Hardy Oil and Gas Highlights India, Nigeria Exploration Program

Hardy Oil and Gas has provided an update with respect to its operations in India and Nigeria.

HIGHLIGHTS

Exploration Update

  • D9: Commencement of exploration drilling is expected in H1 2009.
  • D3: acquisition of an additional 1,180 km2 of 3D seismic data has commenced and is expected to be completed in the first half of 2009.
  • D3: Operating committee has approved an appraisal program for the Dhirubhai 39 and 41 gas discoveries.
  • CY-OS/2: Appraisal drilling is expected to commence in 2010, subject to the Government of India's approval of an extension to the block.
  • Assam: Acquisition of 450 lkm of 2D seismic has commenced and is expected to be completed in the second quarter of 2009.
  • GS-01: Geophysical studies are ongoing.

Development / Production Assets

  • On October 28, 2008 the Company announced the commencement of operations for the drilling of a lateral well through re-entry of the PD4 well in the PY-3 field. The operations are now complete. Whilst the well tested at a rate of ~700stbd of oil with 30% water cut under nitrogen lift, it was unable to be reactivated as a self flowing well.
  • The well has been completed as a producer with a gas lift valve to allow for future production once gas lift compression facilities are installed on the FPU.
  • Further drilling on PY-3 will be determined after remapping of the field has been completed incorporating the results PD4-RL well. The PY-3 field is currently producing at a rate of approximately 3,000 stbd.
     
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