Appraisal to resume on Ganesha gas find offshore India

Hardy Oil and Gas has won an extension to its CY-OS/2 license in the Cauvery basin offshore India.

Offshore staff

ABERDEEN, UK– Hardy Oil and Gas has won an extension to its CY-OS/2 license in the Cauvery basin offshore India.

After considering a dispute concerning the Ganesha-1 gas discovery in the CY-OS/2 exploration block, the Hon’ble tribunal ruled in Hardy’s favor. This gives the license partners a further three years to perform appraisal activities on the block, in accordance with the governing production-sharing contract. In addition, the tribunal awarded the joint venture recovery of costs incurred as a result of the arbitration.

Hardy has a 75% operating interest in the license, covering 859 sq km (332 sq mi) in the northern part of the Cauvery basin immediately offshore Pondicherry. It comprises two retained areas with Ganesha-1 in the northern area, extending more than 300 sq km (116 sq mi).

The discovery well, reported in 2007, was drilled to a depth of 4,089 m (13,425 ft), encountering sandstone reservoir in the Campanian, and flowing up to 10.7 MMcf/d (302,990 cm/d) on test. Gaffney, Cline & Associates estimated 2C contingent resources of 130 bcf (3.7 bcm).

2/4/2013

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