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Hardman gas outcome looks promising

Expectation is running high in the Hardman Resources NL camp on a favourable outcome of the Colombo#1 well currently undergoing gas testing in Italy.

The well was drilled to a depth of 600 metres and encountered C1 gas shows up to 800 parts per million (0.08 per cent) at the interval 377m to 406m.

At the completion of drilling, up to five per cent C1 gas was encountered in the drilling mud.

Hardman managing director Ted Ellyard told Business News wireline logs have indicated a possible net thickness of gas bearing sandstones of about 12m within the Liguridi Flysch formation.

The joint venture partners elected to case the hole and undertake a testing programme over the potential gas bearing sandstones.

Mr Ellyard is so confident of the outcome that the Perth-based explorer increased its equity in Colombo prospect prior to testing.

Equity in the Fiume Tevere licence area, which incorporates Colombo prospect, now includes Planet Oil Limited – operator and a wholly-owned subsidiary of Hardman (46.1 per cent), JKX Oil and Gas plc (40.3 per cent), Northern Petroleum plc (11.5 per cent and Italmin Exploration Srl 2 per cent.

The company has estimated a gas reserve of 35 million cubic feet of recoverable gas if the well proves commercial.

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