Hardy Oil & Gas plc District Court of the District of Columbia Ruling (8389Q)

TIDMHDY

RNS Number : 8389Q

Hardy Oil & Gas plc

08 June 2018

8 June 2018

Hardy Oil and Gas plc

(LSE: HDY)

DISTRICT COURT OF THE DISTRICT OF COLUMBIA RULING

Hardy Oil and Gas plc ('Hardy'), the oil and gas exploration and production company focused in India, announces that the District Court of the District of Columbia of the United States (DC) issued an order denying Hardy Exploration & Production (India) Inc's (HEPI) application to confirm the CY-OS/2 arbitration award.

HEPI is reviewing the DC order to assess the further legal options available. A copy of the full judgement is available on the DC website www.dcd.uscourts.gov.

For further information please visit www.hardyoil.com or contact:

 
 Hardy Oil and Gas plc             012 2461 2900 
 Ian MacKenzie, Chief Executive 
  Officer 
  Richard Galvin, Treasurer 
 
 Arden Partners plc                020 7614 5900 
 Ciaran Walsh 
  Paul Shackleton 
 
 Tavistock                         020 7920 3150 
 Simon Hudson 
  Barney Hayward 
 

CY-OS/2 exploration licence background - Hardy is the operator of the CY-OS/2 exploration block and holds a 75 per cent participating interest. The block is in the northern part of the Cauvery Basin immediately offshore from Pondicherry, India and covers approximately 859 km(2) . The Ganesha-1 discovery well was drilled to a depth of 4,089 m and on testing the well flowed natural gas at a peak rate of 10.7 mmscfd.

Award summary - relinquishment by the Ministry of Petroleum and Natural Gas (MOPNG) of the GOI was illegal; the unincorporated Joint Venture (uJV) shall be entitled to a period of three years from the date on which the block is restored to it, to carry out further appraisal; the uJV shall be paid compensation calculated at the simple rate of 9 per cent per annum on the amount of Rs. 5.0 billion from the date of relinquishment till the date of the award; interest will then accrue at a rate of 18 per cent per annum on the amount of Rs. 5.0 billion until the block is restored to the uJV.

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June 08, 2018 10:30 ET (14:30 GMT)