HDY.L Regulatory News (HDY)

15 Dec 2005 15:29

Hardy Oil & Gas plc15 December 2005 Immediate Release 15 December 2005 HARDY OIL AND GAS PLC ("Hardy", "the Company" or "the Group") ANNUAL GENERAL MEETING Hardy is pleased to report that at its Annual General Meeting, held earliertoday, all resolutions were approved by shareholders. Commenting on the progress and activities of the Company, Mr. Paul Mortimer,Hardy's Chairman, made the following statement. Dear Shareholders, I am delighted to see Hardy Oil and Gas reach another milestone with today'sAnnual General Meeting, marking the Company's first as a publicly listedcompany. The Company's current standing in the AIM 50 highlights the Company'ssuccessful transition from a private to publicly listed company. Through thistransition, the Group has remained firmly focused on meeting the exploration andproduction targets of its assets in India and also now in Nigeria. In India, Hardy has completed a 3-D seismic programme over the PY-3 and CY-OS2assets. We are pleased to report that the acquisition phase came in on time andwithin budget. Processing of the seismic is currently ongoing. PY-3 averageproduction for 2005 is expected to be approximately 5,590stb/d (1,006stb/d netto Hardy). The Company continues to work closely with its partner RelianceIndustries Ltd. to complete the exploration programme on the non-operatedassets. In Nigeria the Company is making progress in establishing a local presence andbuilding strong relationships with local communities and government officials.The Group views its Nigerian position as an opportunity to add to our overallreserve base and new production. The Company's continued commitment to good Corporate Governance has led to thepending appointment of Carol Bell as a further non-executive Director on ourBoard. We are delighted with her joining our team. Looking forward to 2006 the Group will continue to remain focused on managingthe Company's world-class portfolio of offshore exploration acreage in India anddevelopment acreage in Nigeria. With the majority of the seismic work completed,the Company will be now moving into the drilling phase of the work program.Given our active drilling programme planned for 2006, there is likely to beupward pressure on our exploration costs in line with industry trends. The Group will also continue to assess and evaluate investment opportunitiesconsistent with the Company's overall strategy. The upcoming NELP VI biddinground in India is again a process that will generate interest from and furtheropportunity for Hardy. We look forward to the exciting year ahead, and the continued support of ourshareholders. For further Information please contact: Hardy Oil and Gas plc 020 7471 9850Yogeshwar Sharma, Managing Director Arden Partners 020 7398 1632Richard Day, Director Buchanan Communications 020 7466 5000Mark Edwards/ Bobby Morse/ Ben Willey This information is provided by RNS The company news service from the London Stock Exchange