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CY-OS/2 Drilling Update

8 Jan 2007 07:01

Hardy Oil & Gas plc08 January 2007 For release at 07.00a.m. 8 January 2007 Hardy Oil and Gas plc ("Hardy" or "the Company") CY-OS/2 Drilling Update Hardy Oil and Gas plc (AIM:HDY), the exploration and production company withassets in India and West Africa, is pleased to announce as a drilling update,the discovery of hydrocarbons in the well Fan-A-1. The CY-OS/2 license, in which the Company owns a 75% participating interest andis Operator, is located in the Cauvery Basin on the East Coast of India. Drilling has been completed in the exploration well to a depth of 4089m. Duringdrilling, several sand bodies with a high pressure of hydrocarbons wereencountered in the Cretaceous section of the well, of which five were identifiedwith potential for production of hydrocarbons. Three of these intervals werechosen for production testing. The first zone at 3755m - 3817m was perforatedover 9m and flowed both gas and 42deg API oil to the surface. However, the testhad to be aborted prematurely due to mechanical problems in the DST string. TheCompany is considering the option to sidetrack and retest the zone aftercompleting the testing of shallower intervals. The second interval at 3565m - 3569m is currently being tested and recorded aninitial rate of 10mmscf/d with a condensate content of approximately 20bbls/mmscf, on a 52/64" choke from a 4m interval. MDT pressures recorded in this zonewere in the order of 7800 psi. The Company plans to move to the next shallowerinterval at a depth of 3333m after completing testing at the current interval of3565m - 3569m. Hardy plans to submit a detailed appraisal program for the contract area to theGovernment of India, as soon as the preliminary review of the test results iscompleted. Commenting on the well results, Yogeshwar Sharma, Managing Director of Hardysaid: "Although still early days, the Board is delighted at the results of thisexploration well and Hardy will now begin a detailed evaluation of thisdiscovery and the commercial value of the hydrocarbons encountered." For further information please contact: Hardy Oil and Gas plc 020 7471 9850Yogeshwar Sharma Arden Partners 020 7398 1600Richard Day Buchanan Communications 020 7466 5000Mark Edwards/Ben Willey Notes This update has been approved for issue by Yogeshwar Sharma, Managing Directorof Hardy. Mr. Sharma is a Licenced Professional Engineer in Alberta Canada anda Member of the Society of Petroleum Engineers. This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
10th Mar 20144:00 pmRNSIssue of Restricted Shares
27th Feb 20147:00 amRNSInterim Results for 12 Months to 31 December 2013
10th Feb 20143:38 pmRNSHolding(s) in Company
24th Dec 20138:41 amRNSHolding(s) in Company
7th Nov 20137:00 amRNSInterim Management Statement
6th Nov 201311:57 amRNSDirector/PDMR Shareholding
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9th Oct 201310:35 amRNSHolding(s) in Company
4th Oct 201312:13 pmRNSHolding(s) in Company
5th Sep 20131:22 pmRNSHolding(s) in Company
5th Sep 20139:13 amRNSHolding(s) in Company
2nd Sep 20134:16 pmRNSHolding(s) in Company
30th Aug 20131:43 pmRNSHolding(s) in Company
29th Aug 20137:00 amRNSHalf Yearly Report
17th Jul 201312:15 pmRNSHolding(s) in Company
4th Jul 20135:59 pmRNSHolding(s) in Company
30th May 20131:56 pmRNSHolding(s) in Company
30th May 20131:52 pmRNSHolding(s) in Company
30th May 20139:05 amRNSHolding(s) in Company
9th May 20133:12 pmRNSResult of AGM
9th May 20137:00 amRNSInterim Management Statement
11th Apr 20131:58 pmRNSAnnual Report and Notice of AGM
3rd Apr 201312:13 pmRNSHolding(s) in Company
2nd Apr 201312:01 pmRNSTotal Voting Rights
2nd Apr 201312:00 pmRNSBlocklisting Interim Review
28th Mar 20134:01 pmRNSHolding(s) in Company
28th Mar 20134:00 pmRNSHolding(s) in Company
18th Mar 20133:52 pmRNSRestricted Share Issue
18th Mar 20133:00 pmRNSHolding(s) in Company
18th Mar 20132:59 pmRNSHolding(s) in Company
18th Mar 20132:59 pmRNSHolding(s) in Company
18th Mar 201310:03 amRNSDirector/PDMR Shareholding
7th Mar 20137:00 amRNSFinal Results
4th Feb 20137:00 amRNSArbitration Ruling
10th Jan 20137:00 amRNSRe Media Reports
5th Dec 20124:54 pmRNSHolding in Company
5th Dec 20124:51 pmRNSHolding in Company - Amended
5th Dec 20123:58 pmRNSHolding in Company
5th Dec 201210:15 amRNSHolding(s) in Company
8th Nov 20127:00 amRNSInterim Management Statement
3rd Sep 20125:02 pmRNSBlocklisting Interim Review
30th Aug 20127:00 amRNSHalf Yearly Report
14th Jun 20124:10 pmRNSHolding(s) in Company
8th Jun 20121:04 pmRNSDirector/PDMR Shareholding
6th Jun 201211:25 amRNSDirector/PDMR Shareholding
16th May 20122:18 pmRNSResult of AGM
16th May 20127:00 amRNSInterim Management Statement
24th Apr 20127:00 amRNSRelinquishment of D9 Exploration Block
23rd Apr 20125:54 pmRNSHolding(s) in Company
13th Apr 20123:57 pmRNSNotice of AGM & Posting of Annual Report

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