Hardman
completes sale to BG group
Posted: 1 April 2004
Hardman Resources Ltd advised completion of the sale to BG Group
of interests previously acquired from ENI-Agip in two Production
Sharing Contract (PSC) areas offshore Mauritania, West Africa.
As previously advised, Hardman had agreed to sell to BG a 13.084
per cent interest in the PSC covering Area A and an 11.630 percent
interest in the PSC covering area B, offshore Mauritania.
These interests had been acquired by Hardman as a result of the
non ENI-Agip joint venture partners pre-empting a proposed sale
of the ENI-Agip stake to a major international oil company.
The consent of the other Mauritanian joint venture partners having
been obtained, the sale to BG settled on 31 March 2004. At settlement,
Hardman received a cash payment of US$132,000,000.
In addition BG has assumed an ongoing liability to ENI-Agip of
approximately US$5.1 million, payable contingent on the attainment
of certain exploration and production milestones.
Hardman’s Managing Director, Ted Ellyard said “We are
very pleased to have completed this transaction with BG and welcome
this company to the Mauritania consortium. We look forward to working
with BG as a valued partner in what we are sure will be a highly
successful venture”.
For more information see http://www.hdr.com.au/
Posted by Richard Price,
Editor Pipeline Magazine
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