One of the partners in the field, Hardman Resources, said recoverable oil estimates for Chinguetti are P(90) 95 million barrels; P(50) 125 million barrrels; P(10) 200 million barrels with a mean statistical estimate of 142 million barrels of recoverable oil.

Hardman said it now intends to hire a US consultancy firm to undertake reserve certification at Chinguetti. Hardman believes the field is commercially viable based on P(90) reserve estimates.

Currently, a development team is working to have a field development plan ready by April/May, after which the joint venture partners will make a decision in mid-year whether to proceed with developing the field.

The partners - Woodside, AGIP, Roc Oil, Fusion and Hardman Resources - hope to begin work in early 2004 with completion and first production planned for 2005 or early 2006.

Hardman was up 4c to be trading at 51c after the announcement.