The Company has informed the Stock Exchanges as under:
“Hardy Exploration & Production (India) Inc, the Operator of PY-3 Field has inter-alia notified that the drilling of a lateral well (PD4-RL) through re-entry of the PD4 well in the PY-3 field is now complete. Whilst the well tested at a rate of ~700 stock tank barrel per day (stbd) of oil with 30% water cut under nitrogen lift, it was unable to be reactivated as a self flowing well. The well has been completed as a producer with a gas lift valve to allow for future production once gas lift compression facilities are installed on the Floating Production Unit (FPU). Further drilling in PY-3 field will be determined, after remapping of the field has been completed incorporating the results PD4-RL well. The PY-3 field is currently producing at a rate of approximately 3,000 stbd.
The Company has 21% Non-operating participating interest in the said field.”