The Company was originally incorporated under the name Jehan Energy Limited in 1997 by the founders, Messrs Sastry Karra and Yogeshwar Sharma, with the purpose of developing an oil and gas exploration and production business in India that built on the expertise and relationships of the management team. Management also aimed to exploit the substantial increase in demand for energy in India which followed liberalisation measures initiated by the Government of India in 1991, principally privatisation and the opening up of the economy to foreign companies, and the subsequent increase in economic activity.

Through asset acquisition, reserve optimisation and the development of strong working relationships, the Group has assembled a strategic position in the oil and gas basins on the east coast of India, and off the Saurashtra west coast near the Bombay High field. The Company has also acquired development assets in the Niger Delta of Nigeria, a proven oil province.

In September 1999 the Company acquired HEPI from a subsidiary of British-Borneo Oil & Gas plc.

In 2001, the Company purchased an 8.5 per cent. shareholding in HOEC.

The Company was subsequently renamed Hardy Oil and Gas Limited in 2001 and converted to a public limited company on 31 May 2005. On 7 June 2005, the Ordinary Shares were admitted to trading on the AIM market of the London Stock Exchange at a price per Ordinary Share of 144p.

On 5 August 2005 the Company announced that, through the India NELP-V round, it had been awarded the KG-DWN-2003/1 deepwater exploration licence (‘‘D3’’). HEPI had jointly bid for this licence with Reliance.

On 21 March 2006 the Company announced the acquisition of two licences in the Niger Delta of Nigeria, Oza and Atala. The Company acquired the interests via separate farm-in agreements entitling the company to a 40 per cent. working interest of the Oza field and a 20 per cent. working interest of the Atala field, subject to various terms and conditions.

On 8 January 2007 the Company announced a discovery in the Fan A-1 well, located in the Hardy operated CY-OS/2 licence.

On 15 May 2007 the Company announced the discovery of hydrocarbons in the Reliance operated B-1 well located on the Company’s GS-01 licence. Further drilling on this licence is expected in 2008.

On 10 August 2007 the Company announced the agreed appraisal programme of drilling three additional wells in the CY-OS/2 licence.

On 31 December 2007 the Company announced that a well test was successfully carried out on well no. 4 in the Oza field in Nigeria, with flow rates averaging approximately 600 stbd of oil and average GOR of 5,466 scf/stb.

On 13 February 2008, the Company announced a gas discovery (Dhirubhai 39) in the Reliance operated KGV-D3-A1 well located on the Company’s D3 licence. The Company also announced the spudding of a second well (KGV-D3-B1) to evaluate Pleistocene and Late to Mid Miocene sandstone reservoirs. The well is expected to reach a TD of 2,740 m.