3rd Apr 2008 07:01
Hardy Oil & Gas plc03 April 2008 For immediate release 3 April 2008 Hardy Oil and Gas plc ("Hardy" or "the Company") India Petroleum Exploration Licence Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and productioncompany with assets in India and Nigeria, is pleased to announce the addition ofits first onshore exploration licence AS-ONN-2000/1 in Assam, India. The AS-ONN-2000/1 block covers an area of approximately 5,754 km2 and is locatednorth of the Brahmaputra river in Northeast India. Hardy and Reliance IndustriesLimited (Reliance) signed a joint operating agreement on 31 March 2008 and theparties are in the process of finalising the work programme and budget for thecoming year. The current proposed work programme consists of the reprocessing of1,020 line kilometres of existing 2D seismic data and the acquisition of anadditional 500 line kilometres of 2D seismic. Hardy holds a 10 per cent. participating interest in the block with the operatorReliance holding the remaining 90 per cent. The Assam block is the Company'sfirst onshore licence in India and the fourth exploration licence held inpartnership with Reliance. Sastry Karra, Chief Executive of Hardy said: "We are pleased to report the growth in our exploration portfolio. The Assamblock is located in a proven oil basin and enhances the long term explorationupside for the Company. We are also delighted to expand our partnership withReliance Industries Limited." For further information please contact: Hardy Oil and Gas plc 020 7471 9850Yogeshwar Sharma (Chief Operating Officer)Dinesh Dattani (Finance Director) Arden Partners plc 020 7398 1600Richard Day / Tom Fyson Buchanan Communications 020 7466 5000Mark Edwards / Ben Willey This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HDY.L