Hardy Oil and Gas plc, the oil and gas exploration and production company with significant interests in India, reports the commencement of its two well drilling programme on Block CY-OS/2 in the Cauvery Basin, offshore the east coast of India.
The first exploration well commenced drilling on 23rd July 2006. The Fan E-1 well is located in approximately 90m of water (295 ft) and is being drilled by the Deep Driller-1 Jackup rig. With a total depth of approximately 2,500m the Fan E1 well will be terminating within the Precambrian Basement.The primary target consists of sands within a potential Eocene fan system.
The second exploration well (Fan A-1) will commence upon completion of Fan E-1. The Fan A-1 well has a target depth of approximately 4,500m. The primary target is a Campanian slope fan and the secondary target is the Turonian sands.
Upon completion of the CY-OS/2 drilling programme the Deep Driller-1 Jackup rig is expected to move to the GS-OSN-2000/1 block in the Gujarat-Saurashtra basin off the west coast of India. Reliance Industries Limited is the operator of this block, in which Hardy has a 10% working interest.
Hardy is the Operator of the CY-OS/2 block, which is located approximately 12km from the east coast of India. Hardy has a 75pc equity share in the block with GAIL (India) Limited holding the remaining 25pc. Given that CY-OS/2 is a pre NELP (New Exploration Licence Programme) PSC, in the event of a commercial discovery ONGC has an option to "back-in" to the block for 30pc.
Results from the two wells are expected to be available in the fourth quarter of 2006.
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