1st Feb 2006 07:00
Hardman Resources Limited01 February 2006 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 1 February 2006 AUSTRALIAN CONTACT: Simon Potter Hardman Resources Ltd +61 8 9261 7600 LONDON CONTACT: Patrick Handley Brunswick Group +44 207 404 5959 RE: CRUDE OIL SALES CONTRACT PAGES: 1 Hardman Resources Ltd ("the Company") has, through its affiliate HardmanChinguetti Production Pty Ltd, entered into a term sales contract for its crudeoil production entitlement from the Chinguetti field offshore Mauritania, WestAfrica with Vitol S.A., a major oil trading company. This contract covers the initial marketing period for Chinguetti crude oilthrough to 31 December 2006 and prices will be related to dated Brent. Firstproduction from Chinguetti is currently anticipated to commence in February2006. Chinguetti crude oil is anticipated to be within typical West African qualityrange, acceptable to a broad range of refiners. The Company has also entered into a pooling arrangement with the Government ofMauritania, its national oil company, Societe Mauritanienne des Hydrocarbures("SMH"), and affiliates of BG plc and Premier Oil plc who are participants inthe Chinguetti Joint Venture to lift cargoes jointly from the FPSO (BergeHelene). This arrangement will provide more frequent liftings of entitlementsand therefore more regular cash flow than could be achieved if the Companylifted its crude oil separately from other sellers. The Company is pleased to work with the Government of Mauritania and SMH indeveloping a market for its first crude oil production. SIMON POTTERMANAGING DIRECTOR This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Highlands Natural ResourcesBG..LPMO.L