Hardy Oil | Hardy Oil News | Hardy Oil Stock Price | Hardy Oil to abandon 1 well in KG D9 block | Reliance Industries Stock Goes Down
Hardy Oil & Gas Plc, a U.K. based explorer focused on Asia, had its biggest decline in London trading after an Indian well showed “poor” reservoir sands. Partner Reliance Industries Ltd. fell to a six-week low in Mumbai.
UK-based Hardy Oil and Gas has 10% stake in Krishna-Godavari D9 block on the east coast of India. It will abandon exploration of one well.
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 about 4% on the National Stock Exchange at 14.35.
In response, RIL said it would comment only after informing the Directorate General of Hydrocarbons (DGH), the government body that overlooks the management of oil and natural gas resources in India.
The DGH in June had complained to market regulator Securities and Exchange Board of India (SEBI) when Hardy had “prematurely” announced its assessment of reserves in the KG blocks.
