Hardy Oil and Gas – Ouch!
Share trading can hurt. India focused Hardy Oil & Gas took a bit of a beating yesterday on news that its drilling campaign in the region had got off to a dry start. The share price slipped 41% after it admitted that it was abandoning work at an exploratory oil well in the Krishna Godavari basin. The first D9 exploration in east India was dry and has been plugged and abandoned. The share price finished the day at 320.00p
Luckily for me Hardy Oil is just one of those many oil stocks I have been watching climb healthily over the summer as investors got excited over its four-well drilling programme, which has had a lot of very optimistic press.
The bulletin boards, as usual, are a mix of a little disillusionment and increased optimism for the longer term. The question is will it slip lower over the coming week or is it time to jump back in for the a rebound? Who knows?
For me hopes are elsewhere for now.
virgin
