Hardy Says Plans for KG Basin Moving Forward

Hardy Oil and Gas says that drilling plans for the initial well (A-1) at Block D9 are on schedule and drilling is expected to commence in the second quarter of 2008. Reliance Industries as operator has submitted a request for quote (RFQ) for a deepwater drilling rig capable of operating in greater than 2,000 meters water depth. Bids are currently being evaluated by the Operator.

This 11,850 square kilometer block is located in the highly prospective KG basin off the eastern coast of India. Hardy holds a 10% interest in the block with Reliance Industries Limited holding 90%.

In Block D3 an extensive 3D acquisition program was initiated at the beginning of the year. Phase I of a two phase acquisition program has been completed with processing of the data expected to continue into 2008. Phase II of the seismic acquisition program is expected to start in the third quarter of 2008.

Approximately 300 square kilometers of the block is covered by previously acquired 3D seismic and several leads on the block are being assessed. We anticipate that, upon completion of processing and interpretation of the Phase I, 3D seismic program, drilling of a well may commence in the later part of 2008.

The 3,288 square kilometer block is Hardy's second block within the KG basin, holding a 10% interest, with Reliance holding a 90% interest.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.