Hardy Receives DGH Approval for CY-OS/2 Appraisal Program

Hardy has received approval from India's Directorate General of Hydrocarbons regarding the appraisal program for the CY-OS/2 license. The program is intended to evaluate the potential commerciality of the Fan-A discovery which was announced on January 8, 2007 and the Company expects to drill three appraisal wells within the next 24 months. Hardy is the operator of the CY-OS/2 license and holds a 75% participating interest in the block.

The 3D seismic acquisition has been completed on the D3 block and the data is currently being processed and interpreted for finalizing well locations. Hardy has a 10% working interest on the D3 block.

Due to ongoing constraints with its contracted deep water drilling rigs Reliance Industries Limited, has submitted a request for a quote for a drilling rig for the D9 license. As of today, 10 bids have been received which are currently being reviewed and discussions are beginning with the rig owners. As a result, it is now anticipated that the commencement of drilling under the planned exploration program will be in the second quarter of 2008. Reliance is the operator of the D9 license and holds a 90% participating interest in the block, with Hardy holding the balance 10%.

Due to excessive water entering the PY3-3RL well on the PY-3 field, Hardy as operator has shut-in the well resulting in a reduction in output from the field, in the order of 1100 STB/D (gross) in which Hardy has an 18% working interest. Prior to the well being shut-in, production was 4500 STB/D. Efforts are currently ongoing to reactivate the well, however if a rig is acquired for full activation, then it will form part of the Phase III development program when two additional wells will be drilled in the field to enhance the production.

Commenting on Hardy's operations, Yogeshwar Sharma, COO of Hardy Oil and Gas plc said:

"2007 has been a year of significant progress for Hardy in terms of exploration success and production. We look forward to appraising and developing our recent discoveries in the coming year along with the enhancement of production on PY3 through the Phase III development program."

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