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REG-Hardy Oil & Gas plc commencement of drilling


Published Jul 25, 2006
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REG-Hardy Oil & Gas plc commencement of drilling-Spotlight
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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