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Commencement of Drilling - D3

3rd Nov 2009 07:29

RNS Number : 8322B
Hardy Oil & Gas plc
03 November 2009
 



For immediate release

3 November 2009

Hardy Oil and Gas plc

Commencement of Drilling - D3

Hardy Oil and Gas plc (LSE: HDY.L), the oil and gas exploration and production company, with assets predominantly in India, announces the commencement of the exploration well (KGV-D3-R1) on the Company's KG-DWN-2003/1 (D3) exploration license.

The exploratory well KGV-D3-R1 commenced drilling on 2 November 2009, with the Transocean rig, Deepwater Expedition, in water depth of approximately 1,964 m. The target depth of the KGV-D3-R1 well is 4,710 m MDRT to explore the hydrocarbon potential of various Miocene age sands. This well is part of the Company’s ongoing exploration program in the Krishna Godavari Basin on the East Coast of India and the Company expects to drill three additional exploration wells on the block before the end of 2010.

The D3 licence is located in the Krishna Godavari Basin on the East Coast of India, covers an area of approximately 3,288 km2 and provides for the drilling of a minimum of six exploration wells within the first exploration phase. The Company holds a 10 per cent participating interest in the Reliance Industries Limited operated exploration block.  The first two exploratory wells (KGV-D3-A1 and KGV-D3-B1) resulted in gas discoveries (Dhirubhai 39 and 41) and are presently under appraisal.

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 1632
Richard Day
Matthew Armitt
 
Buchanan Communications 020 7466 5000
Mark Edwards
Ben Willey
 

  Glossary:

km2 square kilometres

m metres

MDRT measured depth rotary table

TVDRT total vertical depth rotary table

TVD total vertical depth

TVDSS total vertical depth sub sea 

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

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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