Hardy Spuds Well Offshore India

Hardy Oil and Gas plc has announced the commencement of drilling of the exploration well GS01-M1 and the adoption of an appraisal program for the GS01-B1 discovery (Dhirubhai-33) in the GS-OSN-2000/1 (GS-01) exploration license.

The exploratory well GS01-M1 has commenced drilling at a water depth of 82 m with the semi-submersible drilling rig Actinia. The well is targeted to drill to 4,326 m TVDRT to explore the hydrocarbon prospectivity of Oligocene reefal carbonates and Eocene platform build-up carbonate bodies.

The GS01-M1 well is the fourth exploration well on the GS-01 block and is located within an area covered by 3D seismic data that was acquired in the first quarter of 2008.Operations on the GS01-S1 exploration well are ongoing with the semi-submersible drilling rig C Kirk Rhein.

The GS-01 management committee recently reviewed and adopted an appraisal program and budget for the GS01-B1 gas and condensate discovery (Dhirubhai - 33). The appraisal area comprises 5,890 km2 with an effective term through to May 2010.

As announced on May 15, 2007, the GS01-B1 well flow-tested at a rate of 18.6 mmscfd gas with 415 stbd of condensate through a 56/64" choke at flowing tubing head pressure of 1,346 psi.

Hardy, through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., holds a 10% participating interest in the GS-01 exploration license. Reliance Industries Limited is the operator and holds a 90% participating interest in the block.

Sastry Karra, Chief Executive of Hardy, said, "The appraisal program on GS-01 is designed to further define the resource and reserve potential on the block, and to determine the commercial feasibility of the Dhirubhai 33 discovery."

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