Hardy mulls new listing seven years on

ONE of the best-known names in the UK oil industry is eyeing a return to the stock market.

Hardy Oil & Gas, spawned by the doomed engineering and shipping conglomerate Trafalgar House, is likely to float on Aim this summer after a seven-year absence from the City.

The company is a far smaller operator than when British Borneo pounced with a £294 million takeover in 1998 but its new management is seeking to rediscover the glory days by focusing on India.

Managing director Yogeshwar Sharma bought the Indian assets from British Borneo in 1999 and took the Hardy name for his own energy vehicle, still backed by the Norwegian shipping family Hoegh.

It has since revived a field in the south-east of the country and holds assets close to the blockbuster gas discovery made by India's biggest non-state owned company Reliance Industries three years ago.

Sharma said a stock market float was one option being considered by the board as it prepares to raise money to help fund exploration. The market value would be around £55 million.

Sharma said: 'The company has been private for a long time and is now growing. We have a very exciting programme of exploration coming up this year and next.'

Ever since Cairn Energy struck gold with a huge find in India 13 months ago, a steady stream of racy exploration stocks have cashed in by floating on Aim.