Hardy Oil, Reliance Decline After Abandoning 1 Well in KG D9 block
Reliance Industries Ltd. fell to a six-week low in Mumbai and partner Hardy Oil & Gas Plc, a U.K. explorer focused on Asia, had its biggest decline in London trading after an Indian well showed “poor” reservoir sands
Reliance Industries (RIL), the field’s operator, holds 90% in KG D9. RIL’s stock was seen under pressure after the news came out and was down about 4% on the National Stock Exchange at 14.35.
It was estimated the prospective resources at Block D9 at 10.8 trillion cubic feet of gas and 143 million barrels of oil, almost equal to the reserves in the KG-D6 block, which is India’s largest field.
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