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Hardy tanks as well disappoints
British oil explorer Hardy Oil and Gas has abandoned a second exploratory well in India after failing to find enough gas to make the project commercially viable, sending its shares down 17.5 per cent. Reliance Industries, an Indian company that owns 90 per cent of the D9 field, agreed with Hardy to shelve the project after finding more water than gas in the sand reservoirs below the well. Hardy chief executive Yogeshwar Sharma said he was disappointed by the result, but that “the presence of thick reservoir quality sands and the potential presence of a petroleum system are encouraging”.