HDY.L Regulatory News (HDY)

26 Aug 2008 07:00

Hardy Oil and Gas plc

("Hardy" or "the Company")

GS-01 Update

Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company with assets in India and Nigeria today announces an update with respect to its GS-01 block in India.

The exploratory well GS01-S1 was drilled to a total depth of 3,985 m TVDRT on the western shelf edge of the block to explore the Oligocene reefal carbonate and Eocene platform carbonate build-up. While there was porosity development in the reefal carbonates, no hydrocarbons were found.  The well has now been plugged and abandoned.

The Company will continue to focus on further drilling for the appraisal of the Dhirubhai 33 (GS01-B1) discovery. 

The exploration programme continues on the block with the GS01-M1 prospect to explore Oligocene reefal carbonate and Eocene platform carbonate build-up which is presently drilling.

Hardy, through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., holds a 10 per cent participating interest in the GS-01 exploration license. Reliance Industries Limited is the Operator and holds a 90 per cent participating interest in the block.

Commenting on the update, Sastry Karra, Chief Executive of Hardy said: 

"GS-01 continues to be an important part of the Company's exploration portfolio in India. We look forward to completing our exploration programme and the appraisal of the existing Dhirubhai 33 discovery on the GS-01 block."

For further information please contact:

  GLOSSARY:

GS-01 - India exploration licence GS-OSN-2000/1

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 and to a lesser extent in Nigeria. Its portfolio includes a blend of production, development, appraisal and exploration 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, Krishna Godavari basins, 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 blocks in India are owned by its wholly owned subsidiary Hardy Exploration & Production (India) Inc whose offices are located in Chennai, India. The Nigeria operations are owned by the Company's wholly owned subsidiary Hardy Oil Nigeria Limited whose offices are located in Lagos, Nigeria.

For further information please refer to our website at www.hardyoil.com.