21 Dec 2010 08:07
For immediate release 21 December 2010
Hardy Oil and Gas plc
("Hardy" or "the Company")
Commencement of Drilling
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company focused in India, is pleased to announce the commencement of drilling of the second exploration well on the D9 exploration licence.
The exploration well KG-D9-B3 commenced drilling on 20 December 2010 using the Transocean drillship Discoverer India in a water depth of approximately 2,950 m. The target depth of the well, which aims to explore the hydrocarbon potential of Tertiary aged sands, is 3,830 m MD.
The D9 exploration licence is located in the Krishna Godavari basin on the East Coast of India and covers an area of approximately 11,605 km2. Hardy holds a 10 percent participating interest in the licence which is operated by Reliance Industries Limited. The licence's minimum work programme provides for the drilling of four exploration wells.
Yogeshwar Sharma, Chief Executive Officer of Hardy, commented:
"We are delighted with the commencement of drilling of our second exploration well on this prospective block where a number of promising prospects have been identified. The results of the KG-D9-B3 well are expected in the first quarter of 2011."
For further information please contact:
Hardy Oil and Gas plc | 020 7471 9850 |
Yogeshwar Sharma, Chief Executive Officer | |
Dinesh Dattani, Finance Director | |
Arden Partners plc | 020 7614 5917 |
Richard Day | |
Steven Douglas | |
Buchanan Communications | 020 7466 5000 |
Mark Edwards Ben Romney |
GLOSSARY OF TERMS
D9 | exploration licence KG-DWN-2001/1 |
km2 | square kilometre |
M | metre |
MD | measured depth |
NOTES TO THE EDITORS
Hardy Oil and Gas plc is an upstream oil and gas company focused in India. Its portfolio includes a blend of exploration, appraisal, and production assets. Hardy's goal is to evaluate and exploit its asset base with a view to creating significant value for its shareholders.
Hardy Oil and Gas plc has existing production from an offshore field in India's Cauvery basin. Hardy also has interests in four offshore exploration blocks in India's Saurashtra, Cauvery, and Krishna Godavari basins, and one onshore exploration block in the Assam basin.
Hardy is incorporated under the laws of the Isle of Man and headquartered in London, UK. Ordinary shares of Hardy were admitted to the Official List and the London Stock Exchange's market for listed securities effective 20 February 2008 under the symbol HDY.
The Company's Indian assets are held through the wholly owned subsidiary Hardy Exploration & Production (India) Inc, located in Chennai, India.
For further information please refer to our website at www.hardyoil.com