HDY.L Regulatory News (HDY)

23 Oct 2009 07:27



Hardy Oil and Gas plc

("Hardy" or "the Company")

Drilling Update 

Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company with interests predominantly in India, announces the results of the drilling of the first of a four well programme on the Company's D9 (KG-DWN-2001/1) exploration license.

The exploratory well KGD-A1 drilled to a total depth of 4,875 m TVDRT (4,861 m subsea) to explore the Middle and Lower Miocene targets, will be plugged and abandoned.

While encountering some background gas while drilling, the well encountered poor reservoir sands in both the Middle and Lower Miocene target levels. The data obtained from this first exploration parametric well is very significant and will be integrated with the existing geological model to improve the prospectivity of the block before drilling subsequent wells. The first phase of the D9 exploration licence provides for the drilling of a further three exploration wells in the block.

Hardy, through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., holds a 10 per cent participating interest in the D9 block which is located in the Krishna Godavari basin on the East Coast of India covering an area of approximately 11,605 km2. Reliance Industries Limited is the operator and holds a 90 per cent participating interest in the block.

For further information please contact:

  GLOSSARY:

D9  - (KG-DWN-2001/1) exploration license 

km2 - square kilometres

m - metre

TVDRT  - total vertical depth from rotary table

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