LONDON: Hardy Oil and Gas plc has confirmed that Hardy Exploration & Production India (HEPI) has been sold to Invenire Energy Private Ltd for a consideration of $8.75 million.
The directors intend to use the Company’s existing cash resources and short-term investments with the net proceeds of the cash consideration received from the HEPI sale for the purposes of acquiring or establishing a company, business or asset that operates in the resources sector or other industries should an appropriate investment opportunity present itself.
The Board of Directors will now carry out a strategic review of the types of investments it will consider and will not take any further steps in relation to any investments it plans to make without first consulting with shareholders.
As previously stated, the Company has submitted an application to the FCA in connection with the transfer of listing segment to a Standard Listing and this is expected to take effect on 30 October 2019.