Hardy Oil and Gas widens losses

India-focused Hardy Oil and Gas widened its full-year losses yesterday, falling to a pre-tax loss of $12.7m (£8.4m) over the year, from a loss of $4.6m in 2011. The firm said no revenue was realised from production over the year, from $11.3m in 2011, due to an extension of the shut-in of an oil field. As a result of a strategic review, Hardy is targeting a reduction in costs, which it said resulted in job losses in some areas.