HDY.L Regulatory News (HDY)

5 Aug 2005 10:37

Hardy Oil & Gas plc05 August 2005 For immediate release 5th August 2005 Hardy Oil and Gas plc ("Hardy" or the "Company") Licence Award Hardy Oil and Gas plc today announces that it has received confirmation from theMinistry of Petroleum and Natural Gas in India, that Hardy's wholly ownedsubsidiary, Hardy Exploration & Production India Inc. ("HEPI"), has been awardedthe KG-DWN-2003/1 (D3) deepwater exploration block ("the Block"), with itspartner Reliance Industries Ltd. HEPI has a 10% interest in the newly awarded block with Reliance, in what hasbeen a highly competitive process with 9 bidders for the above block. 69participants competed for the 20 blocks under the New Exploration LicensingPolicy-5 ("NELP"). Hydrocarbon discoveries are located to the north and north east of the D3 block,which is within the Krishna-Godavari basin. Under the terms of the award, Hardy and Reliance are committed to performingseismic surveys and 6 exploration wells to evaluate the hydrocarbon potential inthe area. Commenting on the awarding of the Block, Yogeshwar Sharma, Managing Director ofHardy said: "The award of this exploration block adds further diversity and dimension to anexciting portfolio of our producing and explorations assets in India. We look forward to continue working with Reliance Industries Limited in what iswidely recognised as one of the most exciting offshore exploration areas inIndia." For further information please contact: Hardy Oil and Gas plc 020 7471 9850Yogeshwar Sharma, Managing Director Buchanan Communications 020 7466 5000Mark EdwardsBen Willey Arden Partners 020 7398 1632Richard Day Notes to the Editors: •Hardy Oil and Gas plc was originally formed by the current management in 1997 with the purpose of developing an oil and gas exploration and production business in India. In 1999 the Company acquired Hardy Exploration and Production (India) Inc. from a subsidiary of British-Borneo Oil & Gas plc. The management has established a track record of increasing production and reserves from its producing asset and has contributed technical and commercial expertise to the growing Indian oil and gas industry. •The Group has existing production and cash flow from an offshore field (PY-3, Cauvery Basin). Hardy has interests in three other exploration blocks in India, namely a 75% interest in CY-OS/2 in the Cauvery Basin, a 10% stake in Block GS-01, based in the Saurashtra Basin (8,841 km2), and a 10% interest in NELP III - Block D9 in the Krishna Godavari Basin (11,850 km2). Having successfully tendered for NELP V, Block KG-DWN - 2003/(D3) the Company is continually seeking further opportunities. •The Group holds an 8.5% interest in Hindustan Oil Exploration Company Limited, a company listed on the National Stock Exchange of India and the Bombay Stock Exchange, whose assets are predominantly in the Cauvery Basin. •Hardy floated on AIM in June 2005 raising £15 million through an institutional placing. •The NELP programme is an initiative of the Indian Government to promote the exploration and identification of the new hydrocarbon resources on the Indian subcontinent. This information is provided by RNS The company news service from the London Stock Exchange