Hardman Resources Ltd. subsidiaries Planet Oil Ltd. and Hardman Petroleum France SAS have concluded a farm-out agreement with Gaz de France SA for a 20% interest in the Guyane Maritime Exclusive Exploration License (EEL) offshore South America.
Offshore staff
GUYANE -- Hardman Resources Ltd. subsidiaries Planet Oil Ltd. and Hardman Petroleum France SAS have concluded a farm-out agreement with Gaz de France SA for a 20% interest in the Guyane Maritime Exclusive Exploration License (EEL) offshore South America.
Under the terms of the agreement, Gaz de France will conduct geophysical studies on the acreage.
The Guyane Maritime EEL was awarded in June 2001 and since has been the subject of an extensive exploration program. Over 9,000 line km (5,592 mi) of 2D seismic data and 380 sq km (147 sq mi) of 3D seismic data have been recorded in two campaigns, resulting in the identification of more than 20 prospects and leads.
The Matamata prospect will likely be the first to be drilled in late 2007 or early 2008. Exploration plans are contingent upon securing a suitable rig.
The farm-out agreement reduces Hardman's participating interest in the EEL from 97.5% to 77.5%. Equities in the Guyane Maritime EEL on completion of the agreement will include Northpet Investments Ltd. with 2.5% interest and Gaz de France SA with the remaining 20 % interest.
