Hardy gets Indian extension

An enthusiast, with his face painted in the colors of the Indian flag, smiles during a rally celebrating the selection of Taj Mahal, on poster background, amongst the new Seven Wonders of the World, in Calcutta, India, Monday, July 9, 2007. The Great Wall of China, Rome's Colosseum, India's Taj Mahal and three architectural marvels from Latin America were among the new Seven Wonders of the World chosen in a global poll released on Saturday. (AP Photo/Bikas Das)

Reason to smile: Hardy has been granted a three-year extension to the CY-OS/2 licence following arbitration proceedings

AP PHOTO/BIKAS DAS

related stories

Josh Lewis

 04 February 2013 07:59 GMT

London-listed Hardy Oil & Gas has won an arbitration proceeding and been granted an extension on the CY-OS/2 licence in the northern part of the Cauvery basin, off the coast of India.

Hardy said the award of the extension would allow it to carry out appraisal activities on the block for a further three years from the date on which the block is restored.

Work on the block had halted as Hardy carried out a formal dispute resolution process to extend the expiry date of the licence.

The CY-OS/2 licence hass previously been the centre of a dispute with India’s authorities concerning its classification of the Ganesha discovery as an oil or gas discovery.

The Ganesha discovery was made in 2007, with the Ganesha-1 well flow…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index