25th Jan 2010 08:59
|
For immediate release |
25 January 2010 |
Hardy Oil and Gas plc
("Hardy" or "the Company")
PY3 Field - Recommencement of Production
Hardy Oil and Gas plc (LSE: HDY.L), the oil and gas exploration and production company with assets predominantly in India, is pleased to announce the recommencement of production from the PY-3 field of the CY-OS 90/1 block in the Cauvery Basin, after completion of the repair job on the loading hose. Well PD-3S was opened for production at 13:05 hours (India time) on 24 January 2010 on a 8/64 inch choke and began flowing at a stable rate of 3,336 bbls/d on a 42/64 inch choke at 09:30 hours (India time) on 25 January 2010.
Hardy holds an 18% participating interest in the PY-3 field through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., and is the operator of the block. The field was shut-in on 5 July 2009 pending repairs to the loading hose and the contract extension for the production facility, which has now been extended for one year up to 24 January 2011.
Commenting on the resumption of production, Yogeshwar Sharma, Chief Operating Officer of Hardy said:
"We are pleased to resume production from the PY-3 field. We now plan to embark on the full field development of the PY-3 field to enhance production and realise the field's full potential, subject to partner approval, by the first quarter of 2011.
For further information please contact:
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Hardy Oil and Gas plc Sastry Karra Yogeshwar Sharma Dinesh Dattani |
020 7471 9850 |
|
Arden Partners plc Richard Day Matthew Armitt |
020 7 614 5917 |
|
Buchanan Communications Mark Edwards Ben Willey |
020 7466 5000 |
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
Related Shares:
HDY.L