The Company announced two gas discoveries on exploration wells KGV-D3-A1 and B1 (Dhirubhai 39 and 41) on the KG-DWN-2003/1 (D3) block in the Krishna Godavari basin in India.
On 27 April 2008 Hardy commenced drilling the first of a three exploration well program for 2008 on the GS-OSN-2000/1 (GS-01) block on the west coast of India.
Gross average daily production for the three months ended March 31, 2008 from the PY-3 field was 2,830stbd as compared with 5,178stbd for the same period in 2007. The Company's share of production, on a participating interest basis, amounted to 512 stbd compared with 932 stbd for the comparative period in 2007.
Sales oil of 92,633 stb was realized for the three months ended March 31, 2008 (Q1 2007: 87,850 stb); the average priced realized was $94.18 per stb (Q1 2007: $58.01 per stb).
Total capital expenditures amounted to $10.2 million principally on the drilling of two wells on the D3 block and acquisition of 3D seismic data on the GS-01 block.
From January 1, 2008 to date, the Company sold 4.25 million ordinary shares of Hindustan Oil Exploration Company Limited for an aggregate cash consideration of $16.2million (average: INR 156per share); proceeds has augmented the Company's working capital.
Cash balance at March 31, 2008 was $32.8 million; the Company has no long term debt.
Ordinary shares of the Company commenced trading on the Main Market of the London Stock Exchange on February 20, 2008 and entered the FTSE 250 index on March 26, 2008.
"Hardy has enjoyed a tremendous start to 2008 with two gas discoveries on the Company's D3 block, and we have recently commenced drilling of the first of a planned three exploration well program on our GS-01 block," said CEO Sastry Karra. "The remainder of 2008 will be active with further drilling expected on the GS-01 and D9 exploration blocks and PY-3 production block."
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