The company holds a 97.5% equity in the entire offshore Guyane (also known as French Guiana), totalling 65,000 acres, and a 22.5% stake in deepwater leases surrounding the Falkland Islands.
Potter told EnergyReview.net that interpretation of recent 2D and 3D seismic surveys over its deepwater Guyane leases supported Hardman’s theory that the basin contained similar geological features to those in Mauritania.
“If you reconstructed the Atlantic Ocean to how it would have looked millions of years ago, this area [Guyane] would juxtapose with West Africa,” Potter said.
“The 2D seismic results came back consistent with what we expected to find and seem to support our ‘Mauritanian’ Miocene channel play concept in the Eastern Basin.”
Spurred on by these positive results, the company then shot a postage stamp 3D seismic survey over one of the identified channels and was encouraged by the findings, according to Potter.
These results will be available to potential farminees on a workstation in Trinidad from the beginning of May.
Potter said Hardman was looking to farm-down its interest in its Guyane leases to about 40%.
“We have opened up the data room to a number of very well-recognised international companies and showed them the seismic results,” Potter said.
When asked about their reactions, Potter replied: “The story around French Guiana has been stale in recent years and you could say this has enlivened further interest.”
While Potter said it was too early to start estimating potential reserve volumes, he expected exploration drilling would start either late this year or early 2007.
The company also has highly prospective blocks at the other end of South America, in the Falkland Islands, according to Potter.
Hardman and its joint venture partner Falkland Oil and Gas (FOGL) are currently two-thirds through a 15,000km 2D seismic survey, which Potter said was turning up a series of typical Atlantic margin hydrocarbon plays.
Once this survey is complete, the joint venture hopes to start a 3D seismic program by year-end over prospective areas.
While FOGL is currently seeking a farminee into its 77.5% equity, Potter said Hardman was comfortable retaining its 22.5% interest.
“A strong partner and potential operator is needed to ensure these licences are fully exploited,” he told a recent corporatefile Open Briefing.
The Falkland Islands is one of the largest unexplored basins in the world and with good reason, due to past political instability and a harsh environment.
“This is the reason the seismic survey is taking so long,” Potter said. “The weather is rough and tough out there, and the vessel is taking a battering.”
As a result, Potter admits the drilling program – expected to start in 2007-08 – will be expensive.
“Our rig capability needs and costs are going to be fairly substantial, but in a lot of ways this is a typical Hardman area,” he said.
“The company’s strategy is to exploit regions that are difficult in one sense or another, and that other companies don’t covet as a result.”
While other explorers may stick to lower-risk areas, Hardman’s unconventional business plan is paying off so far. The company became a first-time oil producer last month when the Chinguetti field came onstream and has received successes at its first two Ugandan exploration wells, Mputa-1 and Waraga-1.
