Announcements

A meeting of the Board of Directors of the Company is being convened on Friday, 11 February 2011 to consider and adopt, inter-alia, the Unaudited Financial Results (Provisional) of the Company for the quarter ended 31 December 2010.

The Committee of Directors for Bonus Issue, in their meeting held today, have allotted 1,544,277 Bonus Shares of Rs. 10 /- each as fully paid in the ratio of 1 (One) Fully Paid-up Equity Share of Rs. 10/- for every 10 (Ten) existing Equity Shares of Rs. 10 /- each, held by the shareholders on the Record Date i.e. 3rd January 2011.

Further, in compliance with new Clause 22(d) of the Listing Agreement, introduced vide SEBI Circular No. CIR / CFD / DIL / 10 / 2010 dated 16 December 2010, it is hereby informed that the Bonus Shares so issued, shall be credited / dispatched to the shareholders on Wednesday, 19 January 2011.

The shareholders of the Company, in the Extraordinary General Meeting, held on 22 December 2010, have unanimously approved the resolution for issue of bonus shares in the ratio of 1:10 (i.e. one new equity share for ten existing equity shares), as sent to them vide notice dated 22 November 2010.

Further, the Record Date for the purposes of the aforesaid Bonus issue has been fixed as 3 January 2011.

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.