Hardman finds French Guiana and Falklands prospective

New seismic data could open up prospects for Hardman Resources.

New seismic data could open up prospects for Hardman Resources.

According to Hardman, technical evaluation and mapping of the new 2D seismic survey off French Guiana has confirmed the presence of large prospects and a thicker sedimentary sequence than previously recognized.

The new 7,500-km 2D seismic survey concluded in mid-February 2003, and the fully processed data set was delivered at the end of June. Hardman's technical team is now mapping and interpreting the data. The new data has confirmed the existence of a thicker sedimentary section in the basin and indicates structuring in these deeper sediments that was not visible on the 1970s seismic data. The technical work has confirmed the major structural trends of the area and a number of leads have been identified.

In October, Hardman representatives met with the relevant authorities in Paris to update them on interpretation results for the area. The project has also been presented to a limited number of potential farm-in partners, and several are now performing their own technical evaluations.

Hardman operates and the exclusive exploration license (EEL), which was awarded June 1, 2001. The company has 97.5% in the license, which covers the major part of the offshore basin of Guiana and extends from the 12-mile coastal limit to the 3,000-m water depth contour, with a total area of 65,000 sq km.

Hardman also has 30% interest in a joint venture that holds a large offshore exploration permit covering 10 license blocks, with a total area of 57,000 sq km in the South Falklands basin.

The South Falklands basin is geographically and geologically distinct from the northern basin where exploration was carried out 1996-98. The southern basin is underexplored and is covered by only a sparse grid of seismic dating from 1993.

The joint venture purchased the majority of this data (4,340 km) from seismic contracting firms. Hardman staff then carried out seismic mapping on behalf of the operator, Global Petroleum Ltd. Geologists identified a number of leads and prospective play types. The findings resulting in a decision by the joint venture to reprocess 1,118 km of the seismic data to better delineate the leads. Seismic reprocessing was completed during 3Q 2003, and Hardman's technical staff is now carrying out reinterpretation.

11/03/03

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