HDY.L Share News (HDY)

Exploration and production energy company Hardy Oil and Gas had a disappointing result with the first of four wells to be drilled in the D9 exploration licence in India.The exploratory well KGD-A1 was drilled to a total depth of 4,875m and encountered some background gas, but the reservoir sands in the targeted Middle and Lower Miocene levels were poor.The well has now been plugged and abandoned.Putting a brave face on the venture, Hardy said the drilling yielded significant data that will be integrated with the existing geological model to boost the chances of the company having better results in subsequent test drilling attempts.Hardy owns a 10% interest in the D9 block, which is situated in the Krishna Godavari basin on the East Coast of India. Reliance Industries, the licence operator, owns the rest of the interest in the block.