Once the drilling program at CY-OS/2 is completed, the Deep Driller 1 jackup rig is expected to transfer to Block GS-OSN-2000/1 ("GS-O1") in the Saurashtra Basin to commence its drilling program in that area in the fourth quarter of 2006. Hardy has a 10% working interest in GS-01.
Hardy has previously announced that the Block KG-DWN-2001 ("D9") drilling program in the Krishna Godavari Basin was expected to commence by the fourth quarter of 2006. Reliance Industries Ltd, the operator under the PSC, has notified Hardy, that the commencement of this drilling program is expected in the first quarter of 2007. This is due to third party delays of the rig that were longer than originally scheduled.
With regard to the developments in D9, the Board of Hardy note the statement made by Reliance at its recent AGM, which stated "recently (Reliance) has had a crude oil discovery in the MA1 deep water D6 Block. Testing has been done in two zones located three kilometers below sea level. More than size, this discovery signifies a large geological play that could result in future discoveries".
Block D9, in which Hardy has a 10% working interest, is adjacent to D6. Both Blocks are in the Krishna Godavari basin.
Hardy's management and staff continue to remain focused on the successful execution of the Company's exploration program. The second half of 2006 will continue to be an exciting and challenging time for the organization".
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