HDY.L Regulatory News (HDY)

28 Jun 2006 11:03

Hardy Oil & Gas plc28 June 2006 For Immediate Release 28 June 2006 Hardy Oil and Gas plc ("Hardy" or "Company") Annual General Meeting Result and Activity Update Hardy Oil and Gas plc (AIM : HDY), the oil and gas exploration and productionCompany with significant interests in India, announces that the Company's AnnualGeneral Meeting was held at 11:00am on 28 June 2006 at Hardy's registered officein the Isle of Man. During the meeting, the ordinary and special resolutions proposed in the noticeof meeting circulated to shareholders on 26 May 2006 were duly passed. At the meeting Yogeshwar Sharma, Managing Director made the following statement: "Hardy is pleased to report that the Deep Driller 1 jackup rig is now in placein the Block CY-OS/2. It is currently being set up for a two well drillingprogramme. The first exploration well is expected to commence drilling in thefirst two weeks of July and a further announcement will be made in due course. Once the drilling programme at CY-OS/2 is completed, the Deep Driller 1 jackuprig is expected to transfer to Block GS-OSN-2000/1 ("GS-O1") in the SaurashtraBasin to commence its drilling programme in that area in the fourth quarter of2006. Hardy has a 10% working interest in GS-01. Hardy has previously announced that the Block KG-DWN-2001 ("D9") drillingprogramme in the Krishna Godavari Basin was expected to commence by the fourthquarter of 2006. Reliance Industries Ltd ("Reliance"), the operator under thePSC, has notified Hardy, that the commencement of this drilling programme isexpected in the first quarter of 2007. This delay is due to third partyoperators holding the contracted drilling rig for a longer period thanoriginally scheduled. With regard to the developments in D9, the Board of Hardy note the statementmade by Reliance at its recent AGM, which stated "recently (Reliance) has had acrude oil discovery in the MA1 deep water D6 Block. Testing has been done in twozones located three kilometres below sea level. More than size, this discoverysignifies a large geological play that could result in future discoveries". Block D9, in which Hardy has a 10% working interest, is adjacent to D6. BothBlocks are in the Krishna Godavari basin. Hardy's management and staff continue to remain focused on the successfulexecution of the Company's exploration programme. The second half of 2006 willcontinue to be an exciting and challenging time for the organisation". For further information please contact: Hardy Oil and Gas plc 020 7471 9850Sastry Karra, Chief ExecutiveYogeshwar Sharma, Managing Director Arden Partners Limited 020 7398 1632Richard Day Buchanan Communications 020 7466 5000Mark EdwardsBen Willey This information is provided by RNS The company news service from the London Stock Exchange