HDY.L Regulatory News (HDY)

11 Jan 2008 07:04

Hardy Oil & Gas plc11 January 2008 For immediate release 11 January 2008 Hardy Oil and Gas Plc ('Hardy' or the 'Company') Proposed move from AIM to Main Market Hardy Oil and Gas Plc (AIM: HDY) the oil and gas exploration and productioncompany with assets in India and Nigeria today announces that it intends toapply for a primary listing of its ordinary shares ("Ordinary Shares") on theOfficial List of the UK Listing Authority (the "Official List") and to tradingon the London Stock Exchange plc's main market for listed securities (the "MainMarket"). Such a move will be through an introduction of its existing Ordinary Shares,with no new Ordinary Shares being issued. Pursuant to Rule 41 of the AIM Rulesfor Companies, the Company hereby gives notice of the intended cancellation oftrading of its Ordinary Shares on the AIM market of the London Stock Exchangeplc ("AIM"). It is expected that the cancellation of trading in the Ordinary Shares on AIMwill take place at the same time as the Ordinary Shares are admitted to theOfficial List and begin trading on the Main Market, which is expected to occurin Q1 2008, subject to the receipt of the necessary approvals from the UKListing Authority and the London Stock Exchange plc. The Company and its subsidiaries (the "Group") have grown significantly sinceadmission to AIM in 2005 and the board now considers, having regard to theCompany's market capitalisation, reserves and resource base, operations andproduction profile, the Official List to be a more appropriate platform than AIMfor the continued growth of the Group. Investors should consult their own tax advisers as to the tax implications ofthe move to the Official List. Arden Partners plc has been appointed as sponsor in relation to the move to theMain Market and will be acting as broker and financial adviser to the Company. For further information please contact: Hardy Oil and Gas plc 020 7471 9850Yogeshwar Sharma, Chief Operating OfficerDinesh Dattani, Finance Director Arden Partners plc 020 7398 1632Richard Day Buchanan Communications 020 7466 5000Mark EdwardsBen Willey Hardy web page: www.hardyoil.com This information is provided by RNS The company news service from the London Stock Exchange