HDY.L Share News (HDY)

The market has given an enthusiastic response to the release of a technical evaluation report on Hardy Oil and Gas's D3 and D9 exploration licences in the Krishna Godavari Basin.The India-focused oil and gas company said the risked Best Estimate Resources for the D3 block is 9.5 trillion cubic feet (tcf) of gas. The estimated total incorporates identified prospects and leads and a number of postulated prospects based on the play area and field size distribution.The estimate for block D9 is 10.8 tcf of gas and 143m barrels of oil.'The report confirms the significant hydrocarbon potential of our exploration assets in the emerging world class petroleum system of the Krishna Godavari Basin in India,' said Hardy's chief executive, Sastry Karra. 'The two discoveries on D3 in conjunction with the acquisition of risk mitigating technologies and geotechnical studies have resulted in the upward revision of the perceived Geological Chance of Success on both of our Krishna Godavari Basin blocks,' Karra added.