Announcements

A Meeting of the Board of Directors of the Company will be held on Wednesday, 25 October 2006 to consider and take on record inter-alia, the Unaudited (Provisional) Financial Results for the quarter ended 30 September 2006.

A meeting of the Board of Directors of the Company will be held on Monday, 31 July 2006 to interalia consider and adopt the Audited Results for the financial year ended 31 March 2006 and Unaudited Financial Results (Provisional) of the Company for the quarter ended 30 June 2006.

The Board Meeting scheduled for 21 April 2006 has been postponed to 26 April 2006.

Industrial Finance Corporation of India Limited (IFCI Ltd.) has accepted the OTS amount in the Delhi High Court in February 2006 and accordingly the Company has withdrawn the suit filed in the High Court and now IFCI Ltd. is in the process of withdrawing their claim in the Debt Recovery Tribunal.

Ministry of Petroleum and Natural Gas (MoPNG) and Selan Exploration Technology Ltd. (SELAN) had signed a Production Sharing Contract (PSC) for the Karjisan gas field, located in Gujarat, on 16 February 2004.

MoPNG, vide their letter dated 9 November 2005, have now approved the Grant of Petroleum Exploration License (PEL) to SELAN for the Karjisan gas field.