LONDON (ShareCast) - Shares in India and Nigeria focused Hardy Oil fell back as it abandoned an exploratory well on its GS-01 block in India.

"The exploratory well GS01-S1 was drilled to a total depth of 3,985 m TVDRT on the western shelf edge of the block to explore the Oligocene reefal carbonate and Eocene platform carbonate build-up. While there was porosity development in the reefal carbonates, no hydrocarbons were found. The well has now been plugged and abandoned," it said in a statement.

"GS-01 continues to be an important part of the company's exploration portfolio in India. We look forward to completing our exploration programme and the appraisal of the existing Dhirubhai 33 discovery on the GS-01 block," chief executive Sastry Karra added.

Hardy also revealed a net profit of $6.2m, up from $1.9m, in the half year to June. Revenues rose to $9.9m, up from $7m. The increased revenue in 2008 resulted from the higher realised oil price offset in part by lower sales volumes, Hardy said.

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