Hardy Snags Onshore License in India
Hardy Oil and Gas plc added its first onshore exploration license AS-ONN-2000/1 in Assam, India.
The AS-ONN-2000/1 block covers an area of approximately 5,754 square kilometers and is located north of the Brahmaputra river in Northeast India. Hardy and Reliance Industries Limited signed a joint operating agreement on March 31, 2008, and the parties are in the process of finalizing the work program and budget for the coming year. The current proposed work program consists of the reprocessing of 1,020 line kilometers of existing 2D seismic data and the acquisition of an additional 500 line kilometers of 2D seismic.
Hardy holds a 10% participating interest in the block with the operator Reliance holding the remaining 90%. The Assam block is the Company's first onshore license in India and the fourth exploration license held in partnership with Reliance.
Sastry Karra, Chief Executive of Hardy said: "We are pleased to report the growth in our exploration portfolio. The Assam block is located in a proven oil basin and enhances the long term exploration upside for the Company. We are also delighted to expand our partnership with Reliance Industries Limited."
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Company: Hardy Oil more info
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