The company said it is monitoring affairs in the North African state after a number of military personnel were arrested, the news of which saw Hardman shares trade as low as $1.87 yesterday after being at $2.48 a week previous. Woodside dropped 14c on the news.

Hardman is trading at $2.06 this morning while Woodside is at $18.70.

Woodside said all reports from its staff and contractors within the country, diplomatic channels and other sources indicate that the situation in the capital, Nouakchott, is calm and all Woodside staff and contractors have been accounted for.

Overall 27 soldiers were arrested for suspected involvement in a coup plot to topple the pro-western government of President Maaouya Ould Taya. Ironically Taya has held power since December 1984, when he took control in a military coup.

The soldiers allegedly planned to seize the army chiefs who were scheduled to attend a meeting at the headquarters of the general staff Monday morning, before taking the presidential office by storm.

The plot is the second military attempt in just over a year to oust the President after an abortive coup on June 8, 2003, was put down after a firefight that claimed 15 lives and left 68 wounded.

About 120 soldiers linked to the failed coup are still kept in prison, waiting for trial.

As a precaution, Woodside has advised its staff and contractors to suspend travel to Mauritania until the situation becomes clearer.

The Woodside-operated Chinguetti oil development in offshore Mauritania only recently gave final joint venture approval of the project, with the capital investment needed to execute Phase 1 estimated at US$600 million. The government of Mauritania has now awarded a production licence covering the field area for an initial period of 25 years.

Located in Production Sharing Contract Area B, about 90km west of the Mauritanian capital Nouakchott, Chinguetti was discovered in 2001 has proven and probable reserves estimated at around 120 million barrels of oil.

Australian companies dominate the Joint Venture with Woodside holding 53.846% of the project, Hardman Resources holding 21.6%, BG Group 11.63%, Premier 9.231% (UK) and Roc Oil 3.693%.

Woodside also recently took up a 10% stake in offshore northern Block 7, operated by modest UK explorer - Dana Petroleum – which also farmed out a 38.5% interest in Block 8 to surprise entrant to the region, the German-based Wintershall group.