Outlook buoyant for local explorer

Local hydrocarbon explorer Hardman Resources NL, which is on track to spud its first gas well in late October, has also strengthened its corporate status.

The company recently issued fifteen million stocks at a price of 6.5 cents per share to raise $975,000. The offer was fully subscribed with hours.

A prospectus issued by Hardman said the money will be used to fund exploration, including the forthcoming drilling of Colombo #1 well near Rome, Italy.

The gas play is a 50:50 joint venture with London Stock Exchange-listed JKX Oil & Gas and will target gas trapped in Lower Pliocene sandstones between 400-600 metres.

Shallow methane gas was encountered in several stratigraphic wells drilled around the permit area and during construction of Rome’s Fiumicino airport.

Colombo will test a structure with potential gas reserves estimated at 35 million cubic feet recoverable.

Meanwhile, Hardman is optimistic about the outcome of exploration by the Woodside Energy Pty Ltd and British Borneo NL alliance on its offshore Mauratanian permits.

“It is moving according to the timetable and looks promising,” Hardman director Scott Spencer said. “We are very optimistic about the outlook.”

This follows a comprehensive 2D seismic survey undertaken by the international partners on Hardman’s acreage last year, the data from which is currently being evaluated.

l Note: The writer holds shares in Hardman Resources.