Hardman to Italy

HARDMAN Resources NL plans to drill the Colom-bo 1 gas exploration well, in the Italian Fiume Tevere permit, in October this year.

This follows a joint venture agreement with London Stock Exchange-listed JKX Oil and Gas Plc, with each party funding 50 per cent of the drilling cost. The JV will give JKX a 30 per cent interest in the project with Hardman retaining 40 per cent equity.

Seismic shot across the Fiume Tevere permit has pinpointed gas trapped in the Lower Pliocene sandstones between 400-600 metres, with potential reserves estimated at 35 billion cubic feet recoverable.

Hardman managing director Ted Ellyard said shallow methane gas was encountered in several stratigraphic wells drilled around the permit area.