The well was drilled to total depth of 3294 metres where the decision to abandon the well was taken.

Hardman opened the day at 66 cents but soon fell to 54 cents when the well report was released to the market.

This virtually means that the market has ignored the $25 million extra that Hardman's recent placement has put in the bank, and that the Chinguetti oilfield development has been proven up as commercially feasible.

One broking firm had put a value of 11 cents per share on Hardman's share of the well in the event of a discovery and a spokesman for the company said he wasn't surprised the stock has eased off to that extent.

Operator Woodside firmed 24 cents to $11.97 by early afternoon. Minor partner Roc Oil dropped 2 cents to $1.48.