Commencement Of Drilling

30th Apr 2008 07:00

Hardy Oil & Gas plc30 April 2008 For Immediate Release 30 April 2008 Hardy Oil and Gas plc ("Hardy" or "the Company") Commencement of Drilling Hardy Oil and Gas plc (AIM: HDY), the oil and gas exploration and productioncompany with assets in India and Nigeria is pleased to announce the spudding ofthe exploration well GS01-S1 on the GS-OSN-2000/1 (GS-01) exploration licence. The exploratory well GS01-S1 was spudded at a water depth of 80 metres (m) withthe semi-submersible drilling rig "C Kirk Rhein" on 27 April 2008. The well istargeted to drill to 3,975 m TVDRT to explore the hydrocarbon prospectivity ofMio - Oligocene carbonate deposits. The well is located 170 km offshore from thewest coast of India in the Saurashtra basin. This is the first of a plannedthree well drilling programme for 2008 on the GS-01 exploration licence. Hardy, through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., holds a 10 per cent participating interest (PI) in the GS-01 explorationlicence. Reliance Industries Limited is the operator and holds a 90 per cent PIin the block. This is the third exploration well on this block after the GS01-A1 and B1 wellswhich were drilled in 2006 and 2007 respectively. On 15 May 2007 the Companyannounced the discovery of hydrocarbons with the GS01-B1 well which flow testedat a rate of 18.6 mmscfd with 415 stbd of condensate through a 56/64" choke withflowing tubing head pressure of 1,346 psi. For further information please contact: Hardy Oil and Gas plc 020 7471 9850Sastry Karra, Chief ExecutiveYogeshwar Sharma, Chief Operating Officer Arden Partners plc 020 7398 1632Richard Day Buchanan Communications 020 7466 5000Mark EdwardsBen Willey Glossary:GS-01 - India exploration licence GS-OSN-2000/1mmscfd - million standard cubic feet per dayPI - participating interestpsi - pond per square inchstbd - stock tank barrel per dayTVDRT - total vertical depth from rotary table This information is provided by RNS The company news service from the London Stock Exchange

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