LONDON (Alliance News) - Hardy Oil & Gas PLC Thursday gave an update on its Indian operations and said it is still waiting for a hearing over the ownership of its CY-OS/2 joint venture.
The exploration and development oil and gas company with operations in India said its primary objectives remain to secure key stakeholders' approvals and start activity to get closer to production from its assets.
The company said the production sharing parties at its D3 block held a meeting during the last quarter and now expect exploration drilling to restart at the site once certain restrictions are clarified and approval for an extension of the block is received.
Hardy Oil also said it expects to secure approval of its field development plan for the PY-3 field shortly and which it aims for a restart of production on site during 2015.
The company said it continues to await a hearing on the government of India's decision to appeal an international arbitration award to restore the CY-OS/2 block to it and its partners.
"We will continue our endeavours to ensure that the GOI restores the block to the CY-OS/2 joint venture in a timely manner," the company said in a statement. "The GOI appeal is being heard in the Delhi High Court and this is likely to continue through 2014."
The company said cash and short term investments at June 30 total USD24.1 million. It has no debt and said it remains in a strong position to meet its planned work programmes.
Hardy Oil & Gas shares were down 5.6% to 102.00 pence on Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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