Announcements

An Extraordinary General Meeting of the Company is scheduled to be held on Wednesday, 22 December 2010, for consideration and approval of bonus issue. The notice thereof will be issued to all members concerned in due course.

A bonus issue of shares in the ratio of 1:10 (i.e. 1 bonus share for 10 equity shares held) was approved by the Board of Directors (subject to shareholder’s approval) at their meeting held earlier today.

The Arbitral Tribunal, constituted by Selan Exploration Technology Ltd. and the Government of India (through the Ministry of Petroleum and Natural Gas) to resolve their disputes pertaining to the interpretation of the articles related to sharing of Profit Petroleum in the Lohar Production Sharing Contract (“PSC”), had made an Award on 3 May 2010.

The Award was in favour of the Company on the issue of interpretation of the clauses pertaining to sharing of Profit Petroleum with Government of India under the PSC.

The Government of India filed a petition u/s 34 of the Arbitration & Conciliation Act, 1996 challenging the Award, and, on 9 November 2010, the Delhi High Court pronounced judgement setting aside the Award of the Arbitral Tribunal.

Although subject to appeal, this decision could result in Profit Petroleum payments to the Government of India of Rs. 0.73 Crores for FY 2009-10 and Rs. 1.54 Crores for FY 2010-11 (as of 30th September 2010).

A meeting of the Board of Directors of the Company is being convened on Friday, 12 November 2010 to consider and adopt, inter-alia, the Unaudited Financial Results (Provisional) of the Company for the quarter ended 30 September 2010.

The Annual General Meeting of the Company is scheduled to be held on Wednesday, 15 September 2010, the notice thereof will be issued to all members concerned in due course.

The Register of Members and Share Transfer Books of the Company will remain closed from Wednesday, 8 September 2010 to Wednesday, 15 September 2010 (both days inclusive) in connection with the ensuing Annual General Meeting.

A meeting of the Board of Directors of the Company is being convened on Tuesday, 10 August 2010 to consider and adopt, inter-alia, the Unaudited Financial Results (Provisional) of the Company for the quarter ended 30 June 2010.

The date fixed for payment of the Interim Dividend [declared by the Board of Directors in their meeting held on 21 July 2010] is 17 August 2010.

The Board of Directors in their meeting held on 21 July 2010 have considered and taken on record the Audited Financial Results for the year ended 31 March 2010.

The Board of Directors in their meeting held on 21 July 2010 have declared an Interim Dividend of Rs. 1.50 per Equity Share for the financial year 2010-11.

The Record Date for the Dividend, if declared, by the Board of Directors in their meeting on Wednesday, 21 July 2010 has been fixed as Thursday, 29 July 2010.

A meeting of the Board of Directors of the Company is being convened on Wednesday, 21 July 2010 to consider inter-alia and take on record the Audited Financial Results for the year ended 31 March 2010 and also to consider declaration of Interim Dividend for the year 2009-10, on the Equity Shares of the Company.