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CY-OS/2

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Located in northern part of Cauvery Basin and covers approx 859 km2

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Hardy owns 75% and is the operator of the exploration licence (GAIL - 25%)

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Discovery - Fan-A well encountered multiple good sands with presence of hydrocarbons
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Ganesha is a non-associated gas discovery and the PSC provides for an appraisal programme to January 2012

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Appraisal programme revised to 1 firm well
 


The CY-OS/2 block is located in the northern part of the Cauvery Basin immediately offshore from Pondicherry and covers approximately 859 km2. HEPI is the operator of this block.

The CY-OS/2 licence comprises two retained areas. The northern area includes the Ganesha (Fan A -1) discovery. The southern area lies immediately adjacent to the HEPI-operated PY-3 field.
Another commercial gas field (PY-1) lies within the southern part of the acreage. The PY-1 field is owned by Hindustan Oil Exploration Company Limited and is expected to begin production in 2009.

Ganesha gas discovery (Fan A-1 well): On 8 January 2007 the Company announced that the Fan A-1 well had discovered hydrocarbons.

On 10 August 2007, the Company announced that it would proceed with an appraisal programme to delineate the Cretaceous Fan A -1 gas discovery to establish the potential commerciality of the discovery. In the event of a commercial discovery, ONGC has the option to back into the block at an interest of 30%.

The PY-3 oil field and PY-1 gas field are both contained within the CY-OS/2 licence but have been ring-fenced out, each with a separate PSC. The CY-OS/2 exploration licence has been under an approved phase III extension which expired at the end of March 2007. HEPI, as Operator of the joint venture, has fulfilled the phase III commitment work programme of 3D seismic surveys and drilling of two exploratory wells. Presently the licence is under appraisal phase, consisting of re-evaluation of existing 3D seismic data and drilling of three wells and two contingent (optional) wells. The drilling campaign is expected to commence in the last quarter of 2008.

The Board is presently considering farming out a portion of its participating interest in the licence.

HEPI has a 75 per cent. participating interest in and is the Operator of this licence, which is at present an exploration licence only. The participating interests (per cent.) in licence CY-OS/2 are as follows:

Participating Interests (%)
AREA HEPI GAIL
CY-OS/2 75 25

*In the event of a commercial discovery, ONGC has the option to back into the CY-OS/2 licence at an interest of 30 per cent.
 
 

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