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Hardy Oil & Gas Completes Sale Of Indian Unit For USD9 Million

Wed, 02nd Oct 2019 16:24

(Alliance News) - Hardy Oil & Gas PLC on Wednesday said it has completed the sale of unit Hardy Exploration & Production (India) Inc to Invenire Energy Private Ltd for USD8.8 million.

The company plans to use the sale proceeds along with existing cash resources and short-term investments to buy or establish a business operating in the resources sector or other industries should an appropriate investment opportunity present itself.

Hardy Oil said it will now undertake a strategic review of various available investments opportunities.

Shares in Hardy Oil were down 15% at 6.08 pence each in London on Wednesday afternoon.

By Tapan Panchal; tapanpanchal@alliancenews.com

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