The Company was originally incorporated under the name Jehan Energy
Limited in 1997 by the founders, Messrs Sastry Karra and Yogeshwar
Sharma, with the purpose of developing an oil and gas exploration
and production business in India that built on the expertise and relationships
of the management team. Management also aimed to exploit the substantial
increase in demand for energy in India which followed liberalisation
measures initiated by the Government of India in 1991, principally
privatisation and the opening up of the economy to foreign companies,
and the subsequent increase in economic activity.
Through asset acquisition, reserve optimisation and the development
of strong working relationships, the Group has assembled a strategic
position in the oil and gas basins on the east coast of India, and
off the Saurashtra west coast near the Bombay High field. The Company
has also acquired development assets in the Niger Delta of Nigeria,
a proven oil province.
In September 1999 the Company acquired HEPI from a subsidiary of British-Borneo
Oil & Gas plc.
The Company was subsequently renamed Hardy Oil and Gas Limited in
2001 and converted to a public limited company on 31 May 2005. On
7 June 2005, the Ordinary Shares were admitted to trading on the AIM
market of the London Stock Exchange at a price per Ordinary Share
On 5 August 2005 the Company announced that, through the India NELP-V
round, it had been awarded the KG-DWN-2003/1 deepwater exploration
licence (‘‘D3’’). HEPI had jointly bid for this licence with Reliance.
On 21 March 2006 the Company announced the acquisition of two licences
in the Niger Delta of Nigeria, Oza and Atala. The Company acquired
the interests via separate farm-in agreements entitling the company
to a 40 per cent. working interest of the Oza field and a 20 per cent.
working interest of the Atala field, subject to various terms and
On 8 January 2007 the Company announced a discovery in the Fan A-1
well, located in the Hardy operated CY-OS/2 licence.
On 15 May 2007 the Company announced the discovery of hydrocarbons
in the Reliance operated B-1 well located on the Company’s GS-01 licence.
Further drilling on this licence is expected in 2008.
On 10 August 2007 the Company announced the agreed appraisal programme
of drilling three additional wells in the CY-OS/2 licence.
On 31 December 2007 the Company announced that a well test was successfully
carried out on well no. 4 in the Oza field in Nigeria, with flow rates
averaging approximately 600 stbd of oil and average GOR of 5,466 scf/stb.
On 13 February 2008, the Company announced a gas discovery (Dhirubhai
39) in the Reliance operated KGV-D3-A1 well located on the Company’s
On 20 February 2008 the Company announces that its shares have today
been admitted to the Official List of the UKLA and to trading on the
Main Market of the London Stock Exchange for listed securities ("the
Introduction"). Simultaneously, trading in the Company's ordinary
shares on AIM has ceased. The shares will continue to trade under
the trading mnemonic HDY.L
On 01 April 2008, the Company announce a gas discovery
(Dhirubhai-41) in the Reliance operated KGV-D3-B1, the second
exploration well in the D3 block. Excellent quality reservoirs were
encountered with gross hydrocarbon columns of approximately 111 m.
On 26 August 2008 the exploratory well GS01-S1 was drilled to a
total depth of 3,985 m TVDRT on the western shelf edge of the block
to explore the Oligocene reefal carbonate and Eocene platform
carbonate build-up. While there was porosity development in the
reefal carbonates, no hydrocarbons were found. The well has
now been plugged and abandoned.
On 23 October 2009, the Company announces the results of the
drilling of the first of a four well programme on the Company's D9
(KG-DWN-2001/1) exploration license. The exploratory well KGD-A1
drilled to a total depth of 4,875 m TVDRT (4,861 m subsea) to
explore the Middle and Lower Miocene targets, will be plugged and
On 22 December 2009, the Company announce a gas discovery
(Dhirubhai-44) in the Reliance operated KGV-D3-R1, the third
exploration well in the D3 licence.
On 31 August 2010, the Company announce a gas discovery
(Dhirubhai-52) in the Reliance operated KGV-D3-W1, the fourth
exploration well in the D3 block. The fourth exploration well in the