28th Oct 2008 07:00
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For Immediate Release |
28 October 2008 |
Hardy Oil and Gas plc
("Hardy" or "the Company")
Operational Update - PY-3 Phase III
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company with assets in India and Nigeria is pleased to announce the commencement of drilling of the PY3-D4-RL lateral well.
The Transocean semi-submersible rig 'Actinia' has been anchored over the PY3-D4 vertical well, from which the sidetrack, through 9 5/8" casing, will commence at approximately 2,800 m. The well is targeting productive reservoir approximately 710 m from the vertical well with a lateral section of 500 m within the PY-3 reservoir. The new lateral well is expected to enhance existing oil production however initial production rates will be dependent on drilling results.
The PY-3 oil field comprises two producing wells and two water injectors. Water is injected to maintain field reservoir pressure and enhance overall recovery of oil.
Hardy, through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., is the operator of the PY-3 field and holds an 18 per cent participating interest.
For further information please contact:
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Hardy Oil and Gas plc |
020 7471 9850 |
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Yogeshwar Sharma, Chief Operating Officer
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Arden Partners plc |
020 7398 1632 |
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Richard Day |
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Buchanan Communications |
020 7466 5000 |
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Mark Edwards / Ben Willey |
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GLOSSARY:
PY-3 - India production licence CY-OS-90/1m - metres
NOTES TO THE EDITORS
Hardy Oil and Gas plc is an upstream international oil and gas company whose assets are principally in India and to a lesser extent in Nigeria. Its portfolio includes a blend of production, development, appraisal and exploration 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 Saurashtra, Cauvery, Krishna Godavari basins, 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 blocks in India are owned by its wholly owned subsidiary Hardy Exploration & Production (India) Inc whose offices are located in Chennai, India. The Nigeria operations are owned by the Company's wholly owned subsidiary Hardy Oil Nigeria Limited whose offices are located in Lagos, Nigeria.
For further information please refer to our website at www.hardyoil.com.
Related Shares:
HDY.L