Hardman shares will be suspended until Friday, pending further announcements. This will give time for Hardman's brokers, Canacocord Capital in Europe and Macquarie Equity Capital Market and Intersuisse, to place the stock to investors in Europe and Australia.
The additional 10 million shares will take Woodside's shareholding in Hardman to 10.86%, calculated on the basis that Hardman places 57 million new shares.
Woodside said the placement underscores its confidence in Mauritania as a growth region. The joint venture has now drilled three prospects offshore Mauritania and has made two promising discoveries, increasing Woodside's optimism in the area.
Hardman has said it will issue no more than 57 million shares and the funds will be used for future exploration and development programs.
