Aberdeen-based exploration firm Hardy Oil and Gas said today it was to keep its focus on offshore India after a strategic review.
The Alternative Investment Market-listed firm, led by former KCA Deutag director Ian Mackenzie, recently relocated its base to Granite City.
Mr Mackenzie said Hardy’s activity in 2013, including exploration but also a number of development projects, would help “crystallise” the company’s view of its portfolio’s longer term prospects.
This includes planning for exploration and submitting development plans to India’s government in relation to two separate blocks off the country’s east coast.
Hardy also plans to develop a gas discovery off the west coast of India, while the firm hopes to resolve a dispute over a licence off the south-east coast with the government.
In an interim management statement, Hardy said it had carried out cost savings worth £626,000 annually and had £19million cash to cover the cost of its current exploration programme.