Hardy Oil & Gas

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Address
Lincoln House
137-143 Hammersmith Road
London W14 0QL
United Kingdom
Tel +44(0) 20 7471 9850
Fax +44(0) 20 7471 9851
Web http://www.hardyoil.com
Email admin@hardyoil.com

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Capex

Future Plans

Looking forward, the Group will continue to assess investment opportunities that will complement the Company's asset portfolio. Focus will remain in India where the Company has gathered an exceptional team of industry expertise.

Specific activities to look forward to in the following twelve months include:

• CY-OS/2 – The drilling of the second prospect (Fan A)
• D9 - The drilling rig scheduled to commence operations on the block is scheduled to start activities in the second quarter of 2007
• D3 - The processing and interpretation of the newly acquired 3-D seismic data. It is unlikely that drilling will commence prior to 2008.
• PY-3 Phase III - The PY-3 joint venture will look to implement the approved development plan with the addition of a water injection well and additional drilling to extend the field and potentially add recoverable reserves.
• Oza - Look to initiate well testing prior to year-end. Subject to a successful test, sustainable production could begin by the second quarter of 2007.
• HOEC - Hardy will continue to hold this strategic investment in HOEC. It will subscribe in the upcoming rights issue to maintain the Company's 8.5% interest.

Production

Total entitlement production for 2006 of 0.38 million barrels (MMbbls) of oil was slightly higher than 2005 (0.36MMbbls). The increase is due to total uptime improving to 99.78% compared with 91.64% in 2005.

Reserves

Hardy's 2P reserves for the PY-3 field, on an entitlement basis, were 2,950Mbbls as of 31 December 2006. This represents a reduction of 308 Mbbls from 2005.

Who's Who

Sastry Karra
Chief Executive
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Yogeshwar Sharma
Managing Director
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Paul Mortimer
Non-Executive Chairman
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Pradip Shah
Non-Executive Director
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Dr Carol Bell
Non-Executive Director
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Ian
Independent Non-Executive Director
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Offices

United Kingdom
Head Office
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India
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Nigeria
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