Offshore staff

LISBON, Portugal -- A group of contractors made up of Hardman Resources, Galp Energia, and Partex Oil and Gas have signed three contracts with the Portuguese State for oil exploration, development, and production.

The three contracts give concession rights for the Gamba, Lavagante, and Santola offshore areas covering more than 9,000 sq km (3,475 sq mi) along the coast of Alentejo. Water depth in the three blocks ranges from 200 m to 3,000 m (656-9,842 ft).

The initial phase of the contract concession is for eight years. The production phase is for 30 years with the option of 15 more years. In the exploration phase, the consortium is obligated to acquire seismic data and to drill several exploration wells.

Hardman Resources Ltd will operate the concessions with 80% interest. Partners include Partex Oil and Gas (Holdings) Corp. with 10% interest and Galp Energia with the remaining 10%.

2/3/2007