Rick Wilkinson
OGJ Correspondent
MELBOURNE, Apr. 24 -- Hardman Resources Ltd., Perth, has expanded its operations in South America with the acquisition of a 40% interest in the onshore Uitkijk and Coronie concessions in Suriname.
Hardman signed a heads of agreement with Suriname's state-owned Staatsolie Maatschappij Surinam NV and its affiliate, Paradise Oil NV, and will pay $8.5 million to acquire the interest.
The concession covers an area of 3,300 sq km and adjoins the country's two main producing oil fields—Tambaredjo and Calcutta—which collectively have more than 1 billion bbl of oil in place. Current production is about 13,000 b/d.
Hardman will earn its interest by funding an $8.5 million initial exploration program of up to 25 wells, which is expected to begin during December.
Hardman regards the concession as a relatively low-cost, low-risk prospect. The company holds 97.5% of the offshore area of neighboring Guyana.
