HDY.L Regulatory News (HDY)

9 Jan 2009 07:00

For immediate release 9 January 2009

Hardy Oil and Gas plc

("Hardy" or "the Company")

Director's Dealing

Hardy Oil and Gas plc announces that it has received notification on 8 January 2009 from Mr Sastry Karra, director and Chief Executive Officer of Hardy and a person discharging managerial responsibilities, that he has granted UBS AG security over certain shares held by him in several companies. 

Mr Karra has informed the Company that, between September 2006 and now, he had deposited with UBS AG 5,700,000 ordinary shares of US$0.01 each ("Ordinary Shares") in Hardy. When these shares were deposited with UBS AG, Mr Karra believed that the arrangements did not constitute a transaction under the FSA Disclosure and Transparency Rules ("DTR").  However, following recent press comments on this issue concerning other companies, Mr Karra has taken further advice and has made a notification to the Company in accordance with DTR 3.1.2.

Mr Karra has also notified the Company that on 8 January 2009 he has sold 1,100,000 Ordinary Shares in the Company on the London Stock Exchange at a price of 170.00 pence per Ordinary Share. Mr Karra has advised that the proceeds are being utilised to discharge fully any outstanding obligation to UBS AG referred to above. As a result, the security over any Ordinary Shares in Hardy is in the process of being released. Following this disposal, Mr Karra is interested in 6,861,679 Ordinary Shares in the Company representing 11.0 per cent of the issued share capital of Hardy. 

The Company also advises that on 8 January 2009 Mr Yogeshwar Sharma, director and Chief Operating Officer of Hardy, notified the Company that he has acquired 100,000 Ordinary Shares in the Company at the same price on the London Stock Exchange. Following this acquisition, Mr Sharma is interested in 4,129,400 Ordinary Shares in the Company, representing 6.6 per cent of the issued share capital of Hardy. 

The Company has been further notified that Hoegh Capital Partners has acquired, 700,000 Ordinary Shares in the Company at the same price on the London Stock Exchange. Following this acquisition, Hoegh Capital Partners is interested in 11,066,433 Ordinary Shares in the Company, representing 17.8 per cent of the issued share capital of the Company. 

No other director of the Company has granted security over or entered into any financial instruments relating to any of their holdings of Ordinary Shares in the Company.

For further information please contact:

Hardy Oil and Gas plc 020 7471 9850 Paul Mortimer, Non Executive ChairmanDinesh Dattani, Finance Director 

Arden Partners plc 020 7398 1600 Richard Day 

Buchanan Communications 020 7466 5000 Mark Edwards/Ben Willey