HDY.L Regulatory News (HDY)

5 Mar 2007 07:05

Hardy Oil & Gas plc05 March 2007 Immediate release 07.00am 5 March 2007 Hardy Oil and Gas plc ("Hardy" or "the Company") GS01-B1 drilling update Hardy Oil and Gas plc (AIM:HDY), the oil and gas exploration and productioncompany, with assets in India and Nigeria today announces an update on itsdrilling activities. The exploratory well GS01-B1 was spudded at water depth of 79m with thesemi-submersible Rig "Actinia" on 2 March 2007 in the GS-OSN-2000/1 block, westcoast, India and drilling is expected to continue in to the second quarter. The well is targeted to drill to 3656m TVDRT (total vertical depth from therotating table - or 3630m total vertical depth from the sub sea) to explorecarbonates of Middle Miocene, Lower Miocene, Upper Oligocene, Eocene BasseinLimestone and Panna Formation. The TD may be revised based on the actual data.The well is located 240 km away from Mumbai in the northwest direction. Hardy holds a 10% working interest (WI) on GS01 in partnership with Reliance Oiland Gas who is the operator and holds a 90% WI in the block. This is the second exploratory well in the block after A1 well was drilled in2006, where there was significant hydrocarbon shows while drilling, but couldnot be tested due to mechanical problems. Commenting on the drilling, Yogeshwar Sharma, Managing Director of Hardy said: "Hardy continues its focused exploration programme in India, and we look forwardto progressing our knowledge of the GS01 block with our partner RelianceIndustries." For further information please contact: Hardy Oil and Gas plc 020 7471 9850Yogeshwar Sharma, Managing Director Arden Partners Limited 020 7398 1632Richard Day Buchanan Communications 020 7466 5000Mark EdwardsBen Willey This information is provided by RNS The company news service from the London Stock Exchange