Invenire Energy Pvt. Ltd entered into conditional share purchase agreement to acquire Hardy Exploration & Production (India) Inc. from Hardy Oil and Gas plc (LSE:HDY) for $3 million on July 15, 2019. On July 22, 2019, Hardy Oil and Gas plc entered into an amended share purchase agreement. As per the amended terms, the consideration was revised to $8.75 million. Invenire will pay the balance of the consideration to the solicitors of Hardy Oil and Gas plc by August 20, 2019. In the event that the balance of the consideration is not received by August 20, 2019, the sum of $1 million will be released to Hardy Oil and Gas plc from the monies currently held by its solicitors and the revised agreement and the exclusivity granted to Invenire will be automatically terminated. Following completion, the Company will be a "cash shell" and will therefore no longer meet the eligibility requirements of the Listing Rules to continue its Premium Listing. Following Completion, HEPI will cease to be part of the Group and the Company will no longer have any subsidiaries or assets. During the financial year to March 31, 2019, HEPI made a loss of $58.33 million and the value of the gross assets was $10.64 million. The transaction is subject to approval from shareholders of Hardy Oil and Gas plc which will be sought at an extraordinary general meeting of the Company to be convened on October 1, 2019. Neither the Company nor Invenire has any rights to terminate the Share Purchase Agreement between signing and completion and the Share Purchase Agreement is not subject to any other conditions. The conditions are expected to be fulfilled no later than October 7, 2019. The Board of Hardy Oil and Gas plc unanimously believes that the transaction is in best interest of its shareholders and should proceed with this transaction. As of July 26, 2019, the stock exchange requests additional information concerning the transaction. As of October 1, 2019, the transaction was approved by the shareholders of Hardy Oil and Gas plc. The transaction is expected to complete on October 2, 2019. The proceeds will be retained to provide additional working capital and will be added to the cash resources to seek new investment opportunities. Ciaran Walsh, Steve Douglas and James Reed-Daunter of Arden Partners plc (AIM:ARDN) acted as financial advisors to Hardy Oil and Gas plc. Dorsey & Whitney LLP acted as legal advisor to Hardy Exploration & Production (India) Inc.