News

Hardy Oil & Gas average price higher

05 November 2008 08:26:00

Hardy Oil & Gas crude oil sales for the three months to September was lower than the same period last year but the average price realised was considerably higher.

For the three months to 30 September, crude oil sales amounted to 53,181 stock tank barrel (stb) versus 87,609 stb in the third quarter in 2007. But the average price realised was $112.67 per stb against $74.06 per stb last year.

Hardy's net average daily production for the three months ended 30 September was 516 stbd (Q3 2007: 676 stbd).

The group said capital expenditures for the three months ended 30 September 2008 was $8.3m principally on the drilling of two exploration wells on the GS-01 block.

"The recent commencement of the drilling of PY-3 lateral well and subsequent Phase III programme should have a positive impact on the Company's production and cash generation," said chief executive Sastry Karra.

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