24 Apr 2012 07:00
24 April 2012
Hardy Oil and Gas plc
(LSE: HDY)
Relinquishment of D9 Exploration Block
Hardy Oil and Gas plc ('Hardy' or the 'Company') announces that on 23 April 2012 the Company consented to relinquishment of the KG-DWN-2001/1 (D9) exploration licence.
On 23 April 2012, the Company received a proposal from Reliance Industries Limited, the operator of Hardy's D9 block, in which the Company holds a 10 per cent interest, for the relinquishment of the block. The proposal set out that following the integration of all geoscientific data and the results of the three exploration wells, including the KG-D9-A2 natural gas discovery, that the block's hydrocarbon potential is low and further exploration or appraisal activity is unwarranted. Subsequently, Hardy has provided its consent to the relinquishment of the D9 block.
The Company's D3 exploration licence, located in the Krishna Godavari Basin, remains the main focus for our organic growth potential. We will continue to collaborate actively with our partners Reliance and BP to optimise the exploration programme for this highly prospective block.
For further information please visit www.hardyoil.com or contact:
Hardy Oil and Gas plc | 020 7471 9850 |
Ian MacKenzie | |
Arden Partners plc | 020 7614 5917 |
Richard Day Justine Waldisberg | |
Tavistock Communications | 020 7920 3150 |
Simon Hudson Paul Youens |
NOTES TO THE EDITORS
Hardy Oil and Gas plc is an upstream oil and gas company focused in India. Its portfolio includes a blend of exploration, appraisal, 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 three offshore exploration blocks in India's Saurashtra, Cauvery, and Krishna Godavari basins.
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.
-ends-