To be a profitable independent exploration and production company in India and deliver step change growth in shareholder value through the discovery of hydrocarbons. Geographic Focus Hardy was founded on the premise that India offers a unique investment case for oil and gas exploration and production companies. Large areas of underexplored basins are available for exploration. India’s New Exploration Licensing Policy (NELP) offers globally competitive fiscal terms and stability. As one of the world’s fastest growing economies, India presents growing domestic demand offering market proximity for monetisation of future hydrocarbon discoveries.
Hardy was founded on the premise that India offers a unique investment case for oil and gas exploration and production companies. Large areas of underexplored basins are available for exploration. India’s New Exploration Licensing Policy (NELP) offers globally competitive fiscal terms and stability. As one of the world’s fastest growing economies, India presents growing domestic demand offering market proximity for monetisation of future hydrocarbon discoveries.
With over ten years of experience as an operator in India, Hardy developed an experienced technical team with in-depth knowledge of India’s prospective sedimentary basins. The Company has developed key strategic relationships with governments in India to mitigate geopolitical risks. Hardy continues build relationships with national oil companies, local service providers, and peers to maintain a sustainable competitive advantage. Of note is the Company’s long standing relationship with Reliance Industries Limited in which the companies jointly hold interests in four of Hardy’s five exploration blocks. Reliance is the largest listed company in India and has had significant exploration success to date, particularly in Krishna Godavari basin off the east coast of India. The Company has committed to work closely with communities directly, or indirectly through joint venture mandates, to ensure our activities result in positive, tangible improvements to the communities we operate in and mitigate adverse environmental impact.
The Company has interests in exploration blocks that offer substantial Prospective Resources potential. Hardy focuses principally on organic growth mainly in India. This is derived by de-risking its existing portfolio, maximising recovery of its producing asset and adding new exploration assets selectively (by bidding under NELP rounds and other new ventures).
The Company, initially funded through private equity, publicly listed its shares in June 2005. Since the IPO, the Company has accessed capital through successive private placings to fund its ongoing capital programmes. The Company graduated to the Main Market of the London Stock Exchange in 2008 to enhance liquidity and increase access to capital. Through a targeted investor relations strategy, the Company has developed a top tier shareholder base comprising several prominent investment funds with long term investment mandates. The Company endeavours to mitigate its capital exposure by maintaining lower participating interest in higher risk exploration and appraisal activities and maintaining investment in low risk production and development blocks. The Company funds its exploration and appraisal activities through equity financing, free cash flow and farmouts. The Company presently has no debt. The Company will consider debt financing for low risk
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