OilVoice - Hardy Oil and Gas Reports Resumption of Production From the PY-3 Field, India

Hardy Oil and Gas Reports Resumption of Production From the PY-3 Field, India

Monday, January 25, 2010

Hardy Oil and Gas plc, the oil and gas exploration and production company with assets predominantly in India, announces the recommencement of production from the PY-3 field of the CY-OS 90/1 block in the Cauvery Basin, after completion of the repair job on the loading hose. Well PD-3S was opened for production at 13:05 hours (India time) on 24 January 2010 on a 8/64 inch choke and began flowing at a stable rate of 3,336 bbls/d on a 42/64 inch choke at 09:30 hours (India time) on 25 January 2010.

Hardy holds an 18% participating interest in the PY-3 field through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., and is the operator of the block. The field was shut-in on 5 July 2009 pending repairs to the loading hose and the contract extension for the production facility, which has now been extended for one year up to 24 January 2011.

Commenting on the resumption of production, Yogeshwar Sharma, Chief Operating Officer of Hardy said:
'We are pleased to resume production from the PY-3 field. We now plan to embark on the full field development of the PY-3 field to enhance production and realise the field's full potential, subject to partner approval, by the first quarter of 2011.