect any impact on the joint venture's plan to start a big-spending drilling program in the waters offshore Mauritania later this month or early next month.

Hardman director Scott Spencer said security crackdowns on what the Mauritanian Government considered subversive elements were not all that uncommon.

"We can't be sure but we are hopeful it will blow over fairly quickly," Mr Spencer said.

Woodside shares fell 30 to $18.69 yesterday, with the security scare in Mauritania more than offsetting the benefits flowing to the group from the surge in oil prices to record levels.

Hardman dived 33 to $1.97. Mauritania is the group's key asset. Roc, which has a much smaller interest in the project, was down 7 to $1.68.

The joint venture gave the go-ahead for the Chinguetti project in late May. First production is due in March 2006 and the partnership is in the early planning stages to follow it up with the development of the much bigger Tiof oilfield, possibly as early as mid-2007.

The interests of the Australian partners are: Woodside 53.846 per cent, Hardman 21.6 per cent, and Roc Oil 3.693 per cent.
END
AR

Dana bounced today, but HNR did not. The share price feels a bit fragile to me although there could of course be a big bounce around the corner. Perhaps it is because positive drilling news may be some way away (most being earmarked for 2005 and 2006).

rgrds
gk

The start of the drilling begins towards the end of this month. News flows will be come thick and fast. I have the feeling , and so IC and shares that this alone will drive the sp. As stated several times by IC and Shares and few weekend newspaper article. A safer blue sky and true potential than DES or even PCI. IMHO.

From oilbarrel.com today.

Sums up all our hopes and prospects.

Chances are better than 1 in 2 of finding more oil and or gas in Mauritannia.

Read the full report.



13.08.2004
Attempted Coup Jangles Investor Nerves But Mauritania Explorers Report
Business As Usual
Reports earlier this week of an attempted coup in Mauritania, the latest deepwater darling of the international oil industry, knocked the share prices of companies with heavy exposure to the North West African country. Among those to suffer from investor fright on Tuesday were London-listed Premier Oil, which slipped 4p to 595p, Hardman Resources, down 8.75p to 81.25p, and Dana Petroleum, which retreated 15.5p to 324p.

However, the fright was short lived. By Wednesday, the Mauritanian defence minister Baba Ould Sidi said the situation was under control.

"The attempted coup d'etat has been foiled and the putschists have been arrested, the minister said in a recorded message on state radio. Between 20 and 30 members of the army were reported to have been arrested.

The minister said the plotters were the very same people who led the aborted putsch in June last year" and that they had planned to topple President Maaouya Ould Sid'Ahmed Taya while he was away in France.

Tensions have edged up in the past year and the government has clamped down on Islamist groups, who remain highly critical of its diplomatic relations with Israel. The government blamed Islamists for the June 2003 coup attempt, which saw two days of fierce fighting in the capital Nouakchott in the most serious challenge to date to the rule of President Taya, who took power in a bloodless coup in December 1984. Some 120 soldiers are still being held in prison over that alleged plot.

Woodside Energy, the leader of the main exploration group in Mauritania, put out a statement on Wednesday to say that its staff and contractors in Mauritania had returned to work and resumed travel to the country.

The situation in the capital is described as calm with business continuing as normal, the company said.

Despite the inevitable flutter of investor nerves at news of the coup attempt, most observers agree that the business of developing and extracting Mauritanias black gold will be largely undisturbed by any onshore instability because the main oil and gas riches lie 75 km offshore. That has certainly been the case in Cote dIvoire where ongoing political turbulence has failed to disrupt its offshore production, or Angola, where multi-million dollar projects continued despite the long-running civil war, which ended in 2002, and in Nigeria it is the onshore oil supplies that suffer from sabotage and disruption - the country deepwater finds are unperturbed by the strife inland.

The main risk lies in any changes to the commercial terms which a new government might impose. Yet, as international explorers like to point out, even safe home-grown production can be subject to unexpected changes to the petroleum regime: British Chancellor Gordon Browns North Sea tax hike in 2002 being a case in point.

And the potential prize on offer is such that the oil companies are likely to remain committed to coup-prone Mauritania for many years yet to come. The assets are world-class in scale, with the proven and probable reserve base of the Chinguetti and Tiof oil deposits adding up to just over 100 million barrels and the Banda gas find also looking substantial. And it looks like theres plenty more where that came from: to date, exploration drilling by the Woodside-led joint venture has racked up a 100 per cent strike rate in the Miocene channel system - Ted Ellyard, the bullish managing director of Hardman Resources, reckons the risk factor on the Miocene prospects is now “better than a one in two chance of success - while Danas Pelican-1 gas find has also opened up the possibility of reserves outlying the core Woodside acreage.

Work is already underway to progress the Chinguetti find towards first production by the end of 2005 at a rate of 75,000 barrels per day. Tiof, which could dwarf Chinguetti in size, could be onstream 18 months later. Further exploration work this summer and autumn could well add further world-beating discoveries to Mauritanias rapidly growing oil and gas base.

Any ideas why this is falling out of bed?

No news.

This has become a Bear Share.

I am in for the ride, but I also need something to cheer me up now and then.

Go to their web site and download information brochure. Has details of 2004 drilling plans and activity. All looks positive, but don't they all. I to am in for the ride lets hope it's not too bumpy.

Got bored so I thought I would put this on.

Woodside are always very cagey with the drilling forecasts.

Remember the expected hit rate amongst the 21 wells is better than 2/1, some estimates are 8/10.



Woodside DJ:-

Warned on Weds of the risk of a dry hole as it prepares to kick off its $100m+ Mauritanian explo program.

CE told DJNW at the World Energy Congress in Sydney that the first well will test Dorade to the south of the existing Chinguetti and Tiof discoveries.

"We are highlighting that Dorade is a very high risk well.... and we think that it has a strong possibility of being a dry hole," "but if it does work it opens up a whole new area,"

Two drill ships contracted by Woodside arrive in Mauritania over the next few days.

"Thelast time I saw the schedule it was 9/9 and 11/9."

http://sg.biz.yahoo.com/040908/15/3mzea.html

Hardman Resources Limited
10 September 2004

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 10 September 2004

CONTACT: Scott Spencer (08 9321 6881)

RE: MAURITANIA DRILLING PROGRAMME UPDATE


Hardman Resources Ltd ('Hardman' or 'the Company') is pleased to provide the
following information on the 2004 drilling programme offshore Mauritania.

As previously advised, two drilling vessels, the 'West Navigator' and the 'Stena
Tay' have been contracted to carry out the forthcoming drilling programme,
working in tandem and operating in water depths ranging from 300 metres to 1,700
metres. Both vessels are currently in transit and the 'West Navigator' is
expected to arrive on location on or about 11 September and the 'Stena Tay' is
expected to arrive on or about 15 September.

As previously reported the drilling programme is currently planned to include up
to twenty one wells, including a total of six exploration wells in PSC's A, B
and Block 2, four appraisal wells on the Tiof discovery and eleven Chinguetti
development wells. The final prospect selection and well drilling sequence will
be subject to change dependent on continuing technical work, initial drilling
results and operational issues. The presence of the two rigs also allows for
'batch drilling' wells - whereby one rig performs the same operation on a number
of wells in sequence rather than drilling a single well from top to bottom. The
second rig would then drill or complete the next section. The rigs work most
efficiently in this manner and this can result in very significant cost savings.

The programme is expected to begin with the 'West Navigator' drilling and casing
the 'top hole' sections on the Dorade-1 (PSC-2), Capitaine-1 and Tevet-1
exploration wells and a Tiof appraisal well (all in PSC B) before moving to the
Tiof-3 appraisal well which will then be drilled to total depth. The 'top hole'
section on these wells varies from approximately 600 metres to 1,000 metres of
drilled hole.

The planned Tiof appraisal programme includes 3 firm wells and a contingent
fourth appraisal well, subject to additional seismic and technical studies. We
expect that the Tiof-3 well will be completed and flow tested in a similar
manner to the successful Chinguetti 4-5 Early Development Well ('EDW').

To maintain the Chinguetti field development schedule and because of the late
arrival of the rigs, the 'Stena Tay' will, on arrival, drill a Chinguetti water
injection well before beginning the exploration programme. The 'Stena Tay' will
then move to the Tevet-1 well,which because of its proximity to Chinguetti is
now expected to be the first exploration prospect to be drilled to total depth.
We then expect the 'Stena Tay' to move to other exploration wells while the
'West Navigator' continues work on the Tiof programme.

Hardman intends to report progress of the drilling programme in its regular
weekly release every Tuesday morning with special releases as required.

Interests in the three production sharing contract areas that will be drilled
are:

Company PSC A PSC B PSC C2
Woodside group companies (operator) 53.846% 53.846% 48%
Hardman group companies 24.3% 21.6% 28.8%
BG group companies 13.084% 11.63%
Premier group companies 9.231%
Fusion Mauritania A Ltd* 4.615%
ROC Oil group companies 4.155% 3.693% 3.2%
Energy Africa 20%
* Premier has 29.9% interest in Fusion Mauritania A Ltd



SCOTT SPENCER
DIRECTOR

As a drilling engineer I can whole heartedly say that's some drilling campaign they've got planned there. You don't do that sort of work without being pretty sure whats below seabed!!

Good luck to them!

>> wypanb

As you know the score, can you tell me what it means when a well has been spudded?

rgrds
gk

Here is the latest RNS drilling report.

I must say I did not expect them to get so far ahead as this so quickly.

Hardman Resources Limited
14 September 2004

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 14 September 2004

CONTACT: Ted Ellyard (08 9321 6881)

RE: MAURITANIA DRILLING PROGRAMME
WEEKLY PROGRESS REPORT


Hardman Resources Ltd ('Hardman') provides the following weekly progress report
on the Mauritania offshore drilling programme:

Dorade-1, PSC C2

The Dorade-1 well in PSC Block C2 was spudded on 12 September 2004. The drilling
rig West Navigator will drill and case the top hole section of the well. The
bottom hole, comprising the target interval, will be drilled at a later date by
the Stena Tay, the second rig working on the Mauritania programme. At 08:00 WST
(Western Australian Standard Time) the surface conductor casing had been set at
1,770 metres depth. The current operation is running in the hole with 17 1/2'
drilling assembly.

Once the top hole casing has been set the well will be temporarily suspended and
the West Navigator will move to PSC B to drill the top hole sections of the
Tevet-1, Capitaine-1 and Tiof-4 wells.

The Dorade-1 well is located approximately 165 kilometres southwest of
Nouakchott, the Mauritanian capital, and 85 kilometres south of the Chinguetti
Field. Water depth is approximately 1,670 metres and the planned total depth of
the well is 2,660 metres.

Other information:

The Stena Tay is expected to arrive tomorrow (15 September) and will drill the
Chinguetti-8 water injection well before commencing work on the exploration
program.

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

Hydrocarbon shows will only be reported after all required logs have been run
and evaluated.

A map showing the location of the wells will be available on the Hardman website
(
www.hdr.com.au
) and will be updated during the course of the 2004/2005 drilling
programme.

The 2004/05 drilling programme will include wells in three production sharing
contract areas (PSC's). Joint venture interests in those areas are:

Company PSC A PSC B PSC C2
Woodside group companies (operator) 53.846% 53.846% 48%
Hardman group companies 24.3% 21.6% 28.8%
BG group companies 13.084% 11.63%
Premier group companies 9.231%
Fusion Mauritania A Ltd 4.615%
ROC Oil group companies 4.155% 3.693% 3.2%
Energy Africa 20%





TED ELLYARD
MANAGING DIRECTOR

I was suprised at the amount of detail their going to regularly commit to sending out. This looks like a little step down from a full partner weekly drilling report!!!

Nice to see what you getting for your investment. Hope they keep it up!

Spud means when the bit hits seabed, basically the start of the well after completing the rig move.

Hardman has some nice stakes in Mauratania with good potential for growth i feel so lucky to have got on at 77.75 recently . The chart looks good and the trend is now up , with a lot of newsflow to come out now lets see the Australian championsWoodside do a great job.

Very tempting to top up my holding in HNR or cover with ANO which has a stake in the Mauritania drilling program such as SEY as also can't see how why so many companies would risk heavy investment unless prospect of significant returns.

Would a find here produce effects on sp similar to a CNE, bet we all hope it will!!

andysmith

A number of CNE investors who won on that deal have invested in SEY, and stated that they have done so in this and SEY 's bb.

I am not saying do it, that is up to you.

Time will tell.

Until everything that can be done is done, none of us really know what will happen.

If you come in, then may we all be fortunate.

If you dont, then watch from a position of neutality and either celebrate our good forune or weep for our bad luck.

You know we who have invested in this venture believe or we would not have done so.

Over to you!

And who the heck are ANO?

SWW,

A N other!

Thank you.

Below is a link to Permier Oils interim results. Its got a great overview and drilling timeline of the Mauritanian prospects which Hardman is partner. Nice to see what we've bought in to!



http://www.premieroil.com/asp/uploads/uploadedfiles/2/263/2004_interim_results.pdf

Originally posted on another site by SirLurkalot

Where you bin Boy?
On de Moon?

The latest RNS, Ted Speaks...............

Confident sounding ain't he?

Hardman Resources Limited
22 September 2004




STOCK EXCHANGE / MEDIA RELEASE


RELEASE DATE: 22 September 2004

CONTACT: Ted Ellyard (08 9321 6881)

RE: OPEN BRIEFING

PAGES: 7


Enclosed is an Open Briefing with Managing Director Ted Ellyard, which has been
prepared by Corporate File for immediate release.



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.


Lodgement of Open Briefing

Hardman Resources Ltd
Ground Floor
5 Ord Street
West Perth WA 6005



Date of lodgement: 22-Sep-2004
Title: Open Briefing. Hardman. MD on Mauritanian Drilling

Record of interview:

corporatefile.com.au
Hardman Resources Ltd recently reported that the first well in the new
Mauritanian drilling programme, Dorade-1, spudded on 12 September. Your recent
ASX release stated that the drilling rig, West Navigator, will drill and case
the top hole section of the well and that the bottom hole, comprising the target
interval, will be drilled at a later date by the Stena Tay, the second rig
working on the programme. Can you explain why you're taking that approach? What
are the tangible benefits?

MD Ted Ellyard
By drilling a number of the Mauritania wells with both rigs, each drilling
different hole sections of the same well, we can expect to make a considerable
cost saving on the overall drilling budget. This drilling technique is commonly
known as 'batch drilling' and is only possible when a large drilling programme
is undertaken by multiple rigs. Typically, wells are drilled in stages at
different hole sizes starting at the surface in a large diameter of 36 inches
which is then cased and cemented to make the well safe, followed by the next
hole size of possibly 20 inch or 171/2 inch diameter for the next section and
then decreasing to generally a 121/4 inch or 81/2 inch hole diameter over the
deeper target section.

In our case, batch drilling will involve the West Navigator rig drilling the top
hole sections of a number of wells through to the base of the 171/2 inch hole
diameter section which is the first 600 to 1,000 metres. The well will then be
cased, cemented and suspended, whilst the rig moves onto the next well. In this
case the West Navigator rig will still be set up to drill the 171/2 inch well
section for the next well and therefore the rig crew will not need to change the
drilling equipment on the rig floor, which is a considerable saving in terms of
drill time and well cost. The second rig, the Stena Tay, will then move onto the
well some 2-3 weeks later and drill the bottom section of the well (including
the target zone) which will be drilled in 121/4 inch hole size. The second rig
will already be equipped to drill these smaller hole sizes again saving time and
cost. At this stage it is hard to quantify the actual cost saving for using the
batch drilling technique but we believe it will be considerable, compared to
previous Mauritania drilling campaigns.

corporatefile.com.au
Can you explain a possible sequence for both drilling rigs during the programme?

MD Ted Ellyard
The West Navigator commenced work on 12 September by drilling the top hole on
Dorade-1 (PSC Block 2), to be followed by the top hole sections for Capitaine-1,
Tevet-1 and Tiof-4. Once that sequence is complete it will move to the Tiof-3
appraisal well around the last week of September and drill that well to total
depth. We expect to core and test the Tiof-3 appraisal well which could take us
approximately 60 days.

The Stena Tay arrived last week and is currently drilling the first Chinguetti
water injection well which we expect to finish around the end of September. That
rig will then drill the bottom hole sections for Tevet-1, Dorade-1, Capitaine-1
and Tiof-4 throughout October and early November. Current plans also include the
Stena Tay drilling Merou-1 and Tiof-5 although the detailed sequence of the
latter part of the schedule may change. Once this sequence of wells is complete
in early December the Stena Tay will follow the West Navigator to Chinguetti.
Depending on how long the rigs take to perform the early part of the programme,
one or the other may drill other exploration or appraisal wells to ensure that
they arrive at Chinguetti at the right time not to interfere with each other.

The Chinguetti development well surface locations are clustered at three
separate 'drilling centres' so it is possible for both rigs to be working on the
field at the same time. The rigs will follow each other around the drilling
centres as the West Navigator drills the top holes, followed by the Stena Tay
drilling the bottom holes and then the West Navigator returning to perform the
downhole completion of the reservoir intervals before suspending the wells. We
expect that the Stena Tay will then become available to drill additional
appraisal or exploration wells in the second quarter 2005, whilst the West
Navigator completes the Chinguetti wells and installs the production tubing
ahead of the arrival of the FPSO in the third quarter 2005.

corporatefile.com.au
You've outlined the benefits of batch drilling. What about the downside? Can
anything go wrong with this approach relative to the approach you've taken to
drilling in previous years offshore Mauritania?

MD Ted Ellyard
A problem which could arise with batch drilling is re-entering the wells with
the second rig and possible problems in anchoring rigs in deep water. However,
the two drilling rigs being used for the 2004 campaign are both 'dynamically
positioned' which means that they stay on location with the use of several
thrusters controlled by satellite positioning and do not require anchoring. We
therefore do not envisage any problems with re-entering the wells and expect
that moving from one well to the next will be extremely efficient and quick.
However, the normal type of operational risk associated with drilling in deep
water will still apply and needs to be managed efficiently.

corporatefile.com.au
When do you expect to report the first meaningful results from the programme?

MD Ted Ellyard
The first significant results are likely to come as we drill the Tevet-1
bottomhole section during the first week of October. Around that time we should
also get the first results from the Tiof-3 appraisal well. Throughout October
and November we will be getting the results of most of the exploration and
appraisal wells.

corporatefile.com.au
On 10 September 2004, Hardman reported that the drilling programme is currently
planned to include up to twenty-one wells, including a total of six exploration
wells in PSC's A, B and Block 2, four appraisal wells on the Tiof discovery and
eleven Chinguetti development wells. Can you outline your risk assessments for
the major exploration wells?

MD Ted Ellyard
The six exploration wells will have a different risk profile depending on
whether they are being drilled near the existing discoveries or in a yet
unproven part of the basin, however each of the wells in the Woodside operated
blocks will be testing Miocene aged sand channel systems in which we have
enjoyed 100% exploration success in the 2001, 2002 and 2003 campaigns. The six
wells comprise three wells in Area B, two wells in Area A and one well in Block
2. The lowest risk are the Area B wells as we will be drilling within the two
Miocene channels already proven to be oil and gas bearing by the Chinguetti,
Banda and Tiof discoveries.

The two wells in Area A will test new Miocene channel systems not previously
drilled and should therefore be considered higher risk prospects than in Area B.
However, we recognize a similar type of prospect on the 3D seismic in these
areas to the previous discoveries.

In Block 2 we are currently drilling the Dorade Prospect which again is a
Miocene channel system but located much further south and therefore higher risk
than both Areas A and B.

A further exploration well is planned in the Dana Petroleum operated Block 1
area in the south of the basin. However, due to the late arrival of the rigs
this well is most likely be drilled in early 2005 and will be known as Petrel-1.
It will test a higher risk Cretaceous aged channel system.

corporatefile.com.au
How proximate are the exploration wells to the Chinguetti, Tiof and Banda
discoveries? What would be considered an economic tie-back distance?

MD Ted Ellyard
In the Mauritania deep water a viable tie-back distance to connect additional
discoveries to an FPSO oil field development would generally be up to
20 kilometres. The three wells being drilled in Area B are located in the
vicinity of the previous discoveries but only the Tevet Prospect is being
considered as a tie-back candidate to the Chinguetti Field. The Tevet Prospect
is located less than 10 from the Chinguetti Field and if successful would be
able to provide additional oil production to the Chinguetti FPSO facility when
the Chinguetti peak oil production starts to decline possibly after two years.

Of the other wells in Area B, the Merou Prospect is located between 10 and
20 kilometres to the west of the Tiof West well and could be a tie-back to a
Tiof FPSO development or a stand alone oil development depending on the size of
any potential discovery. The Capitaine Prospect is located more than
20 kilometres to the west of Chinguetti and would probably be considered a
separate development if successful.

corporatefile.com.au
Can you give some detail on the exploration prospects that could follow the
approved exploration wells either in this programme or in future programmes?

MD Ted Ellyard
Success in any of the exploration wells drilled this year will further extend
the proven oil producing area defined by the three current Miocene channel
discoveries and provide the Joint Venture partners with confidence to drill low
risk prospects near to the new discovery. For example there are some large
prospects in the vicinity of the Merou and Capitaine Prospects that would be
high graded by a discovery in one of these wells and could be considered for
drilling in 2005. Similarly there are several prospects in Area A and Block 2
which would be considered to be low risk follow-up prospects if the 2004 wells
are successful.

Therefore, the exploration programme in 2005 and beyond will be very much
dependent on the outcomes from the current drilling campaign. However, it is
fair to say that we have many prospects defined in the basin from the extensive
3D seismic including additional Miocene and older Cretaceous sand prospects and
I therefore expect that the Joint Venture partners will have a large ongoing
exploration drilling programme for the next few years.

corporatefile.com.au
Tiof-1 and Tiof West (Hardman 21.6%) were drilled 8 kilometres apart and
therefore a wide range of reserves is possible. However, you consider that the
Tiof system has the potential to hold over 300 million barrels recoverable. The
Tiof appraisal drilling programme will include three firm wells and a contingent
fourth well. Can you describe the Tiof structure, as you currently understand
it, and the objectives of each of the appraisal wells?

MD Ted Ellyard
The Tiof field is located within an elongated Miocene channel sand system within
a buried canyon through which a large salt dome has penetrated. The oil field is
contained, by the boundaries of the sand canyon and by the salt dome structure.
The appraisal wells will confirm the extent of the field by drilling in a number
of locations to test the structural mapping and to calibrate the responses we
see on the 3D seismic. We believe those responses give us information about the
quality of the reservoir and the presence of oil and gas. The production test
will provide critical information about the potential production rates and the
size of the reservoir.

corporatefile.com.au
The Chinguetti development drilling programme comprises five production wells,
four water injector wells, a gas disposal well at the Banda gas discovery and
completion of the Chinguetti early development well drilled in 2003. Can you
explain the purpose of the gas disposal well at Banda?

MD Ted Ellyard
As is normal for a field of this type, oil production at Chinguetti will result
in the production of 'associated gas' - either from gas coming out of solution
or the field gas caps. In the past the accepted method for disposing of
associated gas was burning (or 'flaring'). This is no longer a practice accepted
by the industry in general or Woodside and Hardman because it results in
greenhouse gas emissions (CO2) and is a waste of potentially useful energy in
the future. In many cases this gas can be re-injected into the producing field,
but for Chinguetti the best option is to inject the gas into the Banda
reservoir. This relatively small addition to the Banda volume poses no risk to
the reservoir and could eventually be produced in the future.

corporatefile.com.au
What is the process, and valuation parameters, if the Mauritanian Government is
to exercise its option to back into any developments? What is the current
political and social climate after the Mauritanian Government arrested several
military personnel in August?

MD Ted Ellyard
The Mauritanian government has the right to back into the Chinguetti development
(and any subsequent field development, such as Tiof) at a level initially up to
12% and if the field achieves very high production rates the government can
eventually increase their interest up to 16%. There is a limited period of time
for them to make this decision and it obviously has serious financial and
manpower implications for them which they are working through at the moment.

As for the political and social climate, the situation in Mauritania has been
and remains calm with business as usual.

corporatefile.com.au
Thank you Ted.

For further information on Hardman Resources visit
www.hdr.com.au
or call Ted
Ellyard on 08 9321 6881.

For previous Open Briefings by Hardman Resources visit
www.corporatefile.com.au

Seawallwalker

Great posting. Why can't we get info like this from the rest of the oils like DES

MS

Wish I knew.

Hardman have always been very good at this.

Fortune favours all involved in the Mauritannia venture, i.e. PMO, SEY, TLW, ROC, BG. to name but a few as Hardman will keep them all updated.

This way we can track our good fortune or but out withjout losing the lot.

Still creeping up daily.

Back to it's high this week, I souldn't wonder

Hardman Resources Limited
28 September 2004

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 28 September 2004

CONTACT: Ted Ellyard (08 9321 6881)

RE: MAURITANIA DRILLING PROGRAMME
WEEKLY PROGRESS REPORT

Hardman Resources Ltd ('Hardman') provides the following weekly progress report
on the Mauritania offshore drilling programme:

Tevet-1 Exploration Well

Progress and Current Status:
Since the last report (21 September 2004) the tophole section was drilled from
633 metres to 1,380 metres and the 13 3/8 inch casing was run and cemented. The
well was temporarily suspended, as planned, on 22 September. The drilling rig
West Navigator was used to drill the tophole section of the well.

Note: The bottom hole, comprising the target interval, will be drilled by the
Stena Tay, the second rig working on the Mauritania programme, and is expected
to commence following the suspension of Chinguetti-8 (see below).

Well Location:
The Tevet Prospect is located approximately 80 kilometres southwest of
Nouakchott, the Mauritanian capital, 10 kilometres northeast of the Chinguetti
Field and 10 kilometres west of the Banda oil and gas discovery. Water depth is
489 metres and the planned total depth of the well is approximately 2,690
meters.

Well Details:
The Tevet-1 exploration well is testing a structural/stratigraphic trap in sands
of the same Miocene channel fairway that comprise the reservoir at Chinguetti
and Banda. This main target is at approximately 2,515 metres depth.


Tiof-4 Appraisal Well

Progress and Current Status:
The Tiof-4 appraisal well was spudded on 23 September 2004 and the tophole
section was drilled and the 13 3/8 inch casing was run and cemented at 2,108
metres. The well was temporarily suspended, as planned, on 26 September.
The drilling rig West Navigator was used to drill the tophole section of the
well. The bottom hole, comprising the target interval, will be drilled at a
later date by the Stena Tay, the second rig working on the Mauritania programme.

Well Location:
The Tiof discovery is located approximately 90 kilometres west of Nouakchott,
the Mauritanian capital, and 25 kilometres north of the Chinguetti Field. The
Tiof-4 well is located approximately 2.5 kilometres southwest of the discovery
well, Tiof-1. Water depth is 1,119 metres and the planned total depth of the
well is approximately 2,960 meters.

Well Details:
The Tiof-4 well is intended to appraise the Tiof oil discovery. The well will
further evaluate the Miocene channel sand system within the Tiof Field area as
interpreted with 3D seismic. The primary oil reservoir target is prognosed at
approximately 2,680 metres depth.


Tiof-3 Appraisal Well

Progress and Current Status:
The Tiof-3 appraisal well was spudded by the West Navigator on 26 September 2004
and the tophole section was drilled to 2,150 metres. Current operation is
preparing to run casing. The West Navigator will drill this well to total depth.

Well Location:
The Tiof discovery is located approximately 90 kilometres west of Nouakchott,
the Mauritanian capital, and 25 kilometres north of the Chinguetti Field. The
Tiof-3 well is located approximately 4 kilometres west of the Tiof-1 discovery
well. Water depth is 1,198 metres and the planned total depth of the well is
approximately 2,900 meters.

Well Details:
The Tiof-3 well is intended to appraise the Tiof oil discovery. The well will
further evaluate the Miocene channel sand system within the Tiof Field area as
interpreted with 3D seismic. The primary oil reservoir target is prognosed at
approximately 2,720 metres depth.


Chinguetti-8 Development Well (Water Injector)

Progress and Current Status:
Since the last report the well was drilled to total depth of 3,100 metres
(measured depth) and wireline logs were run. After review of the logs it was
decided to suspend the well for future use in the field development. Current
operation is setting plugs prior to suspension. The Stena Tay rig is drilling
the Chinguetti-8 well.

Well Location:
The Chinguetti Oil Field is located approximately 90 kilometres southwest of
Nouakchott, the Mauritanian capital. Water depth at the well is 820 metres and
the planned total depth of the well is approximately 3,238 meters.

Well Details:
The Chinguetti-8 development well was drilled in a location downdip and west of
the Chinguetti-4-5 well and is intended as a water injector for pressure support
during production. This well is the first deviated well to be drilled on the
Chinguetti Field and successfully confirmed the drilling technique for the
future development wells.

Other information:

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

Hydrocarbon shows will only be reported after all required logs have been run
and evaluated for each well.

Times and dates refer to GMT (Mauritania time), 8 hours behind Western Standard
Time, Perth.

A map showing the location of the wells will be available on the Hardman website
(
www.hdr.com.au
) and will be updated during the course of the 2004/2005 drilling
programme.

The 2004/05 drilling programme will include wells in three production sharing
contract areas (PSC's). Joint venture interests in those areas are:

Company PSC A PSC B PSC 2
Woodside group companies (operator) 53.846% 53.846% 48%
Hardman group companies 24.3% 21.6% 28.8%
BG group companies 13.084% 11.63%
Premier group companies 9.231%
Fusion Mauritania A Ltd 4.615%
ROC Oil group companies 4.155% 3.693% 3.2%
Energy Africa 20%



TED ELLYARD
MANAGING DIRECTOR

http://moneyam.uk-wire.com/cgi-bin/articles/200409281143134181D.html

refers to the financial staement.

too long for this thread.

http://www.gtp.com.au/hardman/inewsfiles/2004_Mauritania_drilling_locations_27_Sept_04.JPG

Hardman Resources Limited
05 October 2004

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 5 October 2004

CONTACT: Ted Ellyard (08 9321 6881)

RE: MAURITANIA DRILLING PROGRAMME WEEKLY PROGRESS REPORT


Hardman Resources Ltd ('Hardman') provides the following weekly progress report
on the Mauritania offshore drilling programme:

Tevet-1 Exploration Well - PSC B

Progress and Current Status:
Since the last report (28 September 2004) the Stena Tay rig arrived on location
on 30 September and the well was drilled from the 13 3/8 inch casing
(1,377 metres) to total depth of 2,715 metres. The current operation is running
wireline logs.

MWD (Measurement While Drilling) logs (see below) and initial wireline logs
indicate the presence of oil and gas bearing zones. Logging and evaluation,
including pressure and sample collection, is continuing and results will be
reported once that programme is completed and evaluated.

After completion of wireline logs, the well will be plugged and abandoned as
planned, and the Stena Tay will move to drill the bottom hole of the Dorade-1
well (PSC 2), containing the target interval.

Well Location:
The Tevet Prospect is located approximately 80 kilometres southwest of
Nouakchott, the Mauritanian capital, 10 kilometres northeast of the Chinguetti
Field and 10 kilometres west of the Banda oil and gas discovery. Water depth is
489 metres.

Well Details:
The Tevet-1 exploration well is testing a structural/stratigraphic trap in sands
of the same Miocene channel fairway that comprise the reservoir at Chinguetti
and Banda. This main target is at approximately 2,515 metres depth.

Tiof-3 Appraisal Well - PSC B

Progress and Current Status:
Since the last report (28 September 2004) operations continued with the West
Navigator rig and the 13 3/8 inch casing was run and cemented at 2,145 metres
depth. The well was then drilled to a total depth of 2,960 metres.

A preliminary assessment of the MWD logs (see below) indicates the presence of
oil in the target interval. The current operation is preparing to run logs after
which a sidetrack hole will be drilled to obtain core samples and test the
reservoir as planned. The results of the wireline logging will be reported once
that programme is completed and evaluated.

Well Location:
The Tiof discovery is located approximately 90 kilometres west of Nouakchott,
the Mauritanian capital, and 25 kilometres north of the Chinguetti Field. The
Tiof-3 well is located approximately 4 kilometres west of the Tiof-1 discovery
well. Water depth is 1,198 metres.

Well Details:
The Tiof-3 well is intended to appraise the Tiof oil discovery. The well will
further evaluate the Miocene channel sand system within the Tiof Field area as
interpreted with 3D seismic. The primary oil reservoir target is prognosed at
approximately 2,720 metres depth.

Other information:

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

MWD logs are recorded while drilling and, for various operational and technical
reasons, a full wireline logging suite may be required before reservoir quality
and hydrocarbon content can be confirmed.

Times and dates refer to GMT (Mauritania time), 8 hours behind Western Standard
Time, Perth.

A map showing the location of the wells will be available on the Hardman website
(
www.hdr.com.au
) and will be updated during the course of the 2004/2005 drilling
programme.

The 2004/05 drilling programme will include wells in three production sharing
contract areas (PSC's). Joint venture interests in those areas are:

Company PSC A PSC B PSC 2
Woodside group companies (operator) 53.846% 53.846% 48%
Hardman group companies 24.3% 21.6% 28.8%
BG group companies 13.084% 11.63%
Premier group companies 9.231%
Fusion Mauritania A Ltd 4.615%
ROC Oil group companies 4.155% 3.693% 3.2%
Energy Africa 20%


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 is even better.........

Australia's Woodside finds indications of more oil off Mauritania coast
AFX


SYDNEY (AFX) - Woodside Petroleum Ltd said drilling at its Tevet-1 exploration well off the coast of Mauritania in West Africa have shown signs of oil and gas.

The company, about 34 pct owned by Shell, said wireline logs run from the Stena Tay rig drilling Tevet-1 indicated the presence of oil and gas bearing zones.

It said logging and evaluation, including pressure and sample collection, is continuing and results will be reported once that program is completed and evaluated.

Located about 10 kms northeast of the Woodside operated Chinguetti oil project now being developed, Tevit is the first exploration well in a current 100 usd exploration program off the Mauritanian coast which is targeting 1.3 mln barrels of oil in six new prospects.

Woodside owns 53.846 pct of Tevet-1 and is the operator. Australian listed Hardman Resources Ltd has 21.6 pct, Roc Oil, also listed in Australia, has 3.693 pct, BG Group Plc of the UK has 11.63 pct and the UK's Premier group of companies have 9.231 pct.

Woodside also reported the drill ship West Navigator, has run wireline logs indicating the presence of oil at the Tiof-3 appraisal well within the target zone.

The exploration and production company has said the Tiof field has the potential to be as big as the Chinguetti oil project which has gross reserves of 120 mln barrels of oil.

Blue skies, shining on me.
Nothing but Blue Skies...........

The diary shows a trading statement was due for release today.Have I missed something? I've only seen drilling reports.Will we have more good news tomorrow?

sandrew64,

I was only expecting a rilling report, haven't seen a mention of a trading statement.

The drilling is where the excitment is, with a high oil price I would expect any trading statement to be positive personally.

Looks like it's up today so I will still hold.

;-)

Looks like it's up today so I will still hold.

;-)

New highs today. Looks like the rocketing Brent Crude is pushing the price up.

Share Whisper: HARDMAN RESOURCES rose yesterday as speculators bet on more good news from its offshore Mauritanian sites in West Africa)

That'll be why!

Anyone know a reason for the large sells today? Not doing the sp any favours.

Look to buy, I am around 90p or less!

The volumes are low, maybe MM antics. me thinks

Morning all.

SWW,

well not a good one, that's for sure!

Price down 3p already, does anyone wknow if there's any bad news out there, or is this just being walked down on no news?

Interestingly, most oil related stocks are having down days, even the FOGL float hasn't soared like many of us thought.

Rumour was yesterday that dorade was dry.

That was expected, but when PRE had a dry one at High Island A68 the price dropped by 5% then came back to previous levels.

Doarde was expected to be dry, and was identified as high risk before the drilling started so why the market should be surprised if that is so defeats me.

Never mind, 16 more drills to go and this is the only one so far.

Corner turned here in my opinion.

SWW,

Hope so!

It would probably have been better to drill one of the better prospects first, before the high risk one, but I guess their plan doesn't take into account short temr fluctuations on the LSE or ASX!

Andy - I was concered when I saw the drilling schedule as I thought it may dip the prices at the wrong end of the campaign, but then brigther and better minds worked on this before I ever saw it.

I suppose we must accept the judgement to do the risky one first as being the better deal.

'Course if you are holding till either the end of the campaign, or the evalutiuon period or the production phase, little things like this don't really matter.

I must admit to profit sweeping when it hit 97p, and buying back in on the cheap this morning, but I really do not anticipate doing that too often with this stock.

Should have said what appears on the cheap this morning!

;-)

Do you know on my watch list, these and SEY are the only blues today!

Amazing.

I'm doing a bit better, 6 blues, 2 reds, and a few greens!

PMO stock aqisition can only be good news for SEY

Premier Oil PLC
15 October 2004


SCHEDULE 11 15th October, 2004



NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


1. Name of company : PREMIER OIL PLC


2. Name of director : MR J A VAN DER WELLE


3. Please state whether notification indicates that it is in respect of
holding of the shareholder named in 2 above or in respect of a non-beneficial
interest or in the case of an individual holder if it is a holding of that
person's spouse or children under the age of 18 or in respect of a
non-beneficial interest : 2. ABOVE


4. Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified) : 2. ABOVE


5. Please state whether notification relates to a person(s) connected with
the director named in 2 above and identify the connected person(s) : N/A


6. Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co or PEP and if discresionary/non discretionary
: EXERCISE OF SAYE SHARE OPTIONS


7. No. of shares/amount of stock aquired : 277,272

As indicated last week so no surprise here.

This was expected

Hardman Resources Limited
18 October 2004




STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 18 October 2004

CONTACT: Ted Ellyard (08 9321 6881)

RE: WIRELINE LOG RESULTS FOR
DORADE-1, MAURITANIA

PAGES: 2

Hardman Resources Ltd ('Hardman') provides the following report on the
evaluation of the wireline data:

Dorade-1 Exploration Well - PSC 2

Progress and Current Status:
Since the last report (5 October 2004) Dorade-1 has been drilled to TD and
wireline logs have been run. Evaluation of the wireline data indicates that
Dorade-1 has not encountered any hydrocarbons. Some good quality Late Miocene
sands have been intersected but were water bearing. The well is currently being
plugged and abandoned.

Upon completing the plugging and abandonment programme the Stena Tay rig will
move to the Capitaine-1 exploration well in PSC B.

Note: There are no plans to drill-stem test any exploration well in the current
drilling campaign.

Well Location:
The Dorade-1 prospect is located approximately 165 kilometres southwest of
Nouakchott, the Mauritanian capital, and 85 kilometres southwest of the
Chinguetti Field. Water depth is 1,670 metres, and the total depth of the well
was 2,600 metres.

Well Details:
The Dorade-1 exploration well was drilled to test a Late Miocene channel sand
fairway. The main target was intersected at approximately 2,400 metres depth.

Other information:

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

Times and dates refer to GMT (Mauritania time), 8 hours behind Western Standard
Time, Perth.

A map showing the location of the wells will be available on the Hardman website
(
www.hdr.com.au
) and will be updated during the course of the 2004/2005 drilling
programme.

Page 2

The 2004/05 drilling programme will include wells in three production sharing
contract areas (PSC's). Joint venture interests in those areas are:

Company PSC A PSC B PSC 2
Woodside group companies (operator) 53.846% 53.846% 48%
Hardman group companies 24.3% 21.6% 28.8%
BG group companies 13.084% 11.63%
Premier group companies 9.231%
Fusion Mauritania A Ltd 4.615%
ROC Oil group companies 4.155% 3.693% 3.2%
Energy Africa 20%



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.

Looks like a buying opportunity approaching here.

It cdertainly loks like the bearer of the news is the one paying the price.

-5 so far, I am getting my wallet out!

Well done seawallwalker. I have done exactly the same.

Good morning everyone! Perhaps they wanted to finish up the bad news seperately today so it doesn't dilute the good news tomorrow. Ever the optimist - or usually anyway.

Thanks cannyinvestor

On the way back up.

Nice one!

;-)

see the FOGL thread

Falkland Oil & Gas Says Fundraising Oversubcribed
AFX News Limited Wednesday, October 13, 2004


Falkland Oil and Gas Ltd said its offer to raise 2 mln stg via the issue of 5 mln shares at 40 pence each has been oversubscribed. The group said it received applications for 17.45 mln shares, representing 6.98 mln stg. "As a result....applications will not all be settled in full," it said. The minimum subscription under the offer was for 2,500 shares, or 1,000 stg, and all valid applications will receive at least this amount, it added. "Applicants will also receive 12.415 pct of the amount they have applied for in excess of 2,500 shares." In a separate statement, Falkland Islands Holdings PLC said its shareholding will represent 18.1 pct of Falkland Oil and Gas's enlarged share capital.

London-based Falkland Oil & Gas Limited (FOGL) has identified eight leads from existing 2D seismic in its seven licenses off the southern coast of the Falkland Islands, spokesperson Ben Brewerton told BNamericas.

The leads range from 211 million barrels (mb) to 626mb and could contain a total 3.75 billion barrels, Brewerton said. Each of the seven blocks has at least one lead in it.

FOGL identified the leads by re-interpreting 2D seismic work carried out in the 1990s and it plans to redo some of the seismic in December this year, followed by a 3D seismic program in 2005.

The company could then consider farming-in a partner to help fund drilling on specific targets in 2006-2007, Brewerton said.

To fund the 3D program, FOGL announced it has raised 10mn pounds (US$18mn) through a private placement of 25 million shares at 40 pence per share, FOGL said in a statement.

FOGL has announced a public offering of a further 5 million shares at 40p/share, which must be subscribed by October 12.

If the offer is fully subscribed, FOGL will raise an additional 2mn pounds before expenses, meaning that the net proceeds of the placing and offer will be about 11mn pounds. The company would then list on London's junior AIM market with a market value of 32mn pounds.

Dealings in the shares are expected to start October 14. KBC Peel Hunt has been appointed as nominated adviser and broker to FOGL.

FOGL was formed in May 2004 as a joint venture between Falkland Islands Holdings, Global Petroleum and RAB Special Situations.

Shareholdings in FOGL prior to the placing and offer are: Falkland Islands Holdings 28.9%; Global Petroleum 25.7%; and RAB Special Situations 45.4%.

FOGL has a 77.5% interest in seven exploration licenses covering approximately 33,700 sq. km. to the south of the Falkland Islands. Australia's Hardman Resources has the remaining 22.5% interest.

About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company

Falkland Oil and Gas Ltd said it placed 25 mln shares at 40 pence each to raise 10 mln stg before expenses.

The company, which expects its shares to begin trading on the Alternative Investment Market on Oct 14, also announces a public offer of a further 5 mln shares at 40p a share. Assuming the maximum number of shares available are subscribed, it will raise an additional 2 mln stg before expenses.

Falkland Oil, which holds a 77.5 pct interest in seven exploration licences covering about 33,700 sq km to the south and east of the Falkland Islands, will have a market capitalisation of 32 mln stg on admission to AIM and net proceeds from the placing and offer will be about 11 mln stg.

Following the placing, Falkland Islands Holdings PLC's interest in Falkland Oil will be 18.1 pct.

That's a nice one!

Hardman Resources Limited
19 October 2004

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 19 October 2004

CONTACT: Ted Ellyard (08 9321 6881)

RE: MAURITANIA DRILLING PROGRAMME
WEEKLY PROGRESS REPORT


Hardman Resources Ltd ('Hardman') provides the following weekly progress report
on the Mauritania offshore drilling programme:

Tiof-3 Appraisal Well - PSC B

Progress and Current Status:
Since the last report (12 October 2004) the West Navigator rig drilled two cores
in the Tiof-3 ST1 sidetrack well to a depth of 2,795 metres. At that depth the
core barrel became stuck and it was not possible to recover the second core to
surface and the sidetrack hole was abandoned. A second sidetrack hole was then
established and at midnight on 18 October the West Navigator was coring the
Tiof-3 ST2 sidetrack well. Following coring, wireline logging operations will be
run and it is planned to conduct a flow test of the well.

Well Location:
The Tiof discovery is located approximately 90 kilometres west of Nouakchott,
the Mauritanian capital, and 25 kilometres north of the Chinguetti Field. The
Tiof-3 well is located approximately 4 kilometres west of the Tiof-1 discovery
well. Water depth is 1,198 metres.

Well Details:
The Tiof-3 well is intended to appraise the Tiof oil discovery. The well will
further evaluate the Miocene channel sand system within the Tiof Field area as
interpreted with 3D seismic.


Dorade-1 Exploration Well - PSC 2

The results of Dorade-1 were reported yesterday, 18 October. As of midnight on
18 October (GMT) the Stena Tay is continuing to plug and abandon Dorade-1.


Capitaine-1A Exploration Well - PSC B

Progress and Current Status:
After completing operations on Dorade-1 the Stena Tay will move to the
Capitaine-1A location and drill that well to total depth.

Well Location:
The Capitaine Prospect is located approximately 125 kilometres southwest of
Nouakchott, the Mauritanian capital, and 30 kilometres southwest of the
Chinguetti Field. Water depth is approximately 1,680 metres and the planned
total depth of the well is approximately 3,140 meters.

Prospect Details:
The Capitaine-1 exploration well is testing a structural trap within the
Chinguetti channel sand system where an anticlinal structure was formed by an
underlying salt dome.

Other information:

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

Hydrocarbon shows will only be reported after all required logs have been run
and evaluated for each well.

Times and dates refer to Mauritania time (GMT), 8 hours behind Western Standard
Time, Perth.

Never a dull moment at HNR

Good luck TED!

Hardman Resources Limited
20 October 2004

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 20 October 2004

CONTACT: SCOTT SPENCER (+61 8 9321 6881)

RE:TED ELLYARD TO STEP ASIDE
AS MANAGING DIRECTOR


Hardman Resources Ltd today announced that its Managing Director, Ted Ellyard
has given notice of his intention to step aside as Chief Executive Officer
effective on 29 October 2004. Mr Ellyard's resignation as Managing Director of
Hardman is for personal reasons, including the need to receive medical treatment
and the limitations that places on fulfilling the duties of a CEO of a large
international company. Mr Ellyard intends to remain on the Board as a
non-executive director, at least until a new CEO is appointed.

Mr Ellyard has been Managing Director and CEO since August 1996 and has overseen
the Company's international expansion into petroleum projects in eight countries
in Africa, South America and the Australian region. During his eight year tenure
as CEO, Hardman has grown from a junior explorer with a market capitalisation of
less than AU$5 million to over AU$1 billion, largely resulting from the
significant oil & gas discoveries in offshore Mauritania, West Africa, a project
pioneered by Hardman.

Mr Scott Spencer, an Executive Director of the Company, will be Acting Chief
Executive Officer until the appointment of a new CEO. Mr Spencer has been a key
member of the Hardman management team since 1994, being intimately involved in
strategic and operational decisions. He is ably assisted by Hardman's
established executive management team, well experienced in the discovery and
development of petroleum reserves and corporate management.

The Board of directors has appointed Russell Reynolds Associates Inc. to conduct
an international search for a new CEO to manage the next phase of the Company's
growth. It is anticipated that the new appointment can be made early in the New
Year. Russell Reynolds is a leading executive search agency which has recently
conducted successful CEO searches for Woodside and Santos.

Mr Ellyard commented: 'It was a difficult decision to step aside as CEO of
Hardman after eight years of very exciting and enormously successful growth for
the Company. Although this decision has been made reluctantly, the change in
leadership comes at a time when Hardman is strongly placed to become a
significant oil and gas producer with an international focus. The Company now
has established petroleum reserves and expects to become a significant oil
producer in 2006.

'Moreover, it has large upside potential in both discovered resources and
undrilled prospects. Hardman is also financially sound with over AU$300 million
in cash reserves and no current debt, although a bank facility for Chinguetti
development is being finalised.

'I will now take a holiday from executive management and spend more time with my
family after many years of international travel and working long hours
developing the Company's oil & gas interests. This change will also allow me to
pursue other interests and continue other existing non-executive board roles. I
will be able to relax a little, confident that Hardman Resources has the
management and infrastructure to continue its rapid growth into one of
Australia's most successful oil and gas companies.'

Hardman's Chairman, Alan Burns, commented: 'Ted has given us the most marvellous
service over a long period of time. Ted's contribution has been an essential and
major part of our success. I thank him for his dedication and achievements and
understand his desire to spend more time with his family and wish him and his
family the very best for the future.'


Alan Burns
Chairman

Editor's Notes

Mr Spencer is an Executive Director of Hardman, having first been appointed in
July 1994. He holds a Bachelor of Arts (honours), a Bachelor of Philosophy and a
Master of Literature. He has post graduate degrees in Russian studies from
Oxford University and is fluent in French and Russian as well as a number of
other languages. He is a former member of the Australian Foreign Service and
worked for nearly 15 years with the Australian Government on international
political and economic issues. From 1990 to 1993 Mr Spencer was regional
director in Western Australia for the Department of Foreign Affairs and Trade.

Mr Spencer plays a key role in the negotiation and liaison with various
governments and corporate entities internationally. His role includes liaising
with the investment community worldwide and he has been instrumental in
assisting with the progress of the Company's projects, in particular the
Mauritanian project which the Company first acquired in 1996.

Sorry to see him go.

Mmmm........ yes.

It'll take a big man to fill his shoes.

See the price has slipped this morning a little, market feels the same.

What are those 2 rather large trades today? Any ideas anyone?

Looks like a buy and sell of stock, or a sell and buy of stock.

Late deal so who knows when it happened?

I don't

Don't worry about it, it could be anything and nothing.

Thanks SWW.

Taken bit of a bashing since dorade 1, so here's the map showing there is life beyond one dry hole!


I wonder what all the spiders are doing on the page?

Trading statment due today.

No its not.

Misinterpreted the forward diary

Yes it is.

Trading statement out.

http://www.uk-wire.com/cgi-bin/articles/200410260857334682E.html

Lets see it in all it's glory!

Hardman Resources Limited
26 October 2004




STOCK EXCHANGE / MEDIA RELEASE


RELEASE DATE: 26 October 2004

CONTACT: Ted Ellyard

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: SEPTEMBER 2004 QUARTERLY REPORT


Please find attached September 2004 Quarterly Activities and Cash Flow Report
for Hardman Resources Ltd.



TED ELLYARD
MANAGING DIRECTOR



HARDMAN RESOURCES LTD
ABN 98 009 210 235

REPORT TO SHAREHOLDERS
FOR THE QUARTER ENDED 30 SEPTEMBER 2004

This report summarises the activities of Hardman Resources Ltd and its
controlled entities ('Hardman' or 'the Company') during the quarter ended 30
September 2004.


ACTIVITY HIGHLIGHTS


Mauritania (2004 Drilling Campaign): The 2004/early 2005 drilling
programme utilising two deep water rigs commenced with the arrival in
Mauritania of the West Navigator rig on 12 September, followed by the Stena
Tay rig on 15 September. The drilling programme will comprise up to 22 wells
including six planned exploration wells, up to four appraisal wells on the
Tiof discovery and up to twelve Chinguetti production and water/gas
injection wells.
Mauritania (Tevet Oil Discovery): The first exploration well to be
drilled in the 2004 programme, Tevet-1, has intersected a gross hydrocarbon
column of 114 metres, comprising a 70 metre gas leg and a 44 metre oil leg.
Hardman holds 21.6% interest in the Tevet discovery.

Mauritania (Dorade-1 Unsuccessful): The Dorade-1 exploration well
drilled in PSC Block 2 encountered good quality Late Miocene sands but these
were water bearing with no hydrocarbon shows.
Mauritania (Tiof Appraisal Drilling): The Tiof-3 appraisal well has
intersected a gross oil column of 134 metres. This result is in line with
pre-drill predictions and the well is being sidetrack drilled to obtain core
samples and to flow test the reservoir.
Mauritania (Chinguetti Field Development): The Chinguetti-8 water
injection well was drilled and suspended for future use in the field
development. This well is the first deviated well to be drilled at
Chinguetti and successfully confirmed the drilling technique for future
development drilling in the next quarter.
Mauritania (3D Seismic): Joint venture participants have approved large
3D seismic surveys in the Woodside operated PSC Block 6 (3,000 square
kilometres) and in the Dana Petroleum operated PSC Block 8 (1,816 square
kilometres). Both surveys are expected to be completed by end 2004 and will
define drilling targets for subsequent years. The acquisition of the PSC
Area B survey (2,000 square kilometres) was completed on 13 July 2004 and an
additional 3,055 square kilometre survey is currently underway in PSC Area
A.
Australia, North Perth Basin: Hardman has exercised its Put Option to
sell its remaining 12% interest in EP413 and the Jingemia Oil Field to ARC
Energy Limited. Total consideration was A$5.4 million to be adjusted for oil
revenue received and development expenditure incurred during the option
period from 1 March to 1 October 2004.
Australia, Timor Sea:

AC/P25: A 2D seismic survey comprising 425 kilometres was completed and is being
processed.
AC/P26: Preparations are continuing to drill the Marloo-1 exploration well using
the Ocean Bounty semi-submersible rig with operations expected to commence early
2005.

Eritrea: The signing of a Production Sharing Contract (PSC) for the
Massawa Block in the Red Sea has been delayed, but is expected to be signed
later this year.
Falklands: The joint venture comprising Hardman (22.5%) and the newly
listed UK company, Falklands Oil & Gas plc have agreed to shoot 2D seismic
survey comprising approximately 4,000 line kilometres over the defined leads
and prospects.
Guyane (French Guiana): Discussions with potential farmin partners to
fund the drilling of the first exploration well in the permit are
continuing.

New Zealand: It is now considered unlikely that the drilling commitment
can be completed in the work programme timeframe required, and Hardman will
need to be prepared to withdraw from the project if required.
Uganda: Planning has commenced to shoot a small 2D seismic survey in the
onshore portion of Block 2 to more accurately delineate a drilling location
for late 2005.


CORPORATE ACTIVITY

On 25 October 2004, Hardman Resources Limited relocated its Perth office to
Level 1, 50 Kings Park Road, West Perth. The new telephone number is + 61 8 9261
7600, facsimile and email addresses remain unchanged.

Hardman Resources won the 'International Company of the Year' awarded by AIM
London Stock Exchange. This prestigious award is a measure of the acceptance of
the Company in the UK investment community.

Two other awards received during the quarter were the RIU Good Oil 'Deal of the
Year Award 2004' and RIU Good Oil 'Explorer Award 2004', presented at the Good
Oil Conference held in Perth in September.

REVIEW OF OPERATIONS

MAURITANIA - WEST AFRICA

Overview: Hardman has interests in Production Sharing Contracts ('PSCs') in
eight offshore blocks in Mauritania, with the first PSC being signed in 1996.
These blocks cover over 60,000 square kilometres, extend along 540 kilometres of
coastline and include the majority of the prospective offshore basin area.

Over the past three years, eleven wells have been drilled including seven
exploration wells. These exploration wells included four discoveries being
Chinguetti in 2001, Banda in 2002, Tiof and Pelican in 2003. Three exploration
wells targeting older Cretaceous aged sandstones did not result in commercial
discoveries of hydrocarbons. Overall, the success rate for initial exploration
drilling has exceeded 50% which is high by industry standards. The two appraisal
wells and early development well at Chinguetti have been successful and the Tiof
West step-out/appraisal well confirmed and expanded the potential of the Tiof
discovery.

Hardman is currently involved in a drilling programme comprising up to 22 wells,
with Woodside and its joint venture partners, which includes exploration and
appraisal wells and the Chinguetti development drilling (see further details
below).

Chinguetti Oil Field: The Chinguetti Oil Field lies in the deep water part of
Block 4 in PSC Area B in which Hardman has a 21.6% interest. Chinguetti is a
typical salt dome structure with a vertical relief at the oil reservoir level of
over 300 metres. The primary oil zone at Chinguetti is contained within
Miocene-aged deep water turbidite sandstones which were deposited prior to the
salt uplift. The proven and probable (2P) recoverable reserve has been
independently estimated at 123 million barrels.

Of particular significance during the previous quarter was the decision by the
Woodside operated joint venture in PSC Area B to proceed with development of the
Chinguetti Oil Field. Capital investment is expected to be about US$600 million
for Phase 1 of the project, including contingency amounts for capital cost
overruns. In May 2004 the government of Mauritania awarded a production licence
covering the Chinguetti Oil Field area for an initial period of 25 years.

The initial Chinguetti field development will include six production wells and
five water injection wells for reservoir pressure support, with flowlines to a
leased floating production, storage and offtake vessel ('FPSO') moored over the
field in about 800 metres of water. Surplus gas not required for fuel will be
returned to a nearby reservoir via a gas injection well. Based on the award of
contracts and anticipated timing of vessel availability, first oil production is
expected by first quarter 2006.

During the quarter the Chinguetti-8 development well was drilled in a location
downdip and west of the Chinguetti 4-5 well and is intended as a water injector
for pressure support during production. The Chinguetti-8 development well was
spudded on 14 September 2004 by the Stena Tay rig and was drilled to total depth
of 3,100 metres (measured depth) and wireline logs were run. After review of the
logs it was decided to suspend the well for future use in the field development.

Drilling of the other Chinguetti development wells is expected to recommence in
early December 2004 with both the West Navigator and Stena Tay rigs operating in
tandem.

Chinguetti Development Financing: Hardman is in the final stages of completing a
bank financing facility for its 21.6% share of the Chinguetti development
capital (estimated at up to US$130 million, including contingencies). Subject to
completing the final due diligence, the loan documentation and required joint
venture and other third party agreements, ANZ Banking Group (which has been
working with Hardman on this transaction for the last two years) is expected to
both underwrite and participate in the loan. The finance facility to be provided
is expected to be between US$90 million and US$100 million. Hardman has budgeted
to provide the balance of funds, expected to be up to US$30 million.

Tiof Oil Discovery: The Tiof-1 oil discovery was made in November 2003 and the
significance of the discovery was confirmed by the Tiof West step out/appraisal
well in December 2003. The Tiof Prospect is an independent structural closure
within a Miocene channel sandstone system and is located approximately 25
kilometres north of the Chinguetti Oil Field. Based on the initial results from
the Tiof-1 and Tiof West wells and prior to consideration of development
options, the Hardman internal P50 estimate of field size is 300 - 350 million
barrels recoverable oil. (Hardman's net 21.6% share is 65 - 75 million barrels
of technically recoverable oil).

The 2004 appraisal programme will include the drilling of up to four wells on
the Tiof structure, one of which will be completed and tested in a similar
manner to the successful Chinguetti 4-5 Early Development Well ('EDW'). Drilling
at Tiof commenced on 23 September 2004 with the West Navigator rig drilling and
casing the top hole section for the Tiof-4 well to a depth of 2,108 metres. The
rig then moved to the Tiof-3 well and successfully drilled both the top and
bottom hole sections to a total depth of 2,960 metres.

Evaluation of the wireline data, including reservoir pressures and oil samples
indicate that Tiof-3 has intersected a gross oil column of 134 metres containing
several individual sands of variable thickness. This result is in line with
pre-drill predictions and the well was then sidetrack drilled, as planned to
obtain core samples and to test the reservoir. The results of this year's
appraisal programme, including the well test, are important factors in the
definition of the field and confirmation of the potential field size.

2004 Exploration Drilling Programme: The exploration wells approved for the 2004
programme are in PSC Areas A and B, where two and three wells respectively will
be drilled, and in PSC Block 2, where one well will be drilled. All the selected
exploration prospects have Miocene reservoir targets, but range from lower risk
prospects within the two Miocene channel systems proven by the Chinguetti and
Tiof discoveries, through to prospects that will test the new Miocene channel
areas which have been mapped in the deep water parts of PSC Area A and PSC Block
2. In PSC Area B, wells are planned for the Tevet, Merou and Capitaine
prospects; the Sotto and Bogue prospects are the most likely targets in PSC Area
A (but may be replaced by others as a result of the extensive 3D surveys
recorded this year). The Dorade Prospect in Block 2 has now been drilled.

For the exploration and Chinguetti development wells, the drilling programme is
using the technique of 'batch drilling' where both drilling rigs work in tandem.
In the 2004 programme it involves the West Navigator rig drilling the top hole
sections of a number of wells through to the base of the 171/2 inch hole
diameter section which is the first 600 to 1,000 metres. The well is then cased,
cemented and suspended, whilst the rig moves onto the next well. In this case
the West Navigator rig is still set up to drill the 171/2 inch well section for
the next well and therefore the rig crew does not need to change the drilling
equipment on the rig floor, which is a considerable saving in terms of drill
time and well cost. The second rig, the Stena Tay, then moves onto the well some
2-3 weeks later to drill the bottom section of the well (including the target
zone) in 121/4 inch hole size. The second rig is already equipped to drill these
smaller hole sizes again saving time and cost.

The West Navigator commenced work on 12 September by drilling the top hole on
Dorade-1 (PSC Block 2), followed by the top hole sections for Capitaine-1,
Tevet-1 and Tiof-4. The rig then moved to the Tiof-3 appraisal well and drilled
that well to total depth. Operation problems were encountered with the
Capitaine-1 top hole section which will require re-drilling.

The Stena Tay rig moved to the Tevet well on 30 September 2004 and drilled the
bottom hole section of the well to total depth of 2,715 metres. Following
wireline logging the well was declared a new oil discovery (see below) and was
then plugged and abandoned as planned. The rig then moved to the Dorade-1 well
in PSC Block 2 to drill the bottom hole section of that well.

Dorade-1 (PSC Block 2) was drilled to a total depth of 2,660 metres in 1,670
metres water depth. Evaluation of the wireline data indicates that the well
encountered some good quality Late Miocene sands but they were water bearing
with no hydrocarbon shows. The well was plugged and abandoned.

After completing operations on Dorade-1 the Stena Tay moved to the Capitaine-1A
location in PSC Area B to drill that well to total depth.

Joint Venture participants in the 2004 drilling programme are as follows:

Company PSC A PSC B PSC Block 2
No. of Exploration Wells 2 3 1
Woodside Energy (Operator) 53.846% 53.846% 48.0%
Hardman Resources Ltd 24.300% 21.600% 28.8%
BG Group 13.084% 11.630% -
Premier - 9.231% -
Premier (Sterling Energy) 4.615% - -
ROC Oil Company 4.155% 3.693% 3.2%
Energy Africa - - 20.0%

Tevet Oil Discovery (PSC Area B): The Tevet-1 exploration well tested a
structural/stratigraphic trap in sands of the same Miocene channel fairway that
comprise the reservoir at Chinguetti and Banda. The Tevet Prospect is located
approximately 80 kilometres southwest of Nouakchott, the Mauritanian capital, 10
kilometres northeast of the Chinguetti Field and 10 kilometres west of the Banda
oil and gas discovery. The Tevet-1 well lies within potential tie-back distance
to the Chinguetti field. Tevet-1 was drilled to a total depth of 2,715 metres in
a water depth of 489 metres.

Evaluation of the wireline data, including reservoir pressures and oil and gas
samples indicate that Tevet-1 has intersected a gross hydrocarbon column of 114
metres, comprising a 70 metre gas leg and a 44 metre oil leg. An oil water
contact is inferred to have been intersected on the basis of pressure data. The
well was not drilled in a crestal location but was located to intersect
predicted fluid contacts. The pre-drill prediction of contacts and fluid types
has been confirmed by the well.

Dana Joint Venture Areas: The Dana joint venture areas comprise three PSC areas
covering Block 1 which is situated immediately to the south of the Woodside
joint venture areas, and Blocks 7 and 8 which are north of the Woodside joint
venture areas. In each PSC, Dana Petroleum plc ('Dana') is operator and Hardman
has an 18% interest in Blocks 1 and 8 and 16.2% in Block 7.

Block 1: A number of prospects have been identified from the 3D seismic
acquired in late 2002. It is expected that the joint venture will agree to
drill the first exploration well as part of the 2004 drilling campaign,
however due to rig availability the well may not be drilled until early
2005.


Block 7 and the Pelican-1 Gas Discovery: In December 2003 the Pelican-1
well was drilled to a total depth of 3,825 metres in 1,700 metres water
depth. Evaluation of the wireline logs and pressure data indicated that the
Pelican-1 well intersected a gross gas column of approximately 370 metres
and within the gross interval a number of gas bearing sands are present. The
gas bearing sands are interpreted to be Upper Cretaceous in age and are
therefore older and geologically distinct, compared to the Miocene aged
sandstone systems that host the Chinguetti, Tiof and Banda discoveries
located approximately 150 kilometres to the south.

During the quarter the joint venture incorporated the results of the Pelican-1
well into the interpretation of the 3D and 2D seismic. Interpretation and
computer enhancement of the 3D seismic data indicate that the channel sand
systems which form the trap at Pelican extend further to the east into shallower
water depths. Available 2D data also suggest a continuation of this play concept
to the east. The joint venture is therefore planning to shoot an additional 3D
seismic survey to the east of the existing 3D data to delineate potential
prospects for drilling in 2005/2006. It is likely that this new 3D seismic
survey will be shot in the next 3 to 6 month period.

Block 8: This Block is geologically different from the other offshore
Mauritanian blocks, and the most prospective area is a carbonate platform
with seismically mapped large structural closures.

A request for a twelve month extension of the PSC has been approved by the
Government. This extension will allow the acquisition of a large 3D seismic
programme over the identified carbonate leads. This survey comprising 1,816
square kilometres of 3D seismic has commenced during the quarter. Also during
the quarter, Dana announced that it has farmed out a 38.5% interest to
Wintershall AG, a major German oil and gas company.


GABON - WEST AFRICA

Hardman holds a 12.86% working interest in two PSCs offshore Gabon which were
awarded in November 1999 and are known as Iris Marin and Themis Marin. The PSCs
cover a combined area of approximately 2,000 square kilometres and are located
in a proven and well established petroleum province.

3D seismic was acquired over the two blocks in early 2003. Detailed processing
of this data to produce depth image maps of the reservoir targets beneath
shallow salt layers has now been completed. The prospects identified from this
work are generally smaller than expected (less than 20 million barrels); but
some are still considered to lie within economic limits. The drilling of the
first well in the Iris Marin Block is now likely to be deferred until 2005. In
the Themis Marin Block the joint venture has agreed to acquire a further 210
square kilometres of 3D seismic in the southern portion of the Block during the
next quarter.


UGANDA - EAST AFRICA

Hardman is operator and holds a 50% interest in Block 2 which is located in the
northwest of the country. The licence covers the northern part of Lake Albert
and the surrounding onshore area.

A marine 2D seismic survey comprising approximately 1,000 line kilometres in the
Block 2 portion of Lake Albert was completed in 2003 and has successfully
identified several highly ranked prospects within the lake area. A large
prospect trend lies adjacent to the shoreline and could potentially be drilled
with an onshore drilling rig situated at the lake edge. Hardman is now planning
to shoot a small onshore seismic survey in early 2005 to more accurately locate
the well for drilling in the second half of 2005. This survey will also target
the continuation of the structural trend onshore.


ERITREA - NORTHEAST AFRICA

In January 2004 Hardman signed a Memorandum of Understanding ('MOU') with the
Government of Eritrea over the 11,550 square kilometres Massawa Block offshore
Eritrea. Negotiations on the terms for the Production Sharing Contract (PSC)
have been completed however, signing of the PSC documents had been delayed but
is expected to be signed later this year. Hardman will hold a 30% interest in
the project once the PSC is granted.

After the award of the PSC, the exploration programme in the Massawa Block will
commence with re-mapping of the existing seismic data and seismic reprocessing
(if necessary), followed by the acquisition of new seismic data.


GUYANE (FRENCH) - SOUTH AMERICA

Hardman was awarded an Exclusive Exploration Licence ('EEL') offshore Guyane in
June 2001 and holds a 97.5% interest. The EEL covers a large area of
approximately 65,000 square kilometres and includes the major part of the
offshore basin of Guyane. It extends from the twelve mile territorial waters
limit to the 3,000 metre water depth contour. The EEL provides for a seven year
exploration programme with a well commitment due by December 2004.

Acquisition of 7,500 kilometres of new 2D seismic was completed in mid February
2003. The new seismic is of excellent quality and has confirmed the existence of
a thick sedimentary section in the basin and identified a number of hydrocarbon
leads.

Of particular interest is a large structure with multiple objectives referred to
as the 'Matamata Prospect'. The Guyane project is currently being presented to a
selected group of potential farmin partners and several are reviewing the
project.

FALKLANDS - SOUTH ATLANTIC

Hardman is a member of a consortium which in July 2002 was awarded several
contiguous offshore exploration licences covering an area of over 30,000 square
kilometres to the south and south east of the Falklands.
The existing joint venture partners have reached agreement with a UK based
finance company to restructure the joint venture interests and provide funding
for a large 2D seismic survey to be shot over the permit area in 2005. Under the
terms of the agreement, a new UK company, Falklands Oil and Gas Limited, has
been formed which will hold 77.5% equity in the project. Hardman will retain a
22.5% interest but be required to fund only 20% of the seismic survey.


NEW ZEALAND

Hardman holds a 55% interest in Petroleum Exploration Permit 38215 which was
awarded in August 2001. During the year a 2,000 kilometre 2D seismic survey was
completed to define potential drilling prospects, however this data is yet to be
received by the joint venture parties.

It is now considered unlikely that the drilling commitment can be completed in
the work programme timeframe required, and Hardman will need to be prepared to
withdraw from the project if required.



AUSTRALIA

Hardman has interests in the Timor Sea area, situated in Commonwealth waters
offshore northern Western Australia.

Timor Sea Permits:
In the fourth quarter 2003, Hardman purchased for a total payment of $150,000 an
interest in three permits and now holds the following equity:

AC/RL1 (Talbot) 100%
AC/P25 95%
AC/P26 98.75%

AC/RL1: AC/RL1 encompasses the Talbot Oil Field which was discovered in 1989 by
Santos Limited with the Talbot-2 appraisal well drilled in 1990. Hardman's
current internal estimate of recoverable reserves ranges from 2 to 4 million
barrels which has previously been considered to be uneconomic for a stand-alone
development. However, the potential for development is currently being
re-assessed in view of the current high oil price.

AC/P25: During the quarter a 2D seismic survey comprising 425 kilometres was
completed over several leads in the permit. The new seismic will further
delineate potential drilling candidates for drilling a well in 2005.

AC/P26: Hardman has agreed to increase its interest in the permit to 100%
working interest (98.75% final equity), following the withdrawal of the other
joint venture partners.

Preparation work is continuing for the drilling of a well to test the Joeys
Prospect which is to be named the Marloo-1 exploration well. The Ocean Bounty
semi-submersible rig is to be contracted to drill the well in early 2005. An
option to drill a second well is also being negotiated with the contractor but
would only be drilled following success in the Marloo-1 well.

HARDMAN RESOURCES LTD



TED ELLYARD
MANAGING DIRECTOR

26 October 2004

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.

FOR FURTHER INFORMATION PLEASE CONTACT
HARDMAN RESOURCES LTD
Level 1, 50 Kings Park Road
West Perth Western Australia 6005
TELEPHONE FACSIMILE +61 (0) 8 9261 7600
EMAIL +61 (0) 8 9321 2375
WEB SITE
office@hdr.com.au

www.hdr.com.au



Rule 5.3

Appendix 5B


Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity
HARDMAN RESOURCES LTD

ABN Quarter ended ('current quarter')
------------------- ------------------
98 009 210 235 30 SEPTEMBER 2004
------------------- ------------------

Consolidated statement of cash flows

------------ ------------
Cash flows related to operating activities Current Year to
quarter date
$A'000 (3 months)
$A'000
------------ ------------

1.1 Receipts from product sales and related 1,257 1,257
debtors
1.2 Payments for
(a) exploration and evaluation (5,756) (5,756)
(b) development (20,173) (20,173)
(c) production (214) (214)
(d) administration (2,650) (2,650)
(e) other operating expenses not - -
included above
1.3 Dividends received - -
1.4 Interest and other items of a similar nature 2,594 2,594
received
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid (1,777) (1,777)
1.7 Other (provide details if material) - -
------------ ------------
Net Operating Cash Flows (26,719) (26,719)
----- ----------------------- ------------ ------------
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (306) (306)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) (47) (47)
------------ ------------
Net investing cash flows (353) (353)
----- ----------------------- ------------ ------------
1.13 Total operating and investing cash flows (27,072) (27,072)
(carried forward)
----- ----------------------- ------------ ------------

----- ----------------------- ------------ ------------
1.13 Total operating and investing cash flows (27,072) (27,072)
(brought forward)
----- ----------------------- ------------ ------------
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 4,361 4,361
(Net)
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other (provide details if material) - -
------------ ------------
Net financing cash flows 4,361 4,361
----- ----------------------- ------------ ------------
Net increase (decrease) in cash held (22,711) (22,711)
1.20 Cash at beginning of quarter/year to date 328,695 328,695
1.21 Exchange rate adjustments to item 1.20 (6,794) (6,794)
------------ ------------
1.22 Cash at end of quarter 299,190 299,190
----- ----------------------- ------------ ------------

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related
entities
-------------
Current
quarter
$A'000
-------------
1.23 Aggregate amount of payments to the parties included in 270
item 1.2 -------------
1.24 Aggregate amount of loans to the parties included in item -
------ 1.10 -------------
--------------------------------
1.25 Explanation necessary for an understanding of the transactions
-------------------------------------------
Payments in item 1.23 are consulting and related costs (excluding GST)
paid during the quarter to directors of the entity and their
associates.
-------------------------------------------

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material
effect on consolidated assets and liabilities but did not involve cash
flows
--------------------------------------------
Nil
--------------------------------------------

2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest
--------------------------------------------
Nil
--------------------------------------------



Financing facilities available

Add notes as necessary for an understanding of the position.
------------- -------------
Amount available Amount used
$A'000 $A'000
------------- -------------
3.1 Loan facilities - -
------------- -------------
3.2 Credit standby arrangements - -
----- ----------------------- ------------- -------------


Estimated cash outflows for next quarter
------------------
$A'000
------------------
4.1 Exploration and evaluation 59,000
------------------
4.2 Development 32,300
----- ----------------------------- ------------------
Total 91,300
----- ----------------------------- ------------------

Reconciliation of cash
------------------------- ------------- -------------
Reconciliation of cash at the end of the quarter (as Current Previous
shown in the consolidated statement of cash flows) quarter quarter
to the related items in the accounts is as
follows.
$A'000 $A'000
------------------------- ------------- -------------
5.1 Cash on hand and at bank 2,497 14,106
------------- -------------
5.2 Deposits at call 296,693 314,589
------------- -------------
5.3 Bank overdraft - -
------------- -------------
5.4 Other (provide details) - -
----- ---------------------- ------------- -------------
Total: cash at end of quarter (item 1.22) 299,190 * 328,695
----- ---------------------- ------------- -------------

* Note that 'total cash at end of quarter' for the previous quarter (June 2004)
differs from that released in the June Quarterly Report due to reclassification
of funds held in secured deposits in the form of guarantees over the Company's
projects and commitments at year end. For further details please refer to the
Company's Annual Financial Statements.

Changes in interests in mining tenements

------------- ---------- -------- --------
Tenement reference Nature of Interest at Interest
interest beginning at end of
(note (2)) of quarter
quarter
------------- ---------- -------- --------
6.1 Interests in mining Falkland Islands - Working 30% 22.5%
tenements (PL10, PL11, PL12, ---------- -------- --------
relinquished, PL13, PL14, PL15 &
reduced or lapsed PL16)
-------------
EP413 Working 12% Nil
L14 (Jingemia Field) Working 12% Nil
---------- -------- --------
-------------
6.2 Interests in mining Timor Sea - AC/P26 Working 49.375% 98.75%
tenements acquired ------------- ---------- -------- --------
or increased

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
---------- ---------- ----------- -----------
Total Number Issue price per Amount paid
number quoted security (see up per
---------- ---------- note 3) (cents) security
(see note 3)
----------- (cents)
-----------

7.1 +Preference - -
securities
(description)
---------- ---------- ----------- -----------
7.2 Changes during - -
quarter
(a) Increases - -
through issues
(b) Decreases
through returns ---------- ---------- ----------- -----------
of capital,
buy-backs,
redemptions
7.3 +Ordinary 650,305,919 650,305,919 - -
securities
----- ----------- ---------- ---------- ----------- -----------
7.4 Changes during 2,654,412 2,654,412 $1.10 $1.10
quarter
(a) Increases 1,310,000 1,310,000 $1.10 $1.10
through issues
(b) Decreases
----- through returns ---------- ---------- ----------- -----------
of capital,
buy-backs
-----------
7.5 +Convertible - -
debt
securities
(description)
---------- ---------- ----------- -----------
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
----- through ---------- ---------- ----------- -----------
securities
matured,
converted
-----------
7.7 Options 2,972,176 - Exercise price Expiry date
(description and
conversion
factor)
8,305,000 - $1.10 31/12/04
$1.10 31/12/06
---------- ---------- ----------- -----------
7.8 Issued during - - - -
quarter ---------- ---------- ----------- -----------
7.9 Exercised during 2,654,412 - $1.10 31/12/04
quarter
1,310,000 - $1.10 31/12/06
---------- ---------- ----------- -----------
7.10 Cancelled during - - - -
----- quarter ---------- ---------- ----------- -----------
-----------
7.11 Debentures - -
(totals only)
----- ----------- ---------- ----------
7.12 Unsecured - -
notes
(totals only)
---------- ----------

Compliance statement


1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).

2 This statement does give a true and fair view of the matters disclosed.


Sign here: ............................................................
Date:............................
Managing Director


Print name: TED ELLYARD

Notes

1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.

2 The 'Nature of interest' (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the reporting
period. If the entity is involved in a joint venture agreement and there are
conditions precedent which will change its percentage interest in a mining
tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address
a topic, the Australian standard on that topic (if any) must be complied with.


== == == == ==

Commentry from oilbarrel.com

Makes good reading.

27.10.2004
Hardman Preoccupied By The Promise In Mauritania
Unsurprisingly, it is operations in the waters off the coast of Mauritania that makes up the bulk of Hardman Resources quarterly report to the Australian Stock Exchange. This reflects the intensity of the work programme in Mauritanian waters as well as that programmes potential to completely transform the potential of the companys fortunes. Hardman is not alone among its peer group in its exposure to the Mauritanian campaign - but unlike fellow London-listed stakeholders such as Premier and ROC Oil, Hardman holds a major slice of the action. It holds a 24.3 per cent stake in PSC A (home to two exploration wells in the current campaign), 21.6 per cent in PSC B (three wildcats) and 28.8 per cent in PSC Block 2 (one exploration well). Hardman also holds 18 per cent in the Dana-operated blocks 1 and 8 and 16.2 per cent in Block 7.

To date the 22-well drilling campaign, using the West Navigator and Stena Tay to drill the deepwater wells, has got off to a flying start. Dorade-1 may have been a dry hole but the Tevet-1 wildcat found 114 metres of hydrocarbons, comprising a 70 metre gas leg and 44 metre oil leg. Significantly, the well, drilled in 489 metres of water, lies within potential tie-back distance, about 10 km, of the Chinguetti oil development.

An appraisal of the Tiof oil find, Tiof-3, encountered a 134 metre oil column, in line with pre-drill expectations, leading Hardman to repeat its internal 2P number for the field of 300-350 million barrels.

This figure, if proved correct by further appraisal drilling (up to three more appraisal wells are planned for Tiof), would dwarf numbers for the Chinguetti field, which has a 2P reserve base of 123 million barrels and is expected onstream in the first quarter of 2006. The Chinguetti-8 well has been completed as a water injector well. A further 11 production or gas/water injector wells are on the cards for Chinguetti in the current drill run. Hardman is well advanced in its preparations to finance its share of the US$600 million development, estimated at up to US$130 million. The company has been in talks with ANZ Banking Group for two years and expects that institution to underwrite and participate in a loan for between US$90 and US$100 million. Hardman plans to fund the US$30 million balance itself.

Given the buzz of activity off the coast of northwest Africa, the remainder of Hardmans portfolio of far-flung E&P assets, which stretch from Australia to the Falkland Islands via Eritrea and Uganda, appears something of a sideshow.

In the Australian waters of the Timor Sea, the company is currently processing a 2D seismic survey and gearing up to drill the Marloo-1 exploration well in the early part of 2005. 2D seismic, some 4,000 km of it, is also on the cards in the waters off the south of the Falkland Islands where Hardman has formed a joint venture with Falklands Oil & Gas, and in Uganda, where a small seismic shoot is planned to define drilling locations for next year. Progress in Eritrea is on hold until the PSC for the Massawa Block is signed, hopefully before year-end, while exploration work in Guyane awaits completion of discussions with potential farm-in partners. Drilling on the Iris Marin and Themis Marin PSCs offshore Gabon, where the seismic points to smaller than expected prospects, of less than 20 million barrels, has been deferred until next year. The company may have to withdraw from exploration permit 38215 in New Zealand, awarded in August 2001, as it looks unlikely it will fulfil its drilling commitment on the acreage.

But, with commercial success looking more likely with every successful well sunk in Mauritania, investors may forgive Hardman the odd slip here or there...

Just had an email from someone called Ted.

He says:-

Tiof-3 Appraisal Well - PSCB
West Navigateor ran and cemented casing to 2980m and preparing for flow testing.

Capitaine-1A - PSCB
Stena Tay drilled 2718m, cemented casing, and preparing to run in hole and drill TD


I think he just copied last weeks................

Need to keep an eye on this one.

Sure fire buying opportunity imo.

In view of SEY in Mauritania is it still worth holding HNR. I know they have a intrest in the Falklands but I can't see that happening for a while. Any views?

MS

I'm wondering the same, especially by the time the govt take their cut.

I'm thinking short term with this.

If it goes much lower there will be a bounce.

Still not bought in yet!

capitaine 1 wet with water hey?

That explains the salt dome.

Sea water has salt in it.

Of course what is beneath the water??

Something below is forcing pressure up. It's not continental drift as that is going away from Africa.

I'm sure they know what they are doing though.

It's a gusher!!!

From Hotcopper

"ABN-AMRO just confirmed P90's rumour they suggest a 300mmbbl (gross) oil discovery at Merou

This would influence WPL's share price by 4% HDR by 17% and ROC by 11% the results of Merou are expected early this week. and the TIOF-3 flow test within the forthnight

Bring it on we could have a great Xmas, and Hopefully a good one for Ted as well"

Seawall, can u post the link to arrive to this news/rumour. Ta

tomorrow!

xmortal, here is what you want.

from a poster on ADVFN:

Baker Young Stockbrokers associate director Wesley Legrand said one of yesterday's big movers was Woodside Petroleum, which reached a record high. The stock climbed 72 or 3.5 per cent to $21.02.
"It was because of the investment community getting information about the potential of their Merou-1 wildcat well," he said.
...
http://www.thecouriermail.news.com.au/common/stor y_page/0,5936,11508570%255E3122,00.html

...
Baker Young Stockbrokers associate director Wesley Legrand said Woodside had rallied on news that its Merou-1 wildcat well could be a "gusher" similar to the Tiof and Chinguetti discoveries. Results are due next week.
Woodside reached a record high, climbing 72c or 3.5 per cent to $21.02.
"There is research around indicating it could be worth up to $1 a share to Woodside's price," Mr Legrand said.
...
http://dailytelegraph.news.com.au/story.jsp?secti onid=1265&storyid=2292984

...
UBS research showed the well could be a "gusher". Results are due next week.
...
http://www.theadvertiser.news.com.au/common/story _page/0,5936,11509766%255E913,00.html

Cant get to the link, maybe expire, will wait and see what brings next week. Good luck to all holders. xm

http://www.thecouriermail.news.com.au/common/stor y_page/0,5936,11508570%255E3122,00.html

This one worked, the navigate to 'Resources lead new high'

It takes you to the article.

Sorry did it wrong, here it is.

http://www.thecouriermail.news.com.au/common/stor y_page/0,5936,11508570%255E3122,00.html

Or try this as an alternative.

http://www.thecouriermail.news.com.au/

Rumours over the other side of a "gusher" at Merou, nothing to substantiate them, but worth keeping an eye on price and volume this week IMHO.

I believe these rumours eminate from the HotCopper website in Australia, so should be treated as simply rumours until something more solid is available.


Edit

Sadly, we now have confirmation, and it's another disappointment!

Details can be found by following the link below, shame!

http://www.asx.com.au/asx/statistics/announcementSearch.do?method=searchByCode&releasedDuringCode=W&issuerCode=hdr

Ouch! Took a hammering today.

MS

It'll rise just the same.

Holes or no more holes with oil or gas, there is enough in Mauritannia now to make a go of it.

Plus there are still 13 more holes to drill, (give or take 1)!

SWW,

yes, I'm considering topping up at this level.

Me too.

Well, I made a +17p some while ago on it's high, and bought in a few days ago at 86p, fortunaely only 1/5th of what I had before.

The Times says the next two holes carry a higher risk than Merou, Dorade and Capitaine according to Merrill Lynch.

While I still rate Hardman as a buy, I may just see the bulk of the drilling campaign out of the way before proceeding any further.

'Hold on to Hardman says analyst
Steve Rotherham
Thursday, December 02, 2004

THE market has overreacted to disappointing results for Hardman at the Merou-1 and Capitaine-1 offshore Mauritanian wells, according to a report by financial consultancy Smith Barney, a division of Citigroup Global Markets Inc.


Hardman closed yesterday at $1.61, down 18 cents or 10.1% from the previous day's close of $1.79.

"Our valuation of Hardman is unchanged at A$2.48 a share," the report stated.

"We believe the known reserves plus the potential for upgrades at Tiof and Chinguetti are worth around A$1.82 a share. The potential for further additions (Tevet) and the potential value of gas at Banda bring our value up to the A$2.48/share level. Our recommendation is maintained at Hold/Speculative Risk (2S)."

Smith Barney said there were also two other exploration wells Sotto-1, a 150-250 million bbl prospect, and Bogue-1, a 300 million bbl prospect that could still be drilled. It was also possible that the joint venture would now concentrate on generating cashflow from Chinguetti and Tiof rather than exploration.

But Hardman was still considered to be a speculative investment as its assets were located mainly in one country, Mauritania, and these were the first oil and gas fields to be located in that country.

Another reason to hold on to Hardman shares could be the company's leases in offshore Guyane (formerly French Guiana).

Smith Barney did not discuss this region, but Hardman acting chief executive Scott Spencer told the company's annual general meeting that Hardman was excited about its deep-water leases off the Guyane coast. Hardman holds a 97.5 per cent interest in more than 65,000 square kilometres.

Spencer said Hardman had completed a large 2D seismic survey outlining a giant structure that could hold 2.5 billion barrels of recoverable oil.

The company was talking to potential farm-in partners but it intended to hold on to a bigger stake than it did when Woodside farmed into Chinguetti, Spencer said.'

Hardman down another 5% overnight in Australia.

If it is repeated here this will be a real bargain. Sell with all that colatteral

People are daft!

Hi Seawalker.. I'm getting fed up with topping up at these bargain prices.. I just can't see why the folk are selling as this is truely going to be a winner.. oh well I guess we each have our own perspective.

Cheers

Chris

I think the reaction here is purely because of bear action in Oz.

These, pmo, hnr, sey & roc are all great to hold on just now.

So say I,

"Aye"

Well. HNR in the 60's.

Can it get any lower?

I say aye!

I want to buy some HNR but I think I will let Tuesdays update for Tiof 5 go by first!

If there is not much to learn from the update, it may be they are having trouble finding what they are looking for, in which case therer may be another downward trend.

All, please remember Chinguetti which also caused a dive of a similar nature last year.

It pays to wait for the low!

Please make your own decisions, I am just saying mine out loud!

SWW,

Yes I think waiting for next Tuesday's update is the correct course of action here, IMHo, I'm doing exactly the same!

Ok we might miss a couple of pence of a rise if all is well, but at a reduction to risk, which I prefer.

Well I hold the shares from earlier, having reduced somewhat. But I agree with what you say, get Toif out of the way.

Have we reached bottom yet?

MS

MS at these prices I am looking to come in.

HDR = HNR on the ASX has a $2.60AUS price ticket.

Freeing up funds should be in tomorrow, fingers crossed!

SWW

How much is that in stirling?

MS

Half a haggis and a tartan jockstrap MS
Nam

As much as that wow!

MS

Are you sure that you have the right HNR seawallwalker? They are ticker HDR in Ossie! About $1.50 something?


Code Last $ +/-....Bid Offer Open...High..Low...Volume
HDR 1.550 -0.120 1.550 1.550 1.650 1.650 1.550 5,690,005

As they say, s***e happens?

It was an item I read last week concerning HDR. I did not think at the time to copy it or check it's authenticity.

I'll do some work on it!

Is it a good time to top up or is the downward trend still in place.

MS

MS
I'm looking for under 60p to jump back in..............I may not find it though!

sandrew64 maybe today is the day - another 3.23% drop in OZ overnight. See it's marked down to 60p ish here before open, but the ask is 62p.

HDR.AX - HARDMAN RSC- ASX - price 1.50 AUD -3.23% - volume 12,214,084

Needs to do better than that today for me I think. 60p ask is about right bearing in mind it can still drop.

Can't believe this stock is doing this, it is back to last years level almost!

Chinguetti is no longer in the price imho, nor tevet or tiof.

Bogue at 2billion and a 13% hit rate to be drilled next year I think.

I can not trace the item re the price target so forget that.

Waiting game today then.

I had a figure of 57p in my head but thought I was probably being a bit silly...we'll see.

anyone no hardmans NAV it will give a good indication of what level to buy at.

Sorry bowman, no idea.

If you are a chartist, today is not the day to buy.

The charts can have fun before the drill result at Toif 5, but what will the charts say after the result? Oh they may say, the charts are looking bullish again and why? Because the fundermentals have changed that's why!

Present and past info, but not the future on a stock like this, they just cannot forecast it! Price of metals maybe, or even the stock market, but not small stocks with news due at any time.

That's my view anyway :)

rayrac dead right in your opinion, which makes it even harder to decide when to buy.

I like this price, but I would like it cheaper, seems HNR does whatever HDR does the night before in Oz.

Tiof 5 is due, you are right, followed by no news while production swings into gear at Chinguetti.

There is loads in the price and perhaps I am being too picky.

The dips are a bit disconcerting though.

I see other PSC memebers are doing the same.

Taken from TMF - Killik & Co.

HARDMAN RESOURCES Share fall


The share price of Hardman Resources, a major partner in the Mauritanian discovery has seen a sharp share price fall in recent trading sessions from 90p to around 68p. Trying to judge the bottom of the price fall is a difficult business but a bounce back looks more than a fair chance from these levels.


Hardmans primary asset is the 19% stake in Chinguetti and 21.6% of the other exploration areas in Mauritania known as PSC B. Readers will recall that these stakes came after a place down of its share to BG Group earlier in the year.


The share price fall follows three separate pieces of poor news which has impacted sentiment. Given that the price has traded at a premium to estimated net asset value, bad news creates opportunities for the premium to reduce. We think the stock is now trading at a discount to core value.


Having spoken to the participants in the project, we understand the news earlier in the week that the Merou well had delivered sub commercial quantities of hydrocarbons really defines the boundary of the massive Tiof field (i.e. it does not extend as far to the west). Further drilling will now take place to the East.


The mechanical issues at Tiof which resulted in the suspension of drilling of the third appraisal well have been played down as insignificant although clearly this may have some impact of the cost program.


It is clear the partners need some good news but we have felt that some of these early targets are by their very nature are high risk and help to define the structures. As a result, the sentiment has moved too negative on the project. Indeed, we suspect that the next results we will hear from the partners will be more about development of existing projects which should be safer hunting ground (cash flow rather than exploration).



The stock price at 66p is below the perceived 73p core as estimated by Citigroup Smith Barney. Upside potential therefore exists. The added attraction of bid speculation at the lead operator Woodside Petroleum in recent sessions and thoughts that Hardman will probably be bought in 2005 suggest recent weakness represents a buying opportunity.

I'm back in.

The stock is as Killik says at a discount, and it's a good one, so that is all there is too it!

Anyone here interested in cows?

Moo!

MS

This is the full text from IC where it has HNR as one of its ten Aim super stocks:

Hardman resources

As long as the dollar remains weak and George Bush wants to make war rather than peace, the oil price is likely to remain high - and oil companies will benefit.

Hardman isn't the biggest oil & gas company on Aim, but it's close - and it's likely to outlast most of the others. That's because it has a strong shareholder base and because its assets are diverse. The company's primary focus is on the new oil and gas province opening up off the coast of Mauretania, where it has had several spectacular discoveries.

The first one, the Chinguetti field, was declared economically viable earlier this year, and is due to come on stream early in 2006. That's not long to wait for substantial cash flow. Meanwhile, Hardman continues to develop its other Mauretanian prospects - the most promising at the moment being the huge Tiof gasfield. There are others, and the company has the cash to go after them.

It also has assets elsewhere: there's exploration in New Zealand, off the coast of South America, off the Falklands, in central sub-Saharan Africa, and in the Timor Sea. And Hardman has shown itself adept at deal-making: it made a profit of more than $100m in a matter of days when it took up an option on an asset and then sold it on to BG.

Chief Ted Ellyard has had to step down for health reasons, and the market has reacted badly to a recent dry well. But that just creates a buying opportunity - Hardman is in it for the long haul.

Where is it going? Sub 60p and I'm in

MS

Didn't know you were out!

Who knows ms?

The price is great, but where is the low and rebound?

I have no idea, I thought it was there yesterday.

MS - what I have noticed with HNR is that volumes in the UK are not high, no mass buys or sells, and lately the buys outstrip the sells by a few hundred thousand.

I interpret that as holders are holding on to the share overall.

I'll make no recommendation as this one is influenced by what happens in Oz overnight.

There it has been steady fall every day for a while now.

I think it is cheap with quite a discount on the price.

I have been known to be wrong!

The last Tiof well that was planned is Tiof 5, which is being drilled east of Tiof 1.

Tiof 2-4 are to the west I believe.

Tiof 4 put a boundry on the Tiof Discovery to the west as I understand it. Tiof 5, and an unplanned Tiof 6 are to determine the boundry to the east.

Tiof is due to produce oil 18 months after Chinguetti. (2007).

Expect Tiof 5 or 6 to be dry or not commercial, this may again affect the price, even though it makes good sense to be sure of what the PSC partners have at Tiof.

Tiof is already many times larger than Chinguetti. I take that from HNR AGM document.

prop said the price of SEY would flucuate during drilling and it certainly has, as has HNR.

I ask, can we take a chance on Tiof 5 and possibly 6 being dry or not commercial?

If they do find enough of what they are looking for, this week or next at Tiof 5, then this will shoot up imo.

There is no way to predict wether that is going to happen, it may be better to buy on upward momentum, then again anyone wanting to buy may miss the boat.

I have bought a few more today, back up to my previous levels and at a fantastic dicount comapred to my last lot.

I do not see me losing my deposit in the long term what ever happens in the immediate future.

Whatever you do, you decide.

Good luck chap!

As I wrote the above the spread is now 2p wide 59 to 61p.

Seems that may be support!

Maybe not!

On the other hand I may be right, the MM are dropping the bid but leaving the ask.

That looks like support to me.

I will have a look and see later, say next year to see if I was right!

I'm hanging on but so tempted to top up. I just can't make up my mind. Did top up with SEY today, only a small amount though.

MS

Unlikely even really good news will take up the slack in the discount.

You can afford to wait imho.

Talking of slack, how's the Mother in Law?

Moo!

MS

This has fallen again today. Is it time to top up or is 50p looming. Any ideas?

MS

Takes awhile to load with broadband.

I would not recommend dial up modems unless you have nothing better to do.

Its a Woodside PDF more up to date than many seen before.

http://www.newsite.woodside.com.au/NR/rdonlyres/em2x256d2zpduga4oarmn7zz2d32ktkbwps3jt2bmkxxbwt3vlqmeiqncynyj6csv35xrxf5dpacx2apjmbqqwp3edb/IR+-+Nov+04+-+Investor+Briefing+Day+Clegg+%28Africa+Business

December 15 2004

Australasian Investment Review - (AIR)

Macquarie has taken advantage of recent weakness in the Hardman (HDR) share price by upgrading its short-term recommendation on the stock to Outperform from Neutral, while retaining its long-term Neutral rating.
While noting the company will not commence production until early in 2006, the broker suggests there remains significant potential from the ongoing exploration program. The analyst notes the company is currently in discussions for the timetable for 2005's exploration program in Mauritania, the announcement of which should give the stock a boost.
In addition, approval for the development of the Tiof and Tevet fields should also provide a catalyst, especially as the broker values the impact of Tevet at 19c.
Earnings have been adjusted slightly, with FYO5 down 4% to $0.3m, FYO6 to $2.8m and FYO7 up 5% to $4.7m to account for revised exploration commitments.
The broker's valuation on HDR is $1.53, while its share price target is $2.10.

Any idea what that broker's valuation equates to in sterling?

83 pence sandrew.

Nice as we bought around 60p ish.

The price is rsing inbits today which is not normal, its normally lumps up or down of 3 to 4 pence, so this was obviously released o=vernight and digested as people have got to it.

As you can see Tevet is seen as a bonus to that price.

I had an email advertising the fleet street letter the other day insisting now was the time to get into oils especially smaller companies( don't know which exactly as I don't subscribe), but they also were predicting $80 per barrel next summer. Don't know what they are like on predictions but thought it interesting nonetheless.
Shouldn't think the sp will take too long to gain back to previous levels as no real justification for price dropping as it has, just a bit of bad news at the same time as the general oil price drop. IMHO anyway.

Maybe your opinion, but I agree completely.

My feeling is that this sector will rise to acceptable levels and stabalise in the forseeable future.

$80 is no more unreasonable than any other amount.

Next July USA will have another panic on about inventories, remember they released their reserves this year to try to bring down the price per barrel and failed to hold it.

I reason they will need to fill both their reserves and their inventory for next winter.

Price rise is guaranteed.

Mauritannia just over the pond and producing, who is gonna buy it?

You guessed!

83p pence for HNR will seem cheap by then.

Just out of interest that advert also predicted a market crash within the next 90 days. This is the second time I have heard such a rumour lately, the first one predicted end of Jan -beginning of Feb. Any thoughts or opinions on this?

sandrew64 what advert?

Sorry ..the fleet street letter.

A crash or realignment. Sounds a bit drastic. What pointers are there that a crash is going to happen.

MS

I can't see any at all so thats the end of my involvement in this conversation.

Probably best forgotten, certainly something we don't want to talk ourselves into.

good idea.

chinese whispers

Share price up in OZ overnight.

Funny how things go.

The market knew this was going to happen ages ago. The share price fell as a result then. Here it is in the flesh and a drop again.

TYhose MM certainly know how to turn the screw.

Hardman Resources Limited
16 December 2004




STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 16 December 2004

CONTACT: Scott Spencer

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: RESIGNATION OF DIRECTOR - MR TED ELLYARD

Hardman Resources announces that Mr Ted Ellyard has today resigned as a
Non-executive Director of the Company. As previously announced, Mr Ellyard
stepped aside as Managing Director of Hardman on 29 October 2004 for personal
reasons.

Mr Ellyard was appointed a Non-executive Director of Hardman Resources in 1992
and Managing Director and CEO in 1996. The Directors and staff of Hardman extend
their best wishes to Mr Ellyard and his family, and thank him for his
significant contribution to Hardman during his tenure.

The Company anticipates concluding the search for a new Chief Executive Officer
early in the New Year.



SCOTT SPENCER
DIRECTOR

Sorry all, posted and changed my mind.

It was an item stolen from TMF which although relevant and informatory was a little too er, personal in respect of Ted Ellyard to TMF suscibers.

If you want to read it it is there for all to see.

up 1.25% over night in Oz to $1.62Au.

Ain't it fortunate that HNR are dual listed, the other being listing being HDR on the ASX.

It saves the MM having to think in the UK.

They just have to copy what happened there!

Nice.

Yeah a clever bunch they are aren't they. These HNR stock are very news sensitive every announcement re the drilling sends the price a tick down. At least I know where the dips are so that I can increase my holding.

Did not work

Not yet an RNS but explains the drop, in price today.

It can be viewed on the ASX HDR page.

http://www.asx.com.au/asx/research/CompanyInfoSearchResults.jsp?searchBy=asxCode&allinfo=on&asxCode=hdr&companyName=&principalActivity=&industryGroup=NO



"Pancontinental Oil & Gas NL and joint venture partners, Afrex Ltd and Hardman Resources Ltd today announced a memorandum of understanding
negotiated with the Eritrean Ministry of Energy and Mines for the offshore Red Sea Massawa Block had been declared null and void. The MOU was initially for a six-month period commencing on December 24 2003.

"A number of extensions have been granted since that date to enable continued negotiations with the ministry for a Petroleum Sharing Contract (PSC).

"The final draft of the PSC was submitted to cabinet for
ratification," Pancontinental said.

"Notification has now been received from the ministry that the
MOU and any other documents relating to the Massawa Block have been
declared null and void," the company said.

Afrex Ltd, as operator of the joint venture, is now seeking
discussions with the Eritrean authorities for an explanation and
clarification of the situation..... "

The price drop has nothjing to do with this............

Hardman Resources Limited
04 January 2005




STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 4 January 2005

CONTACT: Kathryn Davies

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: MAURITANIA DRILLING PROGRAMME
WEEKLY PROGRESS REPORT


Hardman Resources Ltd ('Hardman') provides the following progress report on the
Mauritania offshore drilling programme:

Tiof-6 Appraisal Well - PSC B

Progress and Current Status:
Since the last report on 29 December 2004 the West Navigator drilled the Tiof-6
well to 2,212 metres and set the 13 3/8 inch casing. The current operation is
preparing to drill ahead to the planned total depth of 2,750 metres.

Well Location:
The Tiof Discovery is located approximately 90 kilometres west of Nouakchott,
the Mauritanian capital and 25 kilometres north of the Chinguetti Field. The
Tiof-6 well is located 3 kilometres west of the Tiof-1 discovery well and 1
kilometre east of Tiof-3. Water depth is approximately 1,165 metres.

Well Details:
The Tiof-6 well is intended to further appraise the Tiof oil discovery and will
continue the evaluation of the Miocene channel sand system within the Tiof Field
area as interpreted with 3D seismic.

Chinguetti Development Drilling

Since the last report on 29 December, the Stena Tay has continued drilling
operations on the Chinguetti field. Hardman does not intend to provide detailed
weekly reports during the course of the development well drilling programme but
will continue to report significant matters as appropriate and in accordance
with its continuous disclosure obligations.


Page 2

Other information:

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

Hydrocarbon shows will only be reported after all required logs have been run
and evaluated for each exploration and appraisal well.

Times and dates refer to Mauritania time (GMT), 8 hours behind Western Standard
Time, Perth.

A map showing the location of the 2004/05 wells is available on the Hardman
website (
www.hdr.com.au
) and will be updated during the course of the 2004/2005
drilling programme.

The government of Mauritania has exercised its right to participate in the
Chinguetti development, as previously announced, and the resulting joint venture
interests in the Chinguetti Field and PSC B are:

Company PSC B Chinguetti Field
(Remainder)
Woodside group companies (operator) 53.846% 47.384%
Hardman group companies 21.6% 19.008%
BG group companies 11.63% 10.234%
Premier group companies 9.231% 8.123%
ROC Oil group companies 3.693% 3.250%
Groupe Projet Chinguetti (Govt. interest) - 12.000%



KATHRYN DAVIES
COMPANY SECRETARY AND
CHIEF FINANCIAL OFFICER

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.

Found this on the ASX - As always HNR/ HDR (ASX) is very news sensitive Shares closed down A$0.030.

PANCONTINENTAL Oil & Gas NL
ACN 003 029 543
4 January 2005
ASX Announcements
Eritrea
Pancontinental, together with its joint venture partners, Afrex Limited and Hardman
Resources Limited, negotiated a Memorandum of Understanding (MOU) with the Eritrean
Ministry of Energy and Mines for the offshore Red Sea Massawa Block.
The MOU was initially for a six month period commencing on 24 December 2003. A number
of extensions have been granted since that date to enable continued negotiations with the
Ministry for a Petroleum Sharing Contract (PSC). The final draft of the PSC was submitted
to Cabinet for ratification.
Notification has now been received from the Ministry that the MOU and any other
documents relating to the Massawa Block have been declared null and void.
Afrex Limited, as operator of the joint venture, is now seeking discussions with the Eritrean
authorities for an explanation and clarification of the situation.
For and on behalf of
Pancontinental Oil & Gas NL
A K Svalbe
Chief Executive Officer & Director
Tel: 08 9227 3220
Fax: 08 9227 3211
Email: svalbe@pancon.com.au
Ground Floor
288 Stirling Street, Perth
Western Australia 6000
P O Box 8260
Perth Business Centre
Western Australia 6849
Tel: (61 8) 9227 3220
Fax: (61 8) 9227 3211
Email: svalbe@pancon.com.au
Web: www.pancon.com.au

Late 1million plus buy today after a broker trade for the same amount.

Could be a precurser to something..............?

Hi SW.. I noticed that too but couldn't work out at this stage what could be in the offing. Now that all the Tiof tests have been conducted in the Chinguetti field I guess we are waiting for a price correction after a string of slightly negative test results towards the end of the programme. It will be the production that really sends the price in the right direction but at the moment there is a bit of a lull & then things should strat moving again. So perhaps the large trades were an indicator that the lull may be over. I notice however that Hardman shares are slightly down again on the ASX (A$ -0.020)as a result of this news. It will be interesting to see if at some point in time the pattern between LSE & ASX remains across the two markets re the Hardman shares or perhaps LSE will receive news in a slightly more positive manner.

STOCK EXCHANGE / MEDIA RELEASE
RELEASE DATE: 6 January 2005
CONTACT: Kathryn Davies
TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600
RE: ASX APPENDIX 3B
PAGES: 9
Please find following ASX Appendix 3B being an application for quotation of additional
securities in the Company pursuant to the exercise of 69,000 options exercisable at $1.10 per
share with an expiry date of 31 December 2004. The exercise of the options raises an
additional $75,900 for the Company.
All options expiring 31 December 2004 were exercised by the due date in accordance with
the terms and conditions of those options.

Some big buys in the afternoon 700k shares within a couple of hours, biggest one 350k shares.

That is two days running big late trades.

I am still hoping that means something.

Well a nice rise today.

As Tiof 6 must have hit the depth a couple of days ago, it bodes well I think.

Looking forward to Tuesday.

HNR up over 7% in Oz overnight!

Crikey!

Tiof 6 news leaking perhaps????

have i seen this post somewhere before????!!!!

how are you sir?

Knackered.

500 mile round trip after porting the above message and not knowing what was going on all day.

I am now going to relax in the knowledge that,


BIG THINGS ARE AFOOT

Very high volume in Oz to midnight. Up nearlly 4%.

CU in the morning!

Another firm to drill oil

By Emmy Olaki

Australian oil exploration company, Hardman Resources, has started mobilising resources for oil drilling on Block 2, on the Albert graben to start on January 25.

Ernest Rubondo, the deputy commissioner in the petroleum exploration department, said Hardman would use some of the equipment, which was used by Heritage Oil in addition to what it has.

Hardman did a lake survey in 2003 and completed interpretation of that data, which indicated several prospects. These extend to the land, so they will also do a detailed survey on the land to delineate a drilling location, Rubondo said.

Hardman is the project operator with a 50% interest in the production sharing agreement over the block. The joint venture partner is Energy Africa. It joins Heritage Oil and Gas who is licensed for Block 3 and recently Block 1 along the same graben.

Exploration area 2 covers about 4,700 square kilometres over the northern part of Lake Albert.

Block 2 is adjacent to Block 3 and has a perceived high prospectivity, following a potential petroleum discovery in the second oil well drilled by Heritage on Block 3.

Energy ministry records show that the area is under-explored, with one well having been drilled on the shores of Lake Albert by Shell in 1938.

Published on: Tuesday, 11th January, 2005
http://www.newvision.co.ug/D/8/220/411160

Tiof 6 = an oil column, not yet measured.

This does mean that Tiof 6 will be commercial and huge imo



Hardman Resources Limited
11 January 2005

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 11 January 2005

CONTACT: Scott Spencer

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: MAURITANIA DRILLING PROGRAMME
WEEKLY PROGRESS REPORT


Hardman Resources Ltd ('Hardman') provides the following progress report on the
Mauritania offshore drilling programme:

Tiof-6 Appraisal Well - PSC B

Progress and Current Status:
Since the last report on 4 January 2005 the West Navigator drilled the Tiof-6
well to the final total depth of 2,963 metres and commenced wireline logging. At
midnight (GMT) 10 January the logging programme was continuing. A preliminary
analysis of logs acquired while drilling and the wireline logs acquired so far
indicates the presence of an oil column. It is currently planned that the well
will be suspended to allow the rig to work on the Chinguetti development
drilling programme before returning to flow test the Tiof-6 well.

Well Location:
The Tiof discovery is located approximately 90 kilometres west of Nouakchott,
the Mauritanian capital and 25 kilometres north of the Chinguetti Field. The
Tiof-6 well is located 3 kilometres west of the Tiof-1 discovery well and 1
kilometre east of Tiof-3. Water depth is approximately 1,165 metres.

Well Details:
The Tiof-6 well is intended to further appraise the Tiof oil discovery and will
continue the evaluation of the Miocene channel sand system within the Tiof Field
area as interpreted with 3D seismic.

Chinguetti Development Drilling

Since the last report on 4 January, the Stena Tay has continued drilling
operations on the Chinguetti field. Hardman does not intend to provide detailed
weekly reports during the course of the development well drilling programme but
will continue to report significant matters as appropriate and in accordance
with its continuous disclosure obligations.


Other information:

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

Times and dates refer to Mauritania time (GMT), 8 hours behind Western Standard
Time, Perth.

A map showing the location of the 2004/05 wells is available on the Hardman
website (
www.hdr.com.au
) and will be updated during the course of the 2004/2005
drilling programme.

The government of Mauritania has exercised its right to participate in the
Chinguetti development, as previously announced, and the resulting joint venture
interests in the Chinguetti Field and PSC B are:

Company PSC B Chinguetti Field
(Remainder)
Woodside group companies (operator) 53.846% 47.384%
Hardman group companies 21.6% 19.008%
BG group companies 11.63% 10.234%
Premier group companies 9.231% 8.123%
ROC Oil group companies 3.693% 3.250%
Groupe Projet Chinguetti (Govt. interest) -

I said:-

BIG THINGS ARE AFOOT

Here it is............


Hardman Resources Limited
13 January 2005

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 13 January 2005

CONTACT: Scott Spencer

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: WIRELINE LOG RESULTS FOR TIOF-6, MAURITANIA

PAGES: 1

Hardman Resources Ltd ('Hardman') provides the following report on the
evaluation of the wireline data:

Tiof-6 Appraisal Well - PSC B

Progress and Current Status:
Since the last announcement made on Tuesday 11 January, evaluation of wireline
and drilling data, including downhole pressure measurements and fluid sampling
indicates that Tiof-6 has intersected oil over a gross interval of at least 123
metres. Wireline oil samples have been recovered to surface. It is interpreted
that no gas or water leg has been intersected by the well. The interval
comprises several good quality sands of varying thickness, and meets the
criteria for flow testing. The well will thus be cased and temporarily
suspended, allowing the West Navigator rig to conduct Chinguetti development
drilling, before returning to resume Tiof-6 test preparations.

Comment:
Chinguetti development drilling has priority over other drilling activity in
this campaign. The Joint Venture is committed to being flexible in rig
scheduling in order to maximise the operational efficiencies of running two rigs
simultaneously. Thus individual wells are occasionally re-scheduled at short
notice, as with the Tiof-6 drilling and completion activities.



SCOTT SPENCER
DIRECTOR

from TMF

Before this RNS:-

Author: dicko54 Number: of 1175
Subject: Broker Opinion Date: 13/1/05 00:01
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!

Recommendations: 3
Hi guys,
Just thought I would share with you an analyst opinion from my share broker in Australia, FYI.....

Stock: Hardman Resources Limited (HDR - $1.66)

Date: 13 January 2005
Current Valuation: $1.65

Recommendations: ST: HOLD LT: HOLD

Event: Company Update

Details:

The Company is still in the process of finalising a replacement for its former MD, Mr Ted Ellyard (who is slowly making a recovery and still undergoing treatment).

We understand that a replacement will be announced close to the end of this month.

After the very disappointing exploration results (dry holes at Merou #1, Capitaine and Dorade), the stock has fallen back to reasonable levels (i.e. the exploration premium that was built into the share price has evaporated).

Impact:

The forward program is to continue the development wells on the Chinguetti oil field, flow test the Tiof #6 well (TD 2963m - and intersected an "oil column" - no data given!, however, pre-drill total depth was 2750m), before moving on to a probable further 3 exploration wells over the next 2-4 months.

The jv partners in PSC B are: WPL 53.8%, HDR 21.6%, ROC 3.6%, BG Group 11.6%, Premier 9.2%.

Next, HDR is still in the process of arranging project finance for part of its share of the capital costs associated with the Chinguetti oil development, after the Mauritanian Government exercised its rights to back into the project for a 12% stake. HDR have a 19% stake in Chinguetti.

Note that UK listed Stirling is essentially funding the Mauritanian Governments back-in rights (we understand that it is 150% of past costs - estimated at US$130m), as well as its share of capital costs (US$600m gross).

The change in equity participation levels post the Mauritanian Governments decision to participate has held up the approvals for HDR debt facilities. The company expects approvals to be confirmed very soon.

The joint venture is currently meeting to determine which additional exploration wells will be drilled (N'Dor, Lead 100, Baruoie), although no details on which targets will be selected is available.

We continue to think that Mauritania is a world-class hydrocarbon province. At these prices, there is not a lot of exploration premium built into the share price (around $0.15/share). We do not expect the stock to rally significantly until the debt package is approved and the expanded exploration program is finalised. As such we retain our HOLD/HOLD recommendation.

I must admit that I expected a bigger rise today & was slightly baffled as to why the drop yesterday. They have found oil for pete's sake & considering a couple of months ago the price rose to 97p surely there is a lot of catching up to do for the share price to reflect the value of the discovery.

Mmmmmm yes.

I feel the other factors to bear in mind is that this was already reported, subject to the wire tests, all the RNS did was put a number on it.

I would have expected a better reaction and today is not yet over trouble is we have to recover back to tyhe early morning high.

Oz went up just over 6% and we need 2p more at mid proce to get the same result. I do note that there is not really much activity in respect of buys and sells, this is a repeat of Tuesday at the same time. Big buys came in later, that day.

Also shows that there was a leaking of the news last week, as out of the blue came some big buys. I may take much more note of those in future in respect of this stock.

The big deal will be when it is declared commercial, around mid 2005.

Loads of other news to come including the new CEO end of this month.

I do expect it to creep up bit by bit in the mean time.

I have seen ideas from a few learned posters that 1 to 130 this year would not be unrealistic.

Whatever prospects are great and I feel this is a wortwhile addition to a long term strategy.

If that happens I will top skim and play with some of the profit.

If it does not happen, I can wait........................

Straight lift from TMF (superhard).

Arrives August 2005 looks like a very good possibilty of the first oil in Q3 2005.

Excellent news...............

Press Releases - Offshore & Marine

23-November-2004

Keppel Shipyard wins FPSO contract


Keppel Shipyard recently secured the conversion and upgrade works of the FPSO Berge Helene from Bergesen Offshore, a part of the Bergesen Worldwide Group.

The 28-year old tanker, Berge Helene, will sail into Keppel Shipyard in December, and is expected to be redelivered in August 2005.

Major workscope includes the installation of additional topside process modules, boilers and HV power generators, the replacement of existing spread mooring with an external turret, as well as the upgrading of engine room equipment and accommodation units. Other works include tank coating and fabrication of a new pump room.

Upon redelivery, Berge Helene is capable of handling a daily production capacity up to 75,000 bopd and has a storage capacity of 1.6 million barrels of oil. The vessel will be deployed at the Woodside's Chinguetti Field off Mauritania, West Africa.

Said Mr Nelson Yeo, Executive Director of Keppel Shipyard, Keppel Shipyard will continue to focus on fast track conversions to strengthen our market position.

The Bergesen Worldwide Group is one of the world's largest ship owning groups with subsidiaries Worldwide Shipping present in the tanker market, and Bergesen being the world's largest owner and operator of large LPG and LNG carriers, being a significant player into large dry bulk vessels, and a growing presence within the FPSO market, mainly for waters off West Africa and other benign areas.

Keppel Shipyard, a leading shiprepair and conversion yard, is a wholly-owned subsidiary of Singapore-listed Keppel Corporation, through Keppel Offshore & Marine Ltd. The Group has a network of 16 yards worldwide including the Asia Pacific, Gulf of Mexico, Brazil, Caspian Sea, Kazakhstan, Middle East and the North Sea.

The contract secured is not expected to have any significant impact on the net tangible assets and earnings per share of Keppel Corporation for the financial year ending 31 December 2004.

Technical Specifications of FPSO Berge Helene

Length Overall (LOA): 348 metres (including existing Helideck & bow turret)
Breadth Moulded: 51.9 metres
Draft Moulded: 27.4 metres
Dead Weight Tonne (DWT): 274,467 tonnes


For further information, please contact

Sarah Seah
Deputy General Manager
Keppel Group Corporate Communications
Tel: (65) 6413 6420
Email: sarah.seah@kepcorp.com "
=======================================================================
For further information on Woodside's decision to use a floating, permanent, single-hulled, turret-mounted FPSO (vs a fixed, disconnectable, double-hulled, spread FPSO - or some other combination of the options) and the decision process to get there, see the following link. I found it quite interesting
http://www.woodside.com.au/NR/rdonlyres/ewufm5epqx56sakxwct436zd6re3h5nhovnpthr2kr5wkeb2j6tlnji62m7dgmcr23nv3p27ks5qin/Tofloatornottofloatkeystochoosingoffshoreoilandgas.pdf

Here he is........

Looks impressive.

Maybe the City will be happy now?

Hardman Resources Limited
19 January 2005

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 19 January 2005

CONTACT: Scott Spencer

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: APPOINTMENT OF NEW CHIEF EXECUTIVE

Hardman Resources Limited is pleased to announce the appointment of Mr. Simon
Potter as its new Chief Executive Officer (CEO) and Managing Director, with
immediate effect.

Mr Potter joins Hardman Resources from BP, and most recently, the joint venture
(JV) operation between BP and Alfa Group in Russia, TNK-BP. As Chairman or CEO
of a group of Russian subsidiary companies, Mr Potter had overall charge of the
Orenburg/Saratov division of the JV, a group of 150 fields between the Volga and
the Russian border with Kazakhstan, which collectively produce 330,000 barrels
per day. These companies refine 150,000 barrels per day and operate some 65 oil
drilling rigs.

Alan Burns, Chairman and founder of Hardman Resources, commented:

'The Board is pleased to have secured Simon as CEO and Managing Director to lead
our next growth phase. His appointment follows the Board's decision to conduct
an extensive search and interview process among candidates of international
calibre across the oil and gas industry. Simon's skills and contacts make a
strong fit with Hardman's broad growth and expansion ambitions.

'On behalf of the Board, I should like to give our full thanks to Scott Spencer,
Executive Director, for his thorough and effective stewardship of the company's
affairs for a considerable period.'

Simon Potter, CEO and Managing Director, Hardman Resources, commented:

'I am very pleased to be joining Hardman Resources. The company has strong core
operating assets, an entrepreneurial spirit and a track record of delivering
value growth for shareholders. I look forward to working with my new colleagues
to build on this record and to enhance the company's growth profile in the
coming years.'

Enquiries:

Scott Spencer Hardman Resources Limited Telephone: +61 8 9261 7600
Dean Richardson


Patrick Handley Brunswick Group LLP Telephone: +44 20 7404 5959
James Crampton
Phoebe Buckland



Notes to Editors:

1. Simon Potter - Biography

Simon Potter, 47, brings to the posts of CEO and Managing Director of Hardman
Resources a broad range of international oil industry experience in both
commercial and technical operations. He first qualified with a BSc in Geology
from the Royal School of Mines, Imperial College, London. His professional
career began as a geologist in the Copperbelt in Zambia. Simon subsequently
completed an MBA at Imperial College and then embarked upon a 20-year career
with BP.

Simon began at BP in international business development, negotiating leases and
contracts covering a broad international spectrum from the North Sea to the
Middle East, Asia and Africa in both oil and gas. From 1991 to 1995 Simon was
Business Development Manager, based in Melbourne, covering BP's Asian interests.
These included the North West Shelf project where he gained first-hand
experience as a partner in a Woodside-operated JV. Following his role in
Australia, Simon managed increasingly more complex operations offshore in the UK
North Sea, Alaska, Indonesia and latterly Russia.

Prior to his role in TNK-BP, Simon was President and CEO of BP's LNG JV
operating company in Indonesia - VICO. VICO produces 1,200 TJ/day (1.2 bcf/day)
and acts as the Technical Advisor to the seven-train Bontang LNG plant.

In addition to these roles, Simon completed the Executive programme at Stanford
University in 1999 and served as Executive Assistant to the CEO of BP
Exploration in 1996/97.

Simon is a British national and will be resident in Perth with Monique and their
two children who are Australian. Simon's sporting interests include rugby union
and rowing; he has represented Zambia in rugby and the UK in rowing.

Summary Contract Details

Five year term


Base salary: A$700,000


Superannuation at statutory minimum


Participation in an annual bonus scheme that may deliver additional cash
payments with a target payout of 50% of salary, based on performance
measured against criteria to be determined by the Remuneration Committee and
approved by Board. To be determined.


Participation in a long term incentive scheme targeted to deliver
rewards based on performance measured against criteria to be determined by
the Remuneration Committee and approved by Board but to include comparative
performance against peer E&P companies. To be determined.


Sign-on and loyalty incentives to be paid in cash and based on the
movement in the Company's share price over certain defined periods.



SCOTT SPENCER
DIRECTOR

I am more & more confused each day about HNR/HDR. A new CEO & the price drops on the ASX. Yesterdays RNS re Drilling update which I thought was positive also took the price down both on LSE & ASX. What is it about any form of news with this stock its always viewed negatively? If Hardman took the stance that they would only publish an RNS when anything significant happened then I do believe this stock would still be in the 90p region.

I appreciate your point grenvillegiles, but I disagree with you. I've been in this one for over two years and one of the reasons why is that I like their upfront approach. I'd rather know what they are up to, good or bad, instead of having to guess or assume.
I know the price has drifted, especially of late but I am sure within the next few months we will all be laughing our heads off!

Thanks for your post sandrew. I have to say that you are absolutely right its brilliant knowing exactly whats going on. I can't think of any stock that have regular updates & tell the news like it is. I am happy to be holding this stock & also have a substantial holding on the ASX although have taken a battering over there as I bought in at A$2.15 the price being A$1.70 at the moment. The positive side to all this is that I am always happy to top-up so I do ultimately benefit from the dips.

Cheers

Well he read's good and has plenty of incentive to do well. I like incentives linked to the share price. Performance related cash always focuses the mind.
Fingers crossed.

MS

Posted by thecannyinvestor on ADVFN


Hardman appoints BP's Potter to top post
January 20, 2005


Hardman Resources, a partner in Woodside Petroleum's Mauritanian oil exploration venture, has appointed former BP executive Simon Potter as chief executive to lead the company through the start-up of its African fields.

Mr Potter, a UK national, was most recently the chairman of a unit of TNK-BP, a venture between BP and Russia's Alfa Group, Hardman said in a statement.

He has been hired for a five-year term at a base salary of $700,000 and succeeds Ted Ellyard, who resigned in October due to ill health.

Hardman's value soared to more than $1.1 billion from less than $5 million during Mr Ellyard's eight years as chief executive, mostly because of discoveries off Mauritania.

Hardman owns about 22 per cent of Woodside's $625 million Chinguetti field, which will be the nation's first production when it starts up in 2006.

"It looks as if Potter fits the bill pretty well at first glance," said Oliver Foster, an oil analyst at Euroz Securities. "He's got big company experience and some good overseas experience which is obviously important for them."


Hardman shares fell 1c to $1.70 yesterday.

At TNK-BP, Mr Potter was responsible for the Orenburg/Saratov division, a group of 150 fields between the Volga River and the Kazakhstan border that produced 330,000 barrels a day of oil, Hardman said.

He has also worked with BP in Australia, the UK, Alaska and Indonesia, where he was president of VICO, BP's liquefied natural gas operating company.

"Simon's skills and contacts make a strong fit with Hardman's broad growth and expansion ambitions," Hardman chairman Alan Burns said.

Bloomberg

Update by way of interview with the ROC CEO.

Roc Oil Company Limited
20 January 2005


Attention ASX Company Announcements Platform
Lodgement of Open Briefing



Roc Oil Company Limited
Level 14
Market St
Sydney NSW 2000



Date of lodgement: 20-Jan-2005
Title: Open Briefing. Roc Oil. Update on Operations

Record of interview:

corporatefile.com.au
The joint venture partners involved in the Mauritanian drilling program have
released a lot of information to ASX over the last few months. What is ROC's
view on the drilling results and the progress you've made over the last few
months?

CEO John Doran
ROC's view of what is happening in Mauritania hasn't changed in the last many
months. The area is developing into an important new petroleum province offshore
Northwest Africa - but it is still very early days. We still have a huge amount
to learn about the detailed nature of the various oil and gas plays - and, in
this regard, every new well helps.

Development of the Chinguetti Field is progressing and first oil in still
expected in early 2006. It's worth reminding ourselves that this is a deep water
development in a remote part of Northwest Africa where, until very recently,
there was no industry infrastructure. Consequently, the development of
Chinguetti is a significant project for Woodside as operator.

Clearly, the Tiof Field is large. However, with six wells drilled into the
reservoir and, for a variety of valid operational reasons, none tested, I think
we would all like to flow oil and recover some oil samples to help us determine
the best way to develop this substantial resource. A testing programme is
scheduled to happen soon.

The Tevet discovery gave us a 1 in 4 success rate from the exploration wells
drilled in late 2004. That is less than our previous strike rate, which was 100%
for the Miocene Channel play. Of course, if you are batting at a 100% success
rate there's only one way it can go - sooner or later, it will change for the
worse and you will inevitably drill some dry exploration holes. In our case, it
just so happened that those wells were the ones that were drilled most recently.
Elsewhere in the petroleum world a 1 in 4 exploration success rate would be
considered a good result.

We should also remember that ROC has interests throughout offshore Mauritania,
not just in the Woodside-operated area. Although the other offshore sub-basins
are at an even earlier point on the exploration learning curve than the
Woodside-operated area, there is no reason why, given time, they shouldn't also
enjoy a similar measure of success.

Perhaps, the biggest danger that faced the market in relation to Mauritania last
year was an understandable over exuberance fuelled by expectations that were
unrealistically high and running well ahead of industry statistics - but, then,
I guess, that's just a normal situation in an area where the drilling results
have been so good.


corporatefile.com.au
Thank you John.

Price dropping back, it will I suppose till the tall ships return to flow test.

Problem is, doi I sell at my current profit or hold and buy more at the new low where ever that is?

I guess around 62p without any other news.

That's it, I will hold and top up if the opportunity arrives.

I'm doing the same SWW.

I'm holding because I've got no choice. As soon as I get back to break-even I'm out. There are much better investments out there.

MS

Probably right ms.

You have been tettering for a while.

Me I will stick to my 6 month game plan and see what happens. I am still in profit so I can do that, but it may not suit all.

LOL then SWW.

MS

Reading the signs I think you have done well with soco ms.

http://boards.fool.co.uk/Messages.asp?mid=9052893&bid=50765

Is a good place to have a look see whats occuring there.

Like all successes it's never enough. Now if SEY comes good that could make my life a lot easier.

MS

ms I missed that boat altogether.

gav has given me loads of info, and checked me before I bought in, just as well as consolidation set in then.

I would like to be on that but it's picking the moment.

Some on TMF say that anything under 5.50 is a good buy in price, and that is the best place to bone up on E & P, probably more.....

Not quite caught up yet need to see whats happening today.

All the very best Old Fellow.

Chin, chin, and all that.

Hardman Quaterly Report

http://moneyam.uk-wire.com/cgi-bin/articles/200501310930539782H.html

No nonesense, dynamic and exciting.

This is looking very good people.

Quite a change of style already from Ted Ellyard's last.

All imho etc.

Flow testing Tiof 6 now result before the end of the month this should fly if it's good.

Remember MS, oil floats on water and has a gas cap when laid down in rock.

As Tiof 6 showed no water or gas, then this is most likely a very significant find.

You may do wrong to fly this one, CSH columns are minor in comparison to the Mauritannian ones.

I feel patience as you have with SEY would be benficial in the long run.

Up to you though.

http://boards.fool.co.uk/Message.asp?mid=9080886

Just saw this on TMF which explains my last in great detail.

I'm still holding, so lets wait and see.

LOL

MS

I'm sure you guys will appreciate this:

http://boards.fool.co.uk/Message.asp?mid=9081035&sort=postdate

Ha gav, I had not got that far.

Nice round up.

My firm belief is that this will go once tiof 6 is flow tested assuming sucess.

Same goes for SEY.

HNR have many more irons in the fire which are expected to be reported on soon, so there is great potential upside and not too far away.

In my bullish estimation we could see 1 to 1.30 this year and once Chinguetti comes on line again assuming sucess, next year it will fly, followed by sequential increases every year.

I'm suprised the lull has lasted so long.

Mmmm....

Me too.

Proptrade did warn of this happening to SEY before the drilling campaign, so I am not surprised.

What I was surprised at was the subsequent discount after I sold at 97p.

There was no way I would not buy in again at the sub 60p level an then again just over.

I camn not see those levels being reached again once this is away from here.

I think progress immediately depends on Tiof 6 flow test, then we wave bye bye to 70 p levels.

Course I could be wrong, but elsewhere they think the same.

SWW

Hope you're right.

MS

I think the tide is changing. If it get's through 70p then we are on the way. Let's see what tomorrow brings.

LOL

MS

Up again 3.57% overnight in Oz where holders state has hit a resisance point of $1.77 AUS.

http://moneyam.uk-wire.com/cgi-bin/articles/200502080700283304I.html

Tiof testing underway and looks on schedule.

Lifted from elsewhere

Hardman In Transition, CSFB Says

February 09 2005 - Australasian Investment Review (AIR)

The analysts at CSFB feel that Hardman Resources (HDR) is a company in transition.
Hardman is set to commence production from in offshore Mauritania development (Chinguetti) in early 2006 and has the potential to add two further developments through 2008, the analysts say.

Success would underpin production growth to in excess of 11Mb within this period and this is expected to drive strong earnings growth.

While exploration is expected to drive the stock over the near term, the analysts point to the metals and mining sector as evidence that companies are prepared to recognise and price unrealised value in company assets.

For Hardman this comes in the form of undeveloped gas reserves, particularly where synergies could enhance the development of these assets, CSFB points out.

Although gas discoveries in Mauritania are yet to be fully appraised, the analysts feel the unlocking of long term value on these volumes could be the catalyst for corporate activity.

On the brokers calculations valuation upside from their success case assumptions is nearly $1.00, unadjusted for risk.

The analysts have an Outperform recommendation on the stock with a target of $2.30.


http://www.aireview.com/index.php?act=view&catid=8&id=1315

Oz overnight

HDR 1.820 5.81% 1.820 1.830 1.760 1.840 1.750 8,558,885

http://www.asx.com.au/asxpdf/20050209/pdf/3pnvcj95rd7l2.pdf

Hardmans shiny new brochure for Feb 2005 just arrived on it's site.

Interestnig read. This is a sure fire winner.

Forgot to post the link...........

http://www.gtp.com.au/hardman/inewsfiles/HDRInfoBrochureFeb2005.pdf

Thank you.

gaw

tight bug*ers.

only a 3p rise today and tiof 6 due this time next week.

Well in with this one, and long may it remain so.................

Odd, never much volume.

Holders want to reain holders and sellers, there are not many.

I have noted this before, it has no effect on rises and falls however.

Odd.

Does this mean we are rich??????

Mickey, today if it gets to 10% up, is the time to sell.

It has in Oz so good luck with your decision. (11% overnight).

HDR 2.090 11.76% 2.100 2.100 1.880 2.110 1.870 34,039,451

I wouldn't though!


Australia's Hardman says Mauritania oil field may contain 1 bln barrels
AFX


SYDNEY (AFX) - Australia's Woodside Petroleum Ltd and its joint venture partners have had further success with an oil appraisal and exploration program off the coast of the west African nation of Mauritania, Hardman Resources Ltd, an Australian partner, reported, adding that the offshore field could contain as much as 1 bln barrels of oil.

Hardman said the Tiof-6 appraisal well in Production Sharing Contract Area B, flowed up 12,400 barrels of oil a day, constrained by a 104/64 inch choke.

It said the well test is currently in the main flow period and the well is flowing at a stable rate of about 9,150 barrels of oil per day in the main flow period constrained by a 72/64 inch choke.

The Tiof-6 well is located 3 km west of the Tiof-1 discovery.

Hardman chief executive Simon Potter said Tiof-6 represented an encouraging oil flow but the sands tested are of poorer quality than those at joint venture partners' nearby Chinguetti oilfield, already under development.

Nevertheless, he said, flow rates at Tiof-6 exceed pre-test expectations.

He said the results of the appraisal program to date have upheld Hardman's initial assessment of about 1 bln barrels of oil-in-place within the Tiof field.

But, Potter said, the assessment of potentially recoverable oil, classified as reserves, is more difficult.

'The results of this test will form a critical part of the assessment of the Tiof development,? Potter said.

Woodside owns 53.846 pct of Tiof while Hardman has 21.6 pct. UK-based BG Group Plc has 11.63 pct, the Premier group of companies also of the Uk, has 9.23 pct and Australia's Roc Oil holds 3.693 pct.



bruce.hextall@xfn.com

blh/tr

Looks like it's time to crack open the bubbly! Bit early maybe...ah what the hell!

I started last night.

I saw a big trade during the day which was out of character for this stock, so I bought some more.

Then at the end of the day there was another big trade, so for once I guessed right.

Nice move SWW. With any luck this news will help shift SEY as well. What a good start to the day!

Hardman have always been very good to me.

;-))

No complaints here either.

sandrew64, looks like it's me and you here.

Price is holding at 85p as I write.

All looks good.

For some strange reason, which I have never understood especially as this company issues updates so regularly,HNR seems to be a forgotten share in the press and the bbs.
Perhaps they're all waiting til it hits a fiver a share. Cheers to you and me SWW.

It's Australian, and whilst I would not suggest that is the reason, the press prefers a British slant.

In respect of Mauritania, they have Premier to talk about.

I have often noted that good news from the venture is attributed to Premier e when in fact I would call their invovement, and I quote myself, "Piddling"

Sterling have pinched most of it anyway!

PMO are not a big player in Africa yet.

I note DNX are diving lately too, I wonder why?

I agree that there is a big upside now to HNR.

If you go to TMF, thwre is a lot of good info on the HNR board and very knowledgeable posters, oh I post but they are not interested in cooking it seems :-(

An excellent drilling report on Tiof 6, some good news from there at last. Seems to be better for HNR than SEY though, HNR up, SEY nothing. Well done to you HNR holders. Buy rec out this morning on HNR.

KBC Peel Hunt reiterates buy Burren Energy (BUR.L) and buy Hardman Resources (HNR.L).

Thanks gav good info.

I hope you have a few?

Keeping a very close eye on it. Was going to go long earlier at 85 via s/bet then sp moved up a touch so waiting to see what happens. A few decent sized trades earlier. I wonder what will happen in Oz overnight? Was looking at DNX earlier as well, pretty volatile today, but missed that one. Thats what happens when you try to keep your eyes on too much I guess! 2 eyes are not enough!

DNX is supposed to be profit takers, (having researched it).

Oz expects upward tonight, and this stock has a histroy of dropping a bit on the third day.

If the pattern is repeated, I may sell some back, then again........

Ah decisions, decisions, decisions! Lol. May wait here for a dip to enter, if one happens. Problem being, if up in Oz overnight then would be marked up from the open. Watching with a close eye though. The fall in DNX seems a bit of an over-reaction.

DNX is far to far imo.

4.56, would expect a little resistance (from advfn) around the 50 day SMA.

If it gets below 4.60 it has to be a buy.

If it dropped under 460 then I would be in, but don't think it will fall that far. Seems to be bouncing now. 456 would be a good price though to go long.

I'm in for the long term on this one. Got great confidence in it. I believe the recent rises will pale in comparison to when the taps get switched on next year hopefully akin to the Melrose Resources story.

I reckon you are spot on wypanb.

I have just decided that I am definitely a no sell of these.

From UK-Analyst tonight:

"Premier Oil stock added 23p to 608p after a warmly welcomed update on its Tiof-6 appraisal well in Mauritania. it said that the maximum rate the well had been flowed at was approximately 12,400 barrels of oil plus 11.0 million standard cubic feet of gas per day constrained by a 104/64 inch choke. The well test is currently in the main flow period and the well is flowing at a stable rate of approximately 9,150 barrels of oil per day in the main flow period constrained by a 72/64 inch choke, it added. Premier has a 9.231% interest in the well, with Hardman Resources having a 21.6% interest (up 7.75p to 84.25p) and Roc Oil a 3.693% interest (up 2p to 82p). BG Group also has a 11.63% interest."

Edited this from hotcopper, the original from yahoo biz will not load.

Hotcopper

Posted by daski00

INTERVIEW:Australia's Hardman Surges On Mauritania Hopes 15/02/05 19:43:00

By Stephen Bell
Of DOW JONES NEWSWIRES

"Over the next few months we'll move from analyzing the results, to
considering whether we should go to the next stage and move toward a field
development concept," Hardman director Scott Spencer told Dow Jones Newswires.
"We think the appraisal results are pretty good, so it looks like that is the
path we'll be going down," said Spencer.


&

Hardman declined to comment on market speculation that part of its strong
rebound Tuesday may have been due to renewed takeover talk involving U.K.-based
BG Group PLC (BRG), a minority owner of Tiof.
"We hear rumors all the time," Spencer said. At current prices Hardman is
valued at about A$1.37 billion.

Finally

A Woodside Petroleum spokesman declined to comment on the latest Mauritania
success.
"The appraisal results will take several months to analyze," the spokesman
said, adding that Woodside will unveil "contingent resources" for Tiof Wednesday
in its annual reserve statement.
Last year Woodside said that Tiof could become the company's second production
hub off the west African coast by 2008, based on a stand-alone development
costing up to A$2 billion.

Woodside managing director Don Voelte spoke to The Age.

.http://www.theage.com.au/news/Business/Woodside-set-to-step-on-the-gas/2005/02/16/1108500152881.html

Right at the end of the interview he slipped in this note concerning Tiof 6 and Hardman initial estimates.

..............., Woodside's first-pass contingent recoverable reserve estimate for the Tiof oil discovery offshore from Mauritania of 287 million barrels.

Mr Voelte said there was agreement on Tiof being a 1 billion barrel find (in-situ).

The eventual recovery factor could come in higher than Woodside has applied in its initial estimate. Tiof partner Hardman has suggested that 40 per cent - or 400 million barrels - is more likely

http://moneyam.uk-wire.com/cgi-bin/articles/200502170924287159I.html

FOGL's update on seismic surveys.

Hardman own 22.5% I believe and of course a slice of FOGL.


Movement for FOGL but none for Hardman!

Typical.

Unbelievable...sp down .30p again so far this morning.!!!???!!

MS if you are lurking...I tried your tandoori chicken recipe last night...delicious!! thanks for that.

sandrew64

Glad you enjoyed it. I'll post more when I get time.

MS

sandrew64 it's down because tiof 6 was already written into the price so say some who know, and becasue of the fumbling about over how much was found.

Seems Woodside are very conservative with figures and curve up the figure later.

It'll probably drop a bit more and hold around 77p imo.

May be time to have a few more then if you feel so inclined.

Oh all right then, as no one else is buying.

lol

We are being read by Australia. (Must be the famous recipes).

Hello the other side of the world.

Feel free to say hello back, it would be nice to meet you.

Hello from Scotland! Maybe I should post a recipe for haggis! Or will I go out and shoot one instead! ;-)

Found this on Rigzone:

Woodside Petroleum Ltd said it believes the Tiof oil discovery off the coast of Mauritania holds about 287 mln barrels of recoverable oil.

The group's chief operating officer Keith Spence said appraisal work is continuing with a development decision possible by mid-year or the third quarter.

"We don't have a development plan yet," Spence told an analyst briefing Related Products

Hydrocarbon Exploration and Production

Generalized Approach to Primary Hydrocarbon Recovery


after Woodside, about one-third owned by the Royal Dutch/Shell group, reported its full year profit results.

Spence said the estimate is a lower than "perhaps people had been expecting" and different development options will need to considered than if the field contained over 400 mln barrels, adding that the field is likely to be developed as a standalone project.

On Monday, Hardman Resources Ltd, an Australian partner in Woodside-operated project, said Tiof might could contain as much as 1 bln barrels of oil but all of this will not be recoverable.

Hardman said the Tiof-6 appraisal well had an encouraging oil flow but the sands tested are of poorer quality than those at joint venture partners' nearby Chinguetti oilfield, already under development.

Woodside owns 53.846 pct of Tiof while Hardman has 21.6 pct. BG Group Plc has 11.63 pct, the Premier Oil group of companies also of the UK, has 9.23 pct and Australia's Roc Oil holds 3.693 pct.



http://www.rigzone.com/news/article.asp?a_id=20424

HDR 1.990 3.11% 1.990 2.010 1.930 2.010 1.910 5,092,734


Up nicely overnight.

bb chat says the profit takers left the building and bid speculation again from BG.

Oilbarrel.com

18.02.2005
Hardman Continues To Impress As Tiof-6 Exceeds Expectations
Hardman Resources, listed on the Australian Stock Exchange and Londons Alternative Investment Market, has made something of a name for itself through a single investment made in 1996. The investment was, of course, the decision to sign up for production sharing contracts for large tranches of acreage off the coast of Mauritania in northwest Africa, then a little known country with no history of offshore prospecting.

Times have certainly changed. Along with operator Woodside Petroleum, BG, Premier Oil and ROC Oil, Hardman now has a near 20 per cent stake in one major oilfield, Chinguetti, due on production in the first quarter of 2006, and has racked up a series of interesting discoveries in the deep offshore.

Mauritanias credentials as an oil and gas province gained further lustre this week when the results of the first successful flow test on the Tiof deposit were released. The Tiof-6 appraisal well flowed at a maximum rate of 12,400 barrels per day plus 11 million cubic feet of gas per day, before stabilising at some 9,150 bpd, exceeding pre-drill expectations. It makes up for the disappointment of the Tiof-3 appraisal well, which failed to flow due to mechanical problems.

The Tiof-6 flow rate is good news for the would-be developers of the deposit, as higher flow rates mean fewer wells, which mean lower project costs.

Thats a pretty good flow rate by anybodys standards, said oil analyst Richard Slape of Seymour Pierce.

Tony Alves of KBC Peel Hunt, which has been working on the assumption of 300 million barrels of recoverable oil, also cheered the higher than expected flow rate.

Yet Tiof, which lies 90 km off the capital and some 25 km north of the Chinguetti oilfield in 1,165 metres of water, is still some way from being declared commercial. Hardman Resources puts the oil-in-place number at some 1 billion barrels of oil but admits recovery factors could be an issue. The operator Woodside Petroleum puts the recoverable reserves at some 289 million barrels - a number by no means to be sniffed but perhaps not the bonanza suggested by the initial discovery results. High flow rates do not automatically translate into higher reserves.

Even so, its adding up to a very nice package for Hardman - and, to a lesser extent, fellow London-listed oil companies BG, Premier, ROC and Sterling Energy. A mere 12 months separate the companies from their first cash flows generated by Mauritanian production: Chinguetti is due onstream early next year at a rate of 75,000 bpd. And the Tev-1 discovery, made in October 2004, lies within tie-back distance of the Chinguetti field.

Its also a good time for the new head of Hardman, recently arrived in Perth, former BP executive Simon Potter who took over the reins after long-standing MD Ted Ellyard stood down for personal and medical reasons at the backend of 2004. Under Ellyard the company made its hugely successful foray into Mauritania - and also picked up substantial acreage in Uganda, Guyane and the Falklands - and saw its market cap surge from less than A$5 million to more than A$1 billion. Potter, 47, a Brit with an Australian wife, has a 20-year career at oil giant BP under his belt, most recently working as head of the joint venture between BP and Alfa Group, TNK-BP, in Russia.

Hes gone from reporting to the board of a 113 billion market cap company to running a company with a market cap of 550 million, observed one industry insider on Potters appointment. There are not that many jobs for someone of his level in Perth and this is a very important move and good news for him, good news for Hardman and good news for Australia.

London-based analysts are keen to meet Potter. The CV looks impressive, said Slape of Seymour Pierce, adding: It is an issue that the management team for quite a large E&P company is so far away with an eight hour time difference. It does make it difficult to talk to them and as long as that remains the case, they will struggle to get a lot of analyst coverage.

Yet as long as Mauritania continues to deliver the goods, it seems likely that Hardman will remain on many investors radar for some time to come.

Is something brewing again for tomorrow?

See what you mean.................. trades picking up!

Monday afternoon and they expect an annopuncement tomorrow as usual, but there wont be one as there is nothing new in Mauritania.

ST and WN are both working on Chinguetti as far as I am aware.

Therre is expectation of a 7-9 drill program by Woodside Q3 this year in blocks a & b I believe.

618 at TMF posted an update there, I will put the link in here, then get cooking............

Fish fingers mash and peas.........

yum!

Ooops, wrong thread.

618 knows what he is about imo


http://boards.fool.co.uk/Message.asp?mid=9143575

2005 Update

In light of the latest Information Brochure released by Hardman a few days ago and my discussion with Hardman today, I feel it's appropriate to release an update. Several key events has stirred things up a bit since last update Kathryn Davies being made redundant, Tiof-6 being production tested, the intention to drill 7 to 9 exploration wells as opposed to the 2 to 3 the market had expected, and the bullish research note by CSFB citing possible corporate activities and a target price of 2.30.

There had been a lot of strong buying in recent weeks with a series of higher highs and higher lows now established. Trading volume has risen sharply in recent days, peaking on Thursday at just over 12 million shares changing hands. I read somewhere that CSFB has been a net accumulator of over 4 million shares.

Anyway, to make easier reading, I will only bold headings where changes have been made from the previous update.

* Eritrean MOU declared null and void - Not quite sure what happened or what caused them to pull this stunt, but it's history and time to move on - for now. Afrex Ltd, as operator of the JV, is still seeking clarification with the government and trying to work something out with them, I presume. I won't hold my breath for this one.

* Appointment of new CEO Since taken up his position as Hardman CEO in mid-Jan, Simon Potter has done a roadshow to various institutions around the Eastern states of Australia. Unfortunately, these sessions weren't open to the public. I am currently inquiring about the possibility of a more open session for the average retail shareholders.

* Project Finance For Chinguetti Finalised This has been on the card for a while and for whatever reasons, has been delayed for while. The US$100 million deal, which will be used to fund about 80% of Chinguetti, is very much on par with market expectation.

* Dismissal Of Kathryn Davis Given the unflattering nature of the RNS, I have inquired about it and it would appear that it was a case of a company outgrowing the current corporate structure, which is in need of a reshuffle in preparation for the transition to being a producer, and for the next phase of growth. As RG's concise post pointed out, When the breakthrough comes and the fledgling company starts to spread its wings and get involved in development projects, producing operations and perhaps larger scale exploration, then the game changes completely. You need a strong FD with strategic vision, tactical operating savvy and a lot of brawn and brain. It is common for this to trigger a new appointment. This was pretty much in line with what I was told from Hardman.

* Tiof-6 flow test As we all know, flow test result at Tiof-6 peaked at some 12,400 bpod, and currently stabilising around 9,150 bopd in the main flow period constrained by a 72/64 inch choke. This was a good result, as it should help provide a level of comfort/confidence towards the inevitable declaration of commerciality for Tiof. I believe it should provide a good support for the SP around 1.80. Given the JV's previous intention to explore the option of an Early Development Plan, I was curious as to how they were looking to finance this if such plan is to eventuate. However, I've since been led to believe this an Early Development Plan is no longer likely, with a full Field Production Plan now appears most likely and is expected to come onstream around 2009. Previous estimated daily production was 150,000 bopd. However, with the recent good flow rates, this may well be lifted.

In the mean time, in their half yearly report, Woodside has assigned a contingent resource of 289mbo for Tiof. This figure was put together prior to the results of Tiof-5 and Tiof-6, so it is more than likely that this figure could be upgraded to somewhere between 350-400mbo.

Some of you may ask why is Tiof-5 (23m gross oil column) so important? Well, it was a step-out to the east of Tiof-1, and thus, the presence of oil there has extended the boundary of the entire field. To have a flat structure this wide and flowing like a compressed salt dome structure, one cannot help but feel confident that the recoverable reserves will eventually be upgraded to the order of 400mbo or greater. We have to remember that the only boundary that has been properly defined is to the west with the dry hole at Merou-1. However, there's still a lot of daylight between Merou-1 and Tiof-2 which could still potentially hold a significant amount of oil.

* Timor Sea Appraisal Well I believe this is to expected to go ahead some time this month although I have not had official confirmation as yet.

* Falklands South Basin 2D Seismic Since last update, approximately 85% of the 2D seismic has been performed by FOGL, with the remaining to be completed in March. Analysis of the seismic is expected be available in April.

For more info, check out Superhard's post http://boards.fool.co.uk/Message.asp?mid=9120528

And merecat's excellent post a while back,
http://www.oilvoice.com/m/uploadDetail_public.asp?upload_ID=3037

* Announcement of newly identified targets Since last update, Woodside has announced a 7-9 well exploration/appraisal drilling programme. The final target selection is likely to be known around early to mid Q2, so around April. I suspect the ratio of exploration to appraisal is about 6:3. With the three appraisals between Banda, Tiof (one more to the west of Tiof-2 maybe?) and Pelican.

* Drilling of exploration wells This has since been re-scheduled for May/June. With the Dana JV target in Block 1 likely to be drilled first, whether it be Faucon or Petrel or some other target not known to us as yet. With 3D seismic being shot over PSC A, PSC B, and Block 6, and same has been performed over Block 7, I tend to think that most targets will be in those Blocks, with maybe Sotto in Block 2 being included as a wildcat. Unfortunately, Bogue has dropped off the radar completely for whatever reasons.

* Appointment of CFO I have been led to believe that a CFO may be appointed some time in Q2.

* Farm-in partners for Guyane I posed to question to Hardman as to when we can expect the process to be finalized. They could only say that discussion is still in progress and that the nature of the process means that final agreement will only be reached once the final terms (in terms of equity splitting, funding obligations) are reached. This suggests to me that it is not a matter of no one being interested, but how much equity they want in return of the funding of the drilling costs. This could eventuate anytime between now and June. Realistically, I don't think we will hear of an announcement before June.

* Banda Appraisal This was originally scheduled for March 05. However, it is my understanding that WN will return to Chinguetti duties right through to Q3 when completion process is done for the arrival of Berge Helene, while ST will be off to get some refitting for future exploration purposes after it has completed the current rounds of bottom sections. After which, it will return for duty, and my expectation is that ST will be performing all the exploration and appraisal (including Banda) starting in May until such time when it will be joined by WN after its Chinguetti duties are over.

* Declaration of commerciality for Tiof Barring any major disaster, this is one event that I am now very confident will occur. Most likely to be around Q2/3 this year.

* Completion of Chinguetti wells and arrival of FPSO I had expected the FPSO to arrive at Chinguetti by June/July, but according to SuperHard's up to date information - http://boards.fool.co.uk/Message.asp?mid=9043037 - it may not arrive till August/September 2005.

* Announcement of Lake Albert exploration well Since my last update confirming that a fill in segment of 2D seismic is currently being carried out and Hardman continues to plan towards drilling a well their by the end of 2005. Turaco-3 was found to contain hydrocarbon, but a high level of CO2 has all but eliminated any chance of its commerciality. I asked about the CO2 issue at Turaco-3 and how it affected the prospectivity of the Lake Albert Area 2 acreage. It was said that they are still confident that the CO2 issue may not exist north of Area 1. He also mentioned that with Energy Africa (Tullow) having 50% interests in all three area, Hardman has some access to the Heritage/Energy Africa data, which is fed back into their modelling for a better understanding of the structure in play there. This is a very good advantage, IMHO.

* Drilling of more exploration wells in Mauritania Once all completion operations have been done at Chinguetti, the JV will most likely keep one rig on site to drill further exploration wells right up to Q1 2006, while the other rig may get released.

* Gabon Exploration Drilling As per my earlier post, result of the analysis of the 3D seismic obtained in 2003 has indicated that prospects identified earlier have failed to live up to their expectations. I believe they had been looking for a mean recoverables on the order of 20 mbo for each prospects, which now looks unlikely from their seismic. As such, it has been put on the backburner for now, with exploration drilling pushed back to Q3, and possibly Q4. Having said that, I don't believe they intend to relinquish their acreage in Gabon just yet.

* Chinguetti goes into production Current expectation is March Q1 2006. So far so good, but still a long way to go. Initial daily production rate of 75000bpd (net of about 14250 bpd to Hardman).

* Hedging Policy I believe that Hardman is looking to be slightly over-hedged (being slightly more than 50% hedged) over the first 3 to 5 year period given the current high oil price to lock in some value of their asset. This is partly to satisfy the financing loan from ANZ, which includes a condition to be sufficiently hedged in order to lock in a portion of secured revenue stream.

Good luck and happy investing to all :)

Cheers,
618

Open Briefing.

Should be worth a few pence in the short term.

http://moneyam.uk-wire.com/cgi-bin/articles/200503010700511570J.html

Hardman Resources Limited
01 March 2005




STOCK EXCHANGE / MEDIA RELEASE


RELEASE DATE: 1 March 2005

CONTACT: Simon Potter

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: OPEN BRIEFING

PAGES: 7


Enclosed is an Open Briefing with Managing Director Simon Potter, which has been
prepared by Corporate File for immediate release.



SCOTT SPENCER
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.

Attention ASX Company Announcements Platform
Lodgement of Open Briefing




Hardman Resources Ltd
Level 1
50 Kings Park Rd
West Perth WA 6005



Date of lodgement: 01-Mar-2005
Title: Open Briefing. Hardman. MD Potter Updates Mauritania

Record of interview:

corporatefile.com.au
Hardman Resources Ltd recently announced that the results of the appraisal
program to date have upheld your initial assessment of the volume of
oil-in-place in Tiof of approximately 1,000 million barrels. Is it still too
early to assess the value of the project? What has to be done before you can get
an accurate assessment of the project parameters including a final estimate of
oil-in-place and, more importantly, recoverable reserves?

Managing Director Simon Potter

It's too early to be discussing the value of Tiof. Clearly the value will be a
function of oil price when production commences, the timing of the development
and indeed the overall development costs. In turn the costs will depend on the
development concept chosen by the joint venture partners, which remains to be
determined. I suspect that it is most likely to be an FPSO, but the key
variables in determining ultimate value will be the type and number of
development wells required.

The next steps in determining the project parameters, including the amount of
recoverable oil, will be to carry out further reservoir tests. I would like to
see more than a further single well test ahead of deciding the development plan.
We anticipate that an additional well test will be incorporated into the 2005
drilling programme.

corporatefile.com.au
Woodside recently released the 'Woodside Reserves Statement - 2004'. This
document reported a Contingent Resource of 114.8 million barrels for Woodside's
40% share of Tiof - implying a Contingent Resource of 287 million barrels for
the total project. How do you reconcile your estimate of oil-in-place in Tiof of
approximately 1,000 million barrels with Woodside's estimate of Contingent
Resource?


Managing Director Simon Potter

Don Voelte, the CEO of Woodside, has recently stated that there's around a
billion barrels of oil in place at Tiof. I agree with that assessment.
Woodside's Contingent Resources, assessed as at 31 December 2004, of 287 million
barrels represents their assessment of recoverable oil, i.e. the proportion of
oil in place that is ultimately produced. Since that assessment date we've
undertaken a lot more appraisal of the discovery including the most recent flow
test. The recovery factor implied for that level of Contingent Resources is
around 29%. Ultimately, again, how much we recover is a function of the
efficiency of the development scheme chosen. Although it's fair to say that the
Tiof reservoir is a relatively complex reservoir, I think the joint venture
partners would be hopeful to lift that implied recovery number given the large
volume of oil in place.

corporatefile.com.au
What does it mean in layman's terms when you say that the Tiof-6 appraisal well
flowed at a maximum rate of 12,400 barrels of oil per day constrained by a 104/
64 inch choke? Can you comment on the well pressure? What flow rates could be
possible if the field is developed?


Managing Director Simon Potter

The choke constrains oil flow which allows comparative pressure measurements on
either side of the restriction. That gives valuable information about the
quality of the reservoir and the flowing characteristics of the well under
development. If we allowed the well to flow unrestricted we'd probably get lots
of debris and fluctuations in flow rate which ultimately wouldn't allow us good
comparative data. Further, when we well test we need to flow the oil into a
temporary storage vessel as we don't yet have any production facilities in the
field. Therefore we need to maximise data collection in a very constrained time
period.

The changes in well pressure during and in building back up after the test is
complete are some of the key indicators of the size of the oil resource. If the
pressure declined rapidly it would imply a small connected oil resource. The
recent Tiof well test results are currently being assessed.

We would usually expect the flow rate to increase considerably under more normal
production conditions when we will have much larger storage facilities and can
draw the well down harder. In Chinguetti for example we're anticipating that we
could roughly double the production rates compared with the test rates.

corporatefile.com.au
What does the flow rate at Tiof tell you about reservoir deliverability and the
size of the field?


Managing Director Simon Potter

We actually expected a much lower flow rate because the reservoirs in this area
are more complex and less permeable than those at Chinguetti. The flow rate
indicated that we've got a better reservoir at Tiof than we first thought and
that's what underpins the higher flow rates.

For this type of reservoir we'd ideally like to do a longer test to fully
understand the connectivity of the reservoir but that's not currently practical
given the limited storage facilities and likely cost.

corporatefile.com.au
Can you explain why the assessment of potentially recoverable oil is more
difficult in these types of reservoirs compared with say Chinguetti?


Managing Director Simon Potter

Tiof sits halfway up a paleo-continental shelf, with reservoirs comprised of
fast moving sediments deposited in channels weaving backwards and forwards in a
broader 2 kilometre wide channel. Chinguetti is actually set at the bottom of
similar channels where the sands are actually emerging out into the less
constrained and wider base of the continental shelf. The Chinguetti reservoir
sands are draped over a salt dome which gives the structure relief with steepish
sides. The sands are of very good quality though unconsolidated, which means
they will need cementing and fracturing to optimise facilities and production.
Producer wells will be placed at the crest of the structure with water injectors
at the periphery to maintain reservoir pressure.

The Tiof reservoir does not have the same vertical relief, thus is a much
flatter, linear structure two kilometres wide by about eight kilometres long.
The sediments are a much more silty, mixed sand composition and more complex. It
is for these reasons we anticipated lower flow rates for Tiof.

corporatefile.com.au
What is the forward plan for Tiof?


Managing Director Simon Potter

This is still under discussion within the venture. The partners wish to maximise
the value of the Tiof reserves and therefore need to think carefully about the
development scheme for this field. I would like to see further well tests to
help guide the decision and anticipate the next one around mid year. Therefore
it is unlikely there will a development decision before late 2005.

corporatefile.com.au
In recent months, Hardman has announced the new Tevet discovery, appraisal
results from Tiof, some unsuccessful exploration wells and confirmed the funding
for its Chinguetti development. You joined Hardman recently as Managing
Director. What is your initial view of Hardman's Mauritanian assets?


Managing Director Simon Potter

These assets have certainly been a company maker for Hardman. The assets are
nothing short of spectacular really. We have two world class rigs contracted for
2005. Development of Chinguetti is underway, we will continue appraising Tiof
and we intend to appraise Tevet. We've yet to appraise Banda but it is a major
gas discovery. We have an ongoing exploration program and we're clearly hopeful
of making some further significant discoveries.

corporatefile.com.au
Can you update progress on the Chinguetti Oil Field development?


Managing Director Simon Potter

We've committed over 50% of the project spend and we're within 5% of the budget.
The floating storage and production vessel is in Singapore being refitted and
that is on schedule. Production and subsea facilities are under construction.
Development drilling is underway and we are pleased with the initial well
results. Further development includes drilling a gas disposal well at Banda
which will minimise gas flaring. We're still on track to produce the first oil
by the end of the March quarter 2006.

corporatefile.com.au
Tevet is estimated by Woodside to contain Contingent Resources of 41 million
barrels. Is it within tie-back distance to Chinguetti? What further work do you
plan at Tevet to assess commerciality?


Managing Director Simon Potter

We need to do at least a further appraisal well and probably a flow test at
Tevet. But there is still a lot of geological and reservoir work we need to do
before we site the appraisal well and determine whether it should be tied back
to the FPSO. The whole channel system intrigues me. Banda sits on top of the
channel, within a buried canyon. Tevet sits further down the same channel system
which continues westward to become the reservoir at Chinguetti. Defining the
separate limits of each of the fields is not simple and there may be more
potential within the overall system than we recognize at present.

corporatefile.com.au
Can you briefly outline your view of Hardman's other exploration activities?
Which do you think have most potential?


Managing Director Simon Potter

The two areas that really interest me and are receiving a lot of focus are the
Falkland Islands and our acreage in French Guyane.

Recently our partners, the Falklands Oil and Gas Company raised around 12
million by listing on the AIM in London, so there is clearly an appetite in the
market for this Falkland acreage. Currently we are collecting seismic where good
images are being received directly off the vessel indicating a number of really
interesting structures. This considerable potential in our Falklands acreage
will be assessed with a well within about two years.

I'm particularly interested in our property in French Guyane. We hold over 97%
equity in the license which covers some 65,000 sq km, the entire offshore to
3000 metres water depth. In hydrocarbon terms it's sandwiched between the
offshore provinces of Trinidad and Venezuela and Brazil so it's a good piece of
real estate. The offshore prospects are well defined and we can see good
structures from the seismic similar to the channel features seen in Mauritania.
There's also a compelling single, huge structure called Matamata. We're required
to drill a well within the next 15 months as a part of the licence obligation.
Our current strategy is to farm down from the 97% and bring in a partner to
contribute to the drilling of that well.

With our Guyane property we've followed the traditional success route that
Hardman has taken in the past, which is to have high equity, early access to
prospective frontier exploration properties. We've traditionally dramatically
farmed down our share, but in future I would like to see us maintain a higher
equity stake (up to 40%). We're now well over a billion dollar company, so can
afford to retain higher equity and tolerate greater amounts of risk. As we bring
in new partners we will look to swap assets rather than simply seek
contributions to funding or a carry.

In March, we will operate the drilling of an exploration well in the Timor Sea -
Marloo-1. This area is relatively mature and is in direct contrast to the rather
more spectacular frontier type exploration that we're doing elsewhere in the
world. With this operation we will continue to build our organisational
capacity.


corporatfile.com.au

On the financial side how do you see Hardman's capacity to contribute to the
costs of the Mauritanian joint venture as well as continuing to develop its
portfolio outside of North West Africa.?

Managing Director Simon Potter

Over the last three years the company has raised $220m from the equity capital
markets and during the same period grown from a market cap of approx $330m to
$1.2bn. We recently secured a US$100m project finance facility for Chinguetti.
Hardman is fully funded through to first production from Chinguetti in 2006. We
are in a very strong financial position and are not constrained in the further
development of our portfolio. Our financial and operational strength has created
a strong platform for us to selectively participate in other leading hydrocabon
projects.

corporatefile.com.au
Can you talk a little about your history in the oil and gas industry and the
strategic direction you might take with Hardman?


Managing Director Simon Potter

I'm qualified as a geologist from the Royal School of Mines in London and I
spent nearly five years on the Copperbelt in Zambia. I did an MBA in the mid
1980s which allowed me to join the commercial department of BP. I negotiated
exploration and development licenses, operating agreements, gas sales contracts
etc. and I think this background of doing deals appealed to Hardman. I have
lived in Australia before where I was responsible for the commercial aspects of
BP's interests in the North West Shelf as a partner to Woodside. Following this
I had a series of operations positions including overseeing North Sea and
Alaskan operations before I completed my education through the executive program
at Stanford. Most recently I have been CEO of joint venture oil and gas
companies for BP in Indonesia and Russia.

Hardman has grown to its current size very quickly over the last couple of years
and we now have a much greater risk capacity. We can manage our assets much more
strategically and hopefully we can attract very good partners and operators in
order to maximise the value of our future developments rather than be driven by
cost exposure. I think one of the key aspects of Hardman's strategy previously
has been its early access to frontier exploration acreage which obviously
illustrates its core skills. It's that exploration of frontier acreage that
actually gives the stock its buzz and my goal is to build on that not to
constrain it.

corporatefile.com.au
As you point out, Hardman has indeed grown quickly in recent years and now has a
market capitalisation of around $1.4 billion and is in a strong financial and
operating position. Does Hardman have the appropriate organisational structure
to operate in the sphere of plus $1 billion oil and gas companies? What broad
changes do you envisage to the organisational structure?


Managing Director Simon Potter

I'd like to improve our internal processes by improving the commercial rigor
that we have within the company but essentially, as I have already said, I won't
be changing our core skills set of accessing frontier plays. Over time, we'd
like to boost our skills sets including improving the capacity of our new
business development teams such that we can turn over more opportunities more
quickly. Whilst Mauritania has been a great success, it's taken 10 years to
mature and I'd like to see that cycle time reduced. That requires additional
technical and commercial skills which we would like to bring into the company.

corporatefile.com.au
Thank you Simon.

For further information on Hardman Resources visit
www.hdr.com.au
or call Simon
Potter or Scott Spencer on 08 9261 7600.

For previous Open Briefings by Hardman Resources visit
www.corporatefile.com.au


DISCLAIMER: Corporate File Pty Ltd has taken reasonable care in publishing the
information contained in this Open Briefing. It is information given in a
summary form and does not purport to be complete. The information contained is
not intended to be used as the basis for making any investment decision and you
are solely responsible for any use you choose to make of the information. We
strongly advise that you seek independent professional advice before making any
investment decisions. Corporate File Pty Ltd is not responsible for any
consequences of the use you make of the information, including any loss or
damage you or a third party might suffer as a result of that use.




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

Drilling report.

http://moneyam.uk-wire.com/cgi-bin/articles/200503010700501565J.html

Hardman Resources Limited
01 March 2005

STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 1 March 2005

CONTACT: Scott Spencer

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE: MAURITANIA DRILLING PROGRAMME
WEEKLY PROGRESS REPORT


Hardman Resources Ltd ('Hardman') provides the following progress report on the
Mauritania offshore drilling programme:


Tiof-6 Appraisal Well - PSC B

Progress and Current Status:
Since the last report on 22 February 2005, the Tiof-6 appraisal well was
suspended as a potential future oil production well by the 'West Navigator'
drillship. On 26 February, the 'West Navigator' departed for the Chinguetti
field to join the 'Stena Tay' on the development drilling programme.

Well Location:
The Tiof Discovery is located approximately 90 kilometres west of Nouakchott,
the Mauritanian capital and 25 kilometres north of the Chinguetti Field. The
Tiof-6 well is located 3 kilometres west of the Tiof-1 discovery well and 1
kilometre east of Tiof-3. Water depth is approximately 1,165 metres.

Well Details:
The Tiof-6 well was intended to further appraise the Tiof oil discovery and
continued the evaluation of the Miocene channel sand system within the Tiof
Field area as interpreted with 3D seismic.

Chinguetti Development Drilling

Since the last report on 22 February, the 'Stena Tay' continued operations on
the Chinguetti Development wells and has now been joined by the 'West
Navigator'. Hardman does not intend to provide detailed weekly reports during
the course of the development well drilling programme but will continue to
report significant matters as appropriate and in accordance with its continuous
disclosure obligations.


Other information:

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

Times and dates refer to Mauritania time (GMT), 8 hours behind Western Standard
Time, Perth.

A map showing the location of the 2004/05 wells is available on the Hardman
website (
www.hdr.com.au
) and will be updated during the course of the 2004/2005
drilling programme.

The joint venture interests in the Chinguetti Field and PSC B are:

Company PSC B Chinguetti Field
(Remainder)
Woodside group companies (operator) 53.846% 47.384%
Hardman group companies 21.6% 19.008%
BG group companies 11.63% 10.234%
Premier group companies 9.231% 8.123%
ROC Oil group companies 3.693% 3.250%
Groupe Projet Chinguetti (Govt. interest) - 12.000%

Sold:-

RNS Number:1782J
Ascent Resources PLC
01 March 2005

Ascent Resources plc

Acquisition of interests in Gabon Production Sharing Contracts

Board Changes

Ascent Resources plc ("Ascent") has entered into an agreement with Hardman
Resources Ltd ("Hardman") to acquire two wholly owned subsidiaries, Gabon
Investments (Iris Marin) Pty Ltd and Gabon Investments (Themis Marin) Pty Ltd.
These companies hold a 12.86% Participating Interest in the Iris Marin
Production Sharing Contract ("PSC") and in the Themis Marin Production Sharing
Contract respectively.

The Iris Marin and Themis Marin PSCs cover two shallow water exploration
concessions offshore Gabon of 902 km2 and 607 km2 respectively.

Gabon is centrally situated in the West African oil & gas province and has a
long history of oil production. It has the third largest reserves and is the
fourth biggest producer in the region. Current production from Gabon is
approximately 250,000 bopd from its onshore and offshore fields.

Both the Themis Marin and Iris Marin concessions are surrounded by proven
oilfields and are close to pipelines and production infrastructure. Since these
concessions were awarded in 1999, a 3-D seismic survey has been acquired and
from these results a number of drilling locations have been identified. The
drilling of the first of two commitment wells is planned for this summer.

The other partners in both PSCs are:

Fusion Oil & Gas NL 20.57%Thats Sterling Energy

Premier Oil Gabon 18.00%

Petro Oil & Gas Corp of South Africa Pty Ltd 22.86%

Sunburnt Downs Pastoral Company Pty Ltd 25.71%


Heres the financial details:-

Initial consideration for the acquisition will be the issue of 12 million new ordinary shares of Ascent to Hardman. Following completion, Ascent shall reimburse Hardman for $515,765 of past costs. Further payments will be made to Hardman of A$500,000 in the event of successful recovery of hydrocarbon on testing from a well in either of the PSCs and A$700,000 on issue of governmental approval for exploitation of either of the PSCs.

KBC Peel Hunt Buy Recommendation plus many more.

Thanks to zooshare on ADVFN for the find.

http://www.kbcpeelhunt.com/pdfs/Oil04Mar05.pdf

Nice rise this pm, no doubt many more to come.

What do you think sww?

I think you are right.

Great opportunity for a long term gain terrific upside, we can't really lose provided we keep a watch on it.

By the way do you talk to yourself?

Mmmmm...............

It has been known.

I can change the weather too, but only locally.

Watch and I will make the sun shine Wednesday next week. (meant to say all day).

Well, have a good weekend all.

You too.

Attention men in white coats - we've found him at last. Bring the medication quickly, he's delirious and talking to himself.

This is looking good in the short term.



What do you think sww?

Dran good, glad I bought at the 60-p level.

Money in the ramp, er bank.

Quick, increase the dose - he's still at it.

LOL

lol

I'll give you a break seawallwalker! :)

BTW, where did you get a name like that? I do some of that, living close to the river banks on the east coast.

Patience is all that is required here at HNR, best smaller oil company punt around!

Good luck anyway, imo you don't need too much of it here, it's on the way up.

Hi rayrac, thanks for noticing.

You too Pond Life.

The name came from what I do most days, sea wall walking with my dog(s).

I go out along the Crouch Estuary at South Fambridge and Wallasea Island, sometimes down to Potton Island.

I totally agree about HNR, this time next year, who knows?

SWW,
Hardman is on my watch list. I am heavily invested in SEY, so I don't want more of the same, but Hardman is looking interesting on a price / assets basis and I agree that a takeout by Woodside looks increasingly likely at some stage. One problem - what do I seel to buy Hardman? I hold BUR, JKX and SEY, plus other energy industry plays such as HTG and HMY. None of these do I want to sell just at the moment.

Pondy

Pondy

I cannot advise you to sell any of those.

Leave Hardman on your watch list, take a note of the trading ranges and work out the tops and bottoms so that if you decide to take a profit on any of the others you know more or less where the bottom is if you decide to buy.

For instance, I have read that a possible trading range this year would be between 1 and 1.30 for HNR.

Bottom range before Christmas was 60p. (Thats were I bought). It may not go there again though.

It is more of the same in respect of BUR,SEY & JKX.

I would not do a swap for swaps sake.

seawallwalker

I live close to the river next (north) to yours and it's either down to Millbeach or the promenade!! I have an acquaintance or two, who live in your area (N Fambridge), we sing in the S Woodham Ferrers MVC! Try it some time, we are always on the lookout for new members! No test!:)

PS, I've just realised you are across the other side from N Fambridge...but still close enough to W Ferrers!! :)

Hi Pond Life, I'm not that keen on SEY and so I don't hold, but as seawallwalker says, it's down to you in the end. I wouldn't want to be out of HNR under any circumstance, they do unfortunately look to be T/A fodder, but last evening I watched CNBC and they interviewed the president of Exxon Mobil and he thought there would be consolidation among the larger oilers, eg, Woodside perhaps, or Unicol. Exxon (and most of the 'big boys') are stuffed with money and are on the prowl , so he inferred.

If Woody gets taken out then sure as eggs is eggs, the end is in sight for HNR! All imo of course.

Good luck anyway!

Well that put the 'stoppers' on that. It was only a suggestion seawallwalker, I'll stay with HNR! :)

Rayrac been out all day, I'll read this tomorrow.

550 miles, nackered.

rayrac, thanks for the invite but not really my thing.

Scott Spencer is apparently doing the rounds in LOndon according to...............wait for it.............

Hot Copper.

http://www.gtp.com.au/hardman/inewsfiles/HDR%20Info%20brochure%20March%202005.pdf

New Information Brochure for March 2005.

Well worth the 7 mb download.

I am pretty surprised ythat the dry hole at Marloo, reported this am, has not had the usual 2 to 3p drop.

I suppose it was expected, but the Market usually canes these.

Ho hum.

HNR about to golden cross!

Been expecting a mighty change anyway, so good if it happens.

MARCH 2005 QUARTERLY REPORT

http://moneyam.uk-wire.com/cgi-bin/articles/200504290806437044L.html

http://moneyam.uk-wire.com/cgi-bin/articles/200505030927417747L.html

FOGL completes seismic.

Lets not forget who owns a fair wedge of those good leads people!!

Yep, me.

Er no I mean Hardman.

FOGL Update for info

RNS Number:7745L
Global Petroleum Ltd
03 May 2005

3 May 2005

Global Petroleum Limited ('Global')

ANNOUNCEMENT RE: FALKLAND OIL AND GAS LIMITED

Global Petroleum Limited (AIM / ASX: GBP), an Australian-based oil and gas
exploration company, advises that Falkland Oil and Gas Limited (FOGL) made the
attached release on the 3rd of May 2005.

This announcement suggests that Global's 16.06% shareholding (i.e. 12.848
million shares) in FOGL could potentially have quite significant value for
Global shareholders. A FOGL share price of #1/share translates to approximately
19c per Global share (GBP 8p/Global share).

Further information about FOGL's Falkland Island Oil & Gas Project can be found
in a presentation that FOGL has posted on its website www.fogl.co.uk

Further information:

Global Petroleum Limited
Dr John Armstrong, Executive Chairman +61 (0) 7 3211 1122

Bell Pottinger Corporate & Financial
Nick Lambert +44 (0) 7811 358 764

Tuesday 3rd May 2005

Falkland Oil and Gas Limited

("FOGL" or "the company")

Significant increase in number of identified leads

Enhanced possibility of a new petroleum province
in the South and East Falkland Basins

FOGL announces that it has completed its current 9,450 km 2D seismic data
acquisition programme over most of its licence area. The initial interpretation
of the preliminary processed records from the survey has proved encouraging and
greatly exceeds the Company's initial expectations.

The programme has indicated a larger and more diverse project than originally
anticipated and has identified numerous possible drill targets, with indications
that some could potentially be of significant size.

FOGL has now identified approximately 130 leads,(1) far in excess of the eight
(8) leads identified at the time of its AIM IPO in October 2004. Given the
positive results of the survey, FOGL now plans to increase the scope of its
exploration programme far beyond that envisaged at the time of the IPO.

Key points:

* Approximately 130 leads identified, a number of which appear capable of
containing recoverable reserves in excess of 200 million barrels

* FOGL now represents a larger and more diverse project than originally
anticipated

* Encouraging signs that oil and gas could be present

* Further work is planned targeting defining 20 drillable prospects by
about mid-2006

* FOGL is targeting drilling of the first well in 2007

* Already an enhanced possibility of project success

* Licences cover area equivalent to the North Sea Southern Gas Basin and
Central Graben

* Cash position of #10.9 million as at 31 March 2005. FOGL is evaluating
its funding requirements and the source of funds for the increased exploration
programme

John Armstrong, Executive Chairman of FOGL, said:

"In my opinion, this is the most exciting project I've seen for many years. The
results of the 2D seismic are encouraging; the number of leads identified has
far exceeded our most optimistic estimates and we believe it has greatly
enhanced FOGL's prospects. It is clear that the scope of work needed to maximise
the potential of our acreages has increased significantly.

"It is important to remember that, while the leads identified to date each have
seismic expression which indicates the possible presence of a drillable
prospect, when fully mapped, and with the benefit of further data, such leads
may not have all the characteristics necessary to become drillable prospects.
Nevertheless, the large number of leads distributed across several playtypes
suggests that a number of the leads could become technically sound and
potentially economically viable drill prospects. It is the Company's goal to
identify and define 20 such prospects in the immediate future so that they can
be considered for drilling in 2007.

"We have made a lot of progress in the six months since our AIM IPO and the
results to date have been remarkable. Although there is a long way to go, it now
seems quite possible that the Falkland Islands could become a new petroleum
province by the end of the decade."

Hydrocarbon Indicators

Initial interpretation of the new data gives considerable cause for optimism.
The preliminary results of the survey identify numerous Direct Hydrocarbon
Indicators (DHI's) pointing to the presence of working petroleum systems. The
DHI's include gas chimneys, amplitudes and possibly gas hydrates. The leads are
large and diverse, with some leads possibly covering areas of 300 to 500 sq km,
sufficient to hold large reserves of oil or gas. There is also a wide range of
play types with several different styles identified.

Exploration Programme & Funding Arrangements

FOGL plans to conduct further seismic surveys targeting all the leads but with
particular emphasis on the approximately 50 most promising. The aim will be to
develop 20 high quality, technically sound and potentially economically viable
drilling prospects. The Company then intends to develop a multi-well drilling
programme which may be able to begin in 2007.

Full details of the exploration programme are still to be finalised but given
the increased number of identified leads the company expects to expand
significantly the scope of the exploration programme.

Although FOGL had net cash of #10.9 million as at 31 March 2005, the increased
scope of the programme will require additional funding and the Board is
currently considering its options. A further statement on the funding
arrangements and the full details of the programme will be announced soon.

Potential Resources

The extent and depth of the basin suggests that, if it exists, the hydrocarbon
resource could be of a major scale. According to estimates by MBA Petroleum
Consultants, an independent consultant, 1,250 billion barrels of oil / oil
equivalent could have been generated in and in the vicinity of FOGL's licences.

Scott Pickford, petroleum engineers, made an independent assessment of the
initial eight (8) leads and concluded that each had the potential to contain
between 200 million and 600 million barrels of recoverable oil(2). It is
expected that Scott Pickford will be contracted to repeat the process and make
an independent judgement on the potential resources indicated by the new data.
Its findings will be announced on completion of the processing and
interpretation which is expected to be in the third quarter of this year.

An overview presentation will be posted on the FOGL website giving a summary of
the results announced here. Technical information including maps and seismic
lines will be posted on the Company's website in the near future.

www.fogl.co.uk

Enquiries:

FOGL

John Armstrong, Executive Chairman + 61 (0) 7 3211 1122 (+9 hrs GMT)
David Hudd, Deputy Chairman 07771 893 267

College Hill
Ben Brewerton 020 7457 2020

(1) a 'lead' is a feature that requires further technical appraisal prior to a
decision to drill

(2) P50 recoverable oil as estimated by Scott Pickford, a consultancy
specialising in geology, petroleum engineering and economic analyses, in 2004
(IPO Prospectus)

NOTES TO EDITORS

Falkland Oil and Gas Limited ("FOGL") is an oil and gas exploration company
focused exclusively on opportunities offshore of the Falkland Islands. It was
admitted to London's Alternative Investment Market ("AIM") on 14 October 2004 at
an issue price of 40p. The current major shareholders of FOGL are: Falkland
Islands Holdings plc (18%), Global Petroleum (16%) and RAB Capital plc (31%).

At the time of the admission to AIM, FOGL held a 77.5% interest in seven
offshore production licences covering approximately 33,700 sq km to the south
and east of the Falkland Islands. FOGL holds these licences in a joint venture
with Hardman Resources. In December 2004, FOGL was awarded a 100% licence over
an additional 50,000 sq kms adjacent to its existing licence areas. The 83,700
sq km area held by FOGL is equivalent to 380 North Sea blocks: as large as the
Southern Gas Basin and the Central Graben combined.

www.fogl.co.uk

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

END

This is looking interesting again.

Drill targets will be announced in June, that amy account for some, oil on the up, thta's a buit more, and finally Tiof looking for confirmation of commeciality, but that may be later this year.

Ching producing q1 means quids in.

That's me, what do others think?

This is the start of what we have been waiting for.

Hardman up 5.46% in Oz overnight too.

Hardman Resources Limited
02 June 2005




STOCK EXCHANGE / MEDIA RELEASE

RELEASE DATE: 2 June 2005

CONTACT: Scott Spencer

TELEPHONE: Within Australia: 08 9261 7600
International: +61 8 9261 7600

RE CHINGUETTI DRILLING UPDATE

PAGES: 2

Hardman Resources Limited ('Hardman' or 'the Company') announces that the
drilling rig 'Stena Tay' has completed the drilling of the wells required for
the first phase of the Chinguetti development project, offshore Mauritania.
This drilling program included 5 new oil producers, 5 water injectors to
maintain reservoir pressure, and 1 gas injection well drilled on the Banda
discovery for disposal of the Chinguetti associated gas. The Chinguetti early
development well drilled in late 2003 will also be tied into the production
system, resulting in the planned 6 producing wells being on stream at the end of
the first phase of development. During the drilling of the Banda gas injection
well a number of cores were cut and fluid samples taken, to aid in the
continuing evaluation of this discovery. The 'West Navigator' drilling rig
remains in the Chinguetti field and is continuing work on the installation of
well completion equipment. As of 31 May 2005 sand completion equipment had been
installed on 7 of the 10 new wells, and this work will be followed by the
installation of the production tubing and subsea trees before connecting the
wells to the Berge Helene Floating Production Storage and Offtake (FPSO) Vessel
for production.

Drilling results on Chinguetti were positive, meeting or exceeding expectations.
The completion of the drilling phase removes one significant element of forward
project risk and confirms that the volume of oil-in-place is at least as
expected. On the assumption that early well performance remains in line with
forecasts, Hardman anticipates that this will result in an increase in proven
reserves when it carries out its initial reserves redetermination. The project
is now over 71% complete and the target date for first oil from the Chinguetti
field remains Quarter 1, 2006.

The 'Stena Tay' is preparing to move to the Canary Islands for upgrade works
before returning in July to commence the 2005/6 exploration and appraisal
program. The forward drilling schedule and selection of the exploration and
appraisal targets are the subject of a number of key joint venture meetings to
be held from mid-June.






SCOTT SPENCER
DIRECTOR
HARDMAN RESOURCES LTD

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.

MM slow responding means some are getting in cheap this morning.

Good.

SWW,

Hardman is starting to look very interesting again IMO, although as a SEY holder I am somewhat wary of putting too many eggs into the Mauritanian basket, just in case!

I also hold FOGL, so covered there too, although of course Hardman have other exploration prospects, and there's always the possibility of being taken over, so on balance I may buy a few next week.

Good call Andy.

I agree about having too many eggs, but I did it anyway.

Hardman have returned cash to me lately whereas Sterling have not.

Holding both.

Actually for once I intend to take most of my cash oncew the expected euphoria disapates from the drill announcements later this month and buy back later.

Thats the plan.

If I can't I move on.

http://www.rns-pdf.londonstockexchange.com/rns/2312n_-2005-6-7.pdf

Information Brochure for June

Oil Barrel article

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1118282400&id=0&feed=oilbarrel_en&body=0&type=

.

From a poster on TMF

Reads - "Interesting to see the blue blooded royalty of Cazenove have initiated coverage of Hardman...

Cazenove has initiated coverage of Hardman Resources (HNR.L) appending an outperform recommendation

Taken from...

http://www.sharecrazy.com/dailies/mmv/index.html "

Entrust

.

Sorry, that's two dots recently.

No worries.

Experiment failed as the link no longer good.

I am getting pretty excited about this one.

I am well in and climbing...................

Only problem is I do not intend to sell this time.

My mind is now set to keep them a la 618 and try for a multi bagger.

I may even try a bit of uninformed blatent ramping.............

...........................................then again maybe not.

I have cashed in twice at this level before
This one has been good to me so what the hell it is only money!
Was up in gavs part of the world for the last week, it was once mine but now an exile and I noticed an article in the Scotland On Sunday that may be interest to AIM oilers.
Business News page3 headed Canadian Firms etc (Antrim Energy etc)
Sorry cannot get the e-news link and computer is being stroppy but it is probably on The Scotsman web site

Still going up............

Caz target is 1. or 1.25 if taken out.

Should hit just under 90p today imo.

Closed @ $2.14AUS which is just over 90p.

I need those drill targets this week!

Told you where it would finish.

Now if I can only do that with all my stocks.....................

Off topic.
============

Sterling Energy are one of six companies presenting at Oilbarrel next week.

here are the participants and the schedule, SEY are on first!


http://www.oil-barrel.com/conference/210605.pdf


So arrive on time for Sterling!

Is anyone else going?