Hardy looking to increase Indian stake

India: Hardy is looking to increase its stake in the GS-01 exploration block

AFP/SCANPIX

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Josh Lewis

 10 January 2013 07:50 GMT

London-listed Hardy Oil & Gas has confirmed that it is in discussions to increase its interest in the GS-01 exploration block off the west coast of India.

Hardy said it was in negotiations with operator Reliance Industries about increasing its stake but noted that no agreement had been made.

It added that any agreement would still be subject to government approval before it could go ahead.

The GS-01 exploration block lies the Saurashtra basin, off Mumbai, north-west of the Bombay High oilfield.

Hardy currently holds a 10% stake in the block, with Reliance holding the remaining 90% interest.

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