Released: 26/05/2010

 
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RNS Number : 5500M
Hardy Oil & Gas plc
26 May 2010 
 
26 May 2010 
 
Hardy Oil and Gas plc 
 
("Hardy" or "the Company") 
 
Drilling Update 
 
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company with assets predominantly in India,
announces that the KGV-D3-W1 exploration well has been temporarily suspended due to unresolved mechanical issues associated
with the blow out preventer (BOP) of the Deepwater Expedition drilling rig. 
 
The KGV-D3-W1 exploration well commenced drilling on 2 April 2010 using the Transocean rig Deepwater Expedition. The well
was drilled to a depth of 2,608 m MD at which time intermediate casing was set. Subsequently, the operator spent a
considerable amount of time attempting to resolve a problem with the control system of the drilling rig's BOP. The operator
has been unable to resolve the issue to its satisfaction and, mindful of safety and operational matters, has taken the
decision to suspend the well. The operator intends to re-enter the well at the earliest possible opportunity, with an
alternative deepwater rig. 
 
The KGV-D3-W1 exploration well is located in water depth of 1,653 m. The target depth of the well, which aims to explore
the hydrocarbon potential of Mio-Pliocene sands, is 3,514 m MD. The D3 licence is located in the Krishna Godavari Basin on
the East Coast of India and covers an area of approximately 3,288 km2. The Company holds a 10 per cent participating
interest in the block, with Reliance Industries Limited holding 90 per cent as operator. 
 
Yogeshwar Sharma, Chief Executive Officer of Hardy, commented: 
 
"In the interest of safety, the D3 joint venture has taken the considered decision to suspend the W1 well. The operator is
working towards mobilising an alternative rig at the earliest opportunity." 
 
For further information please contact: 
 
                                                           
 Hardy Oil and Gas plc                      020 7471 9850  
 Yogeshwar Sharma, Chief Executive Officer                 
 Dinesh Dattani, Finance Director                          
                                                           
 Arden Partners plc                         020 7614 5917  
 Richard Day                                               
 Matthew Armitt                                            
                                                           
 Buchanan Communications                    020 7466 5000  
 Mark Edwards Ben RomneyChris McMahon                      
 
 
GLOSSARY OF TERMS 
 
 BOP  blow out preventer                 
 D3   exploration licence KG-DWN-2003/1  
 km2  square kilometre                   
 m    metre                              
 MD   measured depth                     
 
 
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 Saurashtra, Cauvery, and 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 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