Hardy Oil to abandon 1 well in KG D9 block - Moneycontrol.com

UK’s Hardy Oil and Gas, which has 10% stake in Krishna-Godavari D9 block on the east coast of India, will abandon exploration of one well. The Hardy Oil stock was down 36% on the London Stock Exchange on the announcement.

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’s Reliance Industries (RIL), the field's operator, holds 90% in KG D9. RIL’s stock was seen under pressure after the news came out and was down 4% on the National Stock Exchange at time of closing. Hardy Oil and RIL have a similar 10:90 deal for the D3 block. Sastry Karra, CEO, Hardy Oil & Gas PLC, said the well had to be abandoned as initial drilling did not yield positive results. “This was the first amongst the four wells in phase I of the D9 block,” he said, adding that the setback would not deter the company from proceeding to explore other wells in the block.

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