11 Aug 2010 13:53
This is a replacement to the RNS statement number 8703Q, released at 07.00 BST on 11th August 2010. This is being reissued to correct the name of the Transocean drilling rig to now read Discoverer 534. No other alterations have been made.
11 August 2010
Hardy Oil and Gas plc
("Hardy" or "the Company")
Recommencement of Drilling - W1 Well
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company with assets predominantly in India, announces the recommencement of drilling of the exploration well KGV-D3-W1, on the Company's KG-DWN-2003/1 (D3) exploration license.
The KGV-D3-W1 exploration well recommenced drilling on 10 August 2010 using the Transocean rig Discoverer 534 in a water depth of 1,653 m. The target depth of the well, which aims to explore the hydrocarbon potential of Mio-Pliocene sands, is 3,514 m MD.
The KGV-D3-W1 well, was spud on 2 April 2010 using the Transocean rig the Deepwater Expedition. The well had been suspended at the end of May 2010, at a depth of 2,608 m MD, due to an unresolved problem with the BOP control system of the Deepwater Expedition drilling rig.
The D3 licence is located in the Krishna Godavari Basin on the East Coast of India and covers an area of approximately 3,288 km2. The Company holds a 10 per cent. participating interest in the block, with Reliance Industries Limited holding 90 per cent. as operator.
For further information please contact:
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| Hardy Oil and Gas plc | 020 7471 9850 |
| Yogeshwar Sharma, Chief Executive Officer |
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| Dinesh Dattani, Finance Director |
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| Arden Partners plc | 020 7614 5917 |
| Richard Day |
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| Matthew Armitt |
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| Buchanan Communications | 020 7466 5000 |
| Mark Edwards Ben Romney |
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GLOSSARY OF TERMS
| BOP | blow out preventer |
| D3 | exploration licence KG-DWN-2003/1 |
| km2 | square kilometre |
| m | metre |
| MD | measured depth |
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 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, and 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 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