1 Sep 2009 07:24
| Immediate Release | 1 September 2009 |
Hardy Oil and Gas plc
("Hardy" or "the Company")
Commencement of Drilling of the First Exploratory Well on (KG-DWN-2001/1) (D9)
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company with interests predominantly in India, is pleased to announce the spudding of the first well on the Company's D9 (KG-DWN-2001/1) exploration license.
The D9 license, in which the Company holds a 10% participating interest and is operated by Reliance Industries Limited, is located in the Krishna Godavari basin on the East Coast of India and covers an area of approximately 11,605 km2.
The exploratory well KG-D9-A1 spudded on 31 August 2009 with the Transocean Rig (Deepwater Expedition) at a water depth of 2,754m. The well will explore the hydrocarbon potential of the Early and Middle Miocene slope fan sands with a planned TD of 4,820 m TVDSS. This is the first exploratory well of the four well minimum work programme in the block.
Commenting on the development, Yogeshwar Sharma, Chief Operating Officer of Hardy said:
"We are delighted to announce the drilling of the first deep water exploration well on D9 to explore the Early and Mid-Miocene slope fan sands of the block."
For further information please contact:
| Hardy Oil and Gas plc | 020 7471 9850 |
| Sastry Karra, Chief Executive Yogeshwar Sharma, Chief Operating Officer Dinesh Dattani, Finance Director |
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| Arden Partners plc | 020 7398 1600 |
| Richard Day Matthew Armitt |
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| Buchanan Communications | 020 7466 5000 |
| Mark Edwards Ben Willey |
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GLOSSARY OF TERMS
| D9 | exploration licence KG-DWN-2001/1 |
| m | meters |
| TD | target depth |
| TVDSS | total vertical depth sub sea |
NOTES TO THE EDITORS
Hardy Oil and Gas plc is an upstream international oil and gas company whose assets are principally in India. Its portfolio includes a blend of exploration, appraisal, development, 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 Krishna Godavari, Saurashtra, and Cauvery Basins and one onshore exploration block in the Assam Basin and two development licences in Nigeria.
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. The Company's Nigerian assets are held through wholly owned subsidiary Hardy Oil Nigeria Limited, located in Lagos, Nigeria.
For further information, please refer to our website at www.hardyoil.com