Wednesday 20th February 2008
Hardy moves to LSE
New LSE entrant Hardy Oil and Gas faces a potentially transforming year of drilling on its offshore Indian wells.
Co-founder and chief executive Sastry Karra says he expects to see maintained production from its 18 per cent-owned PY3 block in the Cauvery Basin, south of Pondicherry, albeit at a reduced rate of 3,200 barrels a day, against 4,163 last year. Hardy’s share of estimated proven and probable reserves is 2.69 million barrels.
Drilling for future production, however, is likely to steal the market’s attention. Hardy has ten per cent of Block D9 off India’s coast, estimated to hold a possible 45 billion cubic feet of gas and has a string of other potentially exciting assets off shore India and in Nigeria as well.
Recommended by Growth Company Investor at 276p in 2006, Hardy shares hit 628p earlier this month but have now slipped to 583p, valuing the company at £363 million. Some profit-taking might be prudent, but there could be more action this year if drilling goes well.
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