Hardy Oil and Gas commences the exploration well (KGV-D3-R1) on the Company’s KG-DWN-2003/1 (D3) exploration license.

The exploratory well KGV-D3-R1 commenced drilling on 2 November 2009, with the Transocean rig, Deepwater Expedition, in water depth of approximately 1,964 m. The target depth of the KGV-D3-R1 well is 4,710 m MDRT to explore the hydrocarbon potential of various Miocene age sands.

This well is part of the Company’s ongoing exploration program in the Krishna Godavari Basin on the East Coast of India and the Company expects to drill three additional exploration wells on the block before the end of 2010.

The D3 licence is located in the Krishna Godavari Basin on the East Coast of India, covers an area of approximately 3,288 km2 and provides for the drilling of a minimum of six exploration wells within the first exploration phase. The Company holds a 10 per cent participating interest in the Reliance Industries Limited operated exploration block. The first two exploratory wells (KGV-D3-A1 and KGV-D3-B1) resulted in gas discoveries (Dhirubhai 39 and 41) and are presently under appraisal.

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