In December, all the Mauritanian partners received a pro-rata equity increase when they pre-empted ENI-Agip’s deal to sell its 35% stake in the permits, which was agreed prior to the Tiof discovery and the Chinguetti appraisal drilling.

The cash boost will be welcome news for Hardman shareholders which had been concerned they would face further dilution by a large placement to raise the capital needed to fund the development of the Mauritanian discoveries.

Managing director, Tedd Ellyard, said the deal had “financially underpinned Hardman’s balance sheet at a time when the company is choosing the best path for financing the Chinguetti project and an accelerated drilling program.