Hardy Oil and Gas recently announced that its subsidiary, Hardy Exploration & Production Inc., has entered into an agreement with a subsidiary of Sinvest ASA (the Deep Drilling Invest Group
) for the drilling of two wells on the CY-OS2 block, OilVoice reports. The contract term is for a period of two wells, with an estimated duration of around 130 days. The contract is targeted to commence in the second quarter of 2006, drilling to depths of 3,500 m. subsea at a cost of approximately $24 million.
The drilling will be performed by Premium Drilling with the unit Deep Drilling I, a new Baker Marine 375 'Pacific Class' jackup designed to work in up to 375 ft. water depths that is currently under construction at PPL (PPL)
Shipyard in Singapore.
Hardy is the operator, and holds a 75% working interest, in the CY-OS2 block located in the northern part of the Cauvery Basin.