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Nail-biter pays dividends

AFTER a long and nail-biting wait, Hardman Resources NL has finally clinched the big deal that could result in the junior developing into a substantial producer.

This follows an announcement in December by Hardman that joint venture partners Woodside and British-Borneo will drill an exploration well offshore the Mauritanian coastal basin some time in the fourth quarter.

The JV partners have started a US$12.8 million 3D survey of the prospective ground and may drill in either Production Sharing Contract area A or PSC area B.

After completion of the first well, in either areas A or B, the licence holders – Hardman, Fusion Oil & Gas NL and Elixir Corporation Pty Ltd – have agreed to either repay their prorata share of the survey costs or dilute a pro-rata portion of their interest in the JV areas within a fixed time period. If the dilution occurred, Hardman would retain an interest of 21.6 per cent in area A and 15.7 per cent in area B.

Meanwhile the drilling of Colombo #1 well near Rome has been delayed until further environmental and safety documentation has been completed for the drilling site as required by the Italian authorities. Final approval is expected within two to three weeks.

Hardman has negotiated a farmin deal with JKX Oil and Gas Plc to split the cost of the well, giving Hardman 40 per cent equity in the project.

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