Hardy Oil & Gas plc District Court of the District of Columbia Ruling (8389Q)
June 08 2018 - 10:30AM
UK Regulatory
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.
-ends-
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END
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