EXCLUSIVE EXPLORATION Annual Convention and Exhibition HARDMAN RESOURCES LTD OFFSHORE GUYANE EXCLUSIVE EXPLORATION LICENCE AAPG Annual Convention and Exhibition April 2004

Guyane Location Plan Guyane (also known as French Guiana) is a French overseas dependency located on the north-eastern coast of South America. This geographical region has been the focus of increased petroleum exploration in recent years. Guyane, however is under- explored, with only some seismic coverage and two shallow water wells drilled in the 1970’s The last phase of exploration in the offshore area of Guyane was in the 1970’s when two wells, FG2-1 & Sinnamary-1, were drilled & over 5,000 kms of seismic was acquired

Acreage History and Commitments Hardman’s wholly owned subsidiary, Planet Oil Limited, was awarded an Exclusive Exploration Licence covering the vast offshore Guyane on 1 June 2001. The area of 65,000 sq kms (16 million acres) extends from the twelve- Mile coastal limit to the 3,000m water depth contour. Licence terms and conditions are favourable with an initial work programme of five years divided into two phases: Phase 1: three years (to 1 June 2004) Geological study 500 kms seismic reprocessing 1,000 kms seismic acquisition Phase 2: two years (to 1 June 2006) 1,000 kms seismic acquisition drill 1 firm well drill 1 contingent well (contingent on a drillable prospect being identified) Permit holders are: Hardman Resources Ltd 97.5% Wessex International 2.5%

Acreage History and Commitments continued Hardman’s initial phase of work included geological/geochemical studies and the interpretation of well and 3,945 kms of scanned seismic data. This work confirmed the: presence of excellent mature Cretaceous source rock which is connected by faults to reservoir objectives reservoir potential in sandstones of Cretaceous and Tertiary age; presence of numerous un-drilled structural and stratigraphic traps. Phase 1 of the initial work programme is now nearing completion 7,500 kms of new seismic was acquired early 2003 fully processed data has been mapped & interpreted by Hardman’s technical team New seismic is of excellent quality and has confirmed the existence of a thicker sedimentary section in the basin than previously identified from the 1970’s data A number of hydrocarbon leads, both structural & stratigraphic, have been identified in the EEL technical work has confirmed the major structural leads of the area of particular interest is a giant structure with multiple objectives, which is referred to as the “Matamata Prospect”

Seismic Line FG02-08. Time section, water depth corrected. B Matamata Prospect B` 2.000 Miocene Palaeocene Upper Albian Sands Campanian Cenomanian LCC LCC mid Albian flooding surface 3.000 Aptian Lower Aptian 10 km

The Guyane EEL can be divided into 3 areas: Demerara Plateau FG2-1 Western Shelf Slope Demerara Plateau Western Shelf Slope Eastern Shelf Slope 3000m water depth contour Eastern Shelf Slope

Albian Traps: Matamata Prospect A Matamata turtle

Matamata Prospect Target: Albian clastics Closure Type: four way dip closure EEL Division: Demerara Plateau Location: Intersection of seismic lines FG02-08 & FG02-34 Water Depth: 1230m Depth bml: 1580m Areal Extent: 450 sq km mean Recoverable Reserves: 2,500 MMstbbl mean Critical Risks: charge (frontier basin) Comments: very, very large; Excellent reservoir potential; strong Charge model. Matamata Prospect Pliocene Lead Miocene / Oligocene Lead Campanian Lead Eocene / Palaeocene Lead Albian Lead Lwr Aptian Lead

Seismic Line FG02-08. Time section, water depth corrected. B Matamata Prospect B` 2.000 Miocene Palaeocene Upper Albian Sands Campanian Cenomanian LCC LCC mid Albian flooding surface 3.000 Aptian Lower Aptian 10 km

Seismic Line FG02-34. Time section, water depth corrected. Matamata Prospect A` 2.000 Miocene Upper Albian Sands Palaeocene LCC LCC Campanian Cenomanian 3.000 Mid Albian flooding surface Aptian Lower Aptian 10 km

Seismic Line FG02-08. Time section, water depth corrected. B Matamata Prospect B` 2.000 Miocene Palaeocene Upper Albian Sands Campanian Cenomanian LCC LCC mid Albian flooding surface 3.000 Aptian Lower Aptian 10 km

Lead S2 – Offshore Guyane Target: Miocene / Oligocene clastics Closure Type: stratigraphic EEL Division: Western Shelf Slope Location: FGO2-55 SP 1430 Water Depth: 180m Depth bml: 950m Areal Extent: 290 sq km mean Recoverable Reserves: 1,700 MMstbbl yield basis Critical Risks: seal, charge (frontier basin) Comments: excellent example of a basin floor fan at the base of a slope incusion Lead S2 A A` Pliocene Lead Miocene / Oligocene Lead Campanian Lead Eocene / Palaeocene Lead Albian Lead Lwr Aptian Lead

Seismic Line FG02-55. Time section, water depth corrected. 0.500 Lead S2 Basin Floor Fan Previous Shelf Break Lowstand wedge 1.000 Previous highstand shales 1.500 5 km

Prospects / Leads: Recoverable Reserves Estimates