London’s Sunday Telegraph yesterday reported that the company hoped to raise £15 million, giving it a market capitalisation of about £75m, to help fund future exploration and development programs.
The company was formed in 1997 as Jehan Energy but changed its name to Hardy Oil and Gas after acquiring the Indian subsidiary of British Borneo in 1999. It has a 10% stake in one offshore producing field in the Bay of Bengal, as well as interests in three exploration licences.
Its Bay of Bengal field is operated by Indian conglomerate Reliance Industries and is adjacent to one of the largest gas discoveries in recent years – the deep-sea block KG-DWN-98/3 (also known as KG-D6) where Reliance plans to start exploration and development drilling next year.
UK investors have recently become more interested in Indian oil and gas assets following the exploration success of listed British company Cairn Energy in Rajasthan and in neighbouring Bangladesh.
