22 Jun 2011 09:54
For immediate release 22 June 2011
Hardy Oil and Gas plc
("Hardy" or "the Company")
Gas Discovery on D9 Block
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company focused in India, is pleased to announce its first gas discovery in the exploration well KG-D9-A2 within the D9 licence.
The well KGD9-A2 was drilled to a total depth of 4,881 m MDRT with the objective of exploring the play fairway in the Early and Late Miocene Channel Levee Complex in a water depth of approximately 2,700 m. Three sand reservoirs with a gross thickness of approximately 22 m were encountered and evaluated by wireline MDT. This discovery, named 'Dhirubhai - 54' has been notified to the Government of India and DGH. The potential commerciality of this discovery is being ascertained through more data gathering and analysis. This play fairway is expected to cover a considerable area within the block.
The D9 exploration licence is located in the Krishna Godavari (KG) Basin on the East Coast of India and presently covers an area of approximately 8,695 km2. Hardy holds a 10 percent participating interest in the licence which is operated by Reliance Industries Limited. The licence's minimum work programme provides for the drilling of four exploration wells.
Commenting on the well results, Yogeshwar Sharma, Chief Executive Officer of Hardy said:
"We are encouraged by this discovery which extends the proven Miocene play fairway into the frontier D9 block. The discovery further enhances our understanding of the block's petroleum systems and reinforces our enthusiasm for unlocking its hydrocarbon potential. The D9 joint venture expects to drill the fourth exploration well prior to the end of 2011. "
For further information please contact:
Hardy Oil and Gas plc | 020 7471 9850 |
Yogeshwar Sharma, Chief Executive Officer | |
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
DGH Directorate General of Hydrocarbons, Ministry of Petroleum & Natural Gas, Government of India
km2 square kilometres
m metre
MDRT measured depth from rotary table
MDT Modular Dynamic Tester
RIL Reliance Industries Limited
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 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. The Company's Indian assets are held through its wholly owned subsidiary, Hardy Exploration & Production (India) Inc, based in Chennai, India.
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.
For further information please refer to our website at www.hardyoil.com