Hardman gets Chingeutti funding
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Tuesday, 1 February, 2005 - 21:00
HARDMAN Resources has secured a $US100 million loan from the ANZ to fund about 80 per cent of its share in the development costs of the Chinguetti oilfield.
Development drilling of the field, which is operated by Woodside, is currently underway and first oil is scheduled for the end of the first quarter 2006.
The oil field is about 80 kilometres off the shore of West African nation Mauritania.
The loan has been fully underwritten by the ANZ.
It includes political risk insurance cover for the benefit of the lenders, which is understood to have been obtained in the international market on favourable terms.