Hardy Oil Spuds GS01-B1 Offshore India

Hardy Oil and Gas says that exploratory well GS01-B1 was spudded at water depth of 79 meters with the semisub, Actinia, on March 2, 2007 in the GS-OSN-2000/1 block, off the west coast of India and drilling is expected to continue in to the second quarter.

The well is targeted to drill to 3656m TVDRT (total vertical depth from the rotating table - or 3630m total vertical depth from the sub sea) to explore carbonates of Middle Miocene, Lower Miocene, Upper Oligocene, Eocene Bassein Limestone and Panna Formation. The TD may be revised based on the actual data. The well is located 240 kilometers away from Mumbai in the northwest direction.

Hardy holds a 10% working interest (WI) on GS01 in partnership with Reliance Oil and Gas who is the operator and holds a 90% WI in the block.

This is the second exploratory well in the block after A1 well was drilled in 2006, where there was significant hydrocarbon shows while drilling, but could not be tested due to mechanical problems.

Commenting on the drilling, Yogeshwar Sharma, Managing Director of Hardy said:

"Hardy continues its focused exploration program in India, and we look forward to progressing our knowledge of the GS01 block with our partner Reliance Industries."

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