4 Jun 2009 07:06
| Immediate Release | 4 June 2009 |
Hardy Oil and Gas plc
("Hardy" or "the Company")
Statement Regarding Media Reports
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company with interests predominantly in India, notes comments within certain sections of the Indian media with respect to the reporting of the resource potential of the the D3 and D9 exploration licences located in the Krishna Godavari ('KG') Basin on the east coast of India. Hardy holds 10% participating interest in these two exploration licences.
On 27 May 2009, Hardy announced the publication of a Technical Evaluation Summary Report, prepared by independent petroleum consultants Gaffney, Cline & Associates Ltd (GCA) on the resource potential of the Company's D3 and D9 exploration licences located in the KG Basin.
The Technical Evaluation Summary Report contained estimates of the 'resource potential' of the D3 and D9 blocks and not 'reserves' or 'new discoveries' as has been reported by certain media commentators.
Hardy has subsequently met with officials of the Directorate General of Hydrocarbons in India (DGH) and Reliance Industries Limited (the Operator) and has submitted the Technical Evaluation Summary Report with respect to the resource potential on the D3 and D9 exploration licences. It was agreed that all such reports in future shall be promptly submitted to DGH.
For further information please contact:
| Hardy Oil and Gas plc | 020 7471 9850 |
| Sastry Karra, Chief Executive Yogeshwar Sharma, Chief Operating Officer Dinesh Dattani, Finance Director | |
| Arden Partners plc | 020 7398 1600 |
| Richard Day Matthew Armitt | |
| Buchanan Communications | 020 7466 5000 |
| Mark Edwards Ben Willey |
GLOSSARY OF TERMS
| D3 | exploration licence KG-DWN-2003/1 |
| D9 | exploration licence KG-DWN-2001/1 |
| GCA | Gaffney, Cline & Associates Ltd |
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 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