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Hardy Says KGV-D3-W1 Suspended Due to BOP Problems

Source: www.gulfoilandgas.com 5/26/2010, Location: Asia

Hardy Oil and Gas plc, the oil and gas exploration and production company with assets predominantly in India, announces that the KGV-D3-W1 exploration well has been temporarily suspended due to unresolved mechanical issues associated with the blow out preventer (BOP) of the Deepwater Expedition drilling rig.

The KGV-D3-W1 exploration well commenced drilling on 2 April 2010 using the Transocean rig Deepwater Expedition. The well was drilled to a depth of 2,608 m MD at which time intermediate casing was set. Subsequently, the operator spent a considerable amount of time attempting to resolve a problem with the control system of the drilling rig's BOP. The operator has been unable to resolve the issue to its satisfaction and, mindful of safety and operational matters, has taken the decision to suspend the well. The operator intends to re-enter the well at the earliest possible opportunity, with an alternative deepwater rig.

The KGV-D3-W1 exploration well is located in water depth of 1,653 m. The target depth of the well, which aims to explore the hydrocarbon potential of Mio-Pliocene sands, is 3,514 m MD. The D3 licence is located in the Krishna Godavari Basin on the East Coast of India and covers an area of approximately 3,288 km2. The Company holds a 10 per cent participating interest in the block, with Reliance Industries Limited holding 90 per cent as operator.

Yogeshwar Sharma, Chief Executive Officer of Hardy, commented:
"In the interest of safety, the D3 joint venture has taken the considered decision to suspend the W1 well. The operator is working towards mobilising an alternative rig at the earliest opportunity."

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