HDY.L Regulatory News (HDY)

20 Jul 2009 07:00



Immediate Release 20 July 2009

Hardy Oil and Gas plc

("Hardy" or "the Company")

Operational Update

Hardy Oil and Gas plc (LSE:HDY), the oil and gas exploration and production company with assets predominantly in India, announces that on 5 July 2009 the PY-3 field was shut down due to unscheduled repair and maintenance of the offshore mooring facility.

Adverse marine conditions have frustrated efforts of the contractor to assess and undertake necessary repairs to commence production

The contractor is making all efforts to mobilize resources and carry out repairs as soon as possible.

Hardy is the operator of the PY-3 field and holds an 18% participating interest.

For further information please contact: 

  NOTES TO THE EDITORS

Hardy Oil and Gas plc is an upstream international oil and gas company whose assets are principally in India. Its portfolio includes a blend of exploration, appraisal, development, 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 Krishna Godavari, Saurashtra, and Cauvery Basins and 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 Indian assets are held through the wholly owned subsidiary Hardy Exploration & Production (India) Inc, located in Chennai, India. The Company's Nigerian assets are held through wholly owned subsidiary Hardy Oil Nigeria Limited, located in Lagos, Nigeria.

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