5 Jan 2011 07:29
For Immediate Release | 5 January 2011 |
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 focused in India, today provides an update on the drilling of the KG-D9-B3 well, the second exploratory well on the Company's D9 (KG-DWN-2001/1) exploration licence.
The well was drilled to a total depth of 3,829 m MDRT by the Transocean drillship 'Discoverer India' in a water depth of 2,948 m at a location some 47 km away from the nearest well. The well encountered two Tertiary aged reservoir quality sand packages of 70 and 40 m gross thickness respectively, in which gas shows ranging from 6 to 9 percent were recorded. Testing was carried out with the MDT tool which suggests water gradient in the sand packages. The well has been plugged and abandoned.
The D9 exploration licence is located in the Krishna Godavari Basin on the East Coast of India and covers an area of approximately 11,605 km2. Hardy holds a 10 percent participating interest in the licence which is operated by Reliance Industries Limited.
Yogeshwar Sharma, Chief Executive Officer of Hardy, commented:
"Although this exploration well result is disappointing, the presence of thick reservoir quality sands and the potential presence of a petroleum system are encouraging. We will now work with our partner to incorporate the data gathered to update the geological model."
For further information please contact:
Hardy Oil and Gas plc | 020 7471 9850 |
Yogeshwar Sharma, Chief Executive Dinesh Dattani, Finance Director | |
Arden Partners plc | 020 7614 5917 |
Richard Day | |
Steven Douglas | |
Buchanan Communications | 020 7466 5000 |
Mark Edwards Ben Romney |
GLOSSARY:
D9 - (KG-DWN-2001/1) exploration license
km2 - square kilometres
m - metre
MDRT - measured depth from rotary table
MDT - Modular Formation Dynamics Tester
NOTES TO THE EDITORS
Hardy Oil and Gas plc is an upstream oil and gas company focused in India. Its portfolio includes a blend of exploration, appraisal, 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 Saurashtra, Cauvery, and Krishna Godavari basins, and one onshore exploration block in the Assam basin.
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.
For further information please refer to our website at www.hardyoil.com