Ann: Appendix 3B - Issue of Employee Options, page-33

This is an unconventional reservoir (shale gas) and that is out of favour for investors because they lump it in with the US shale gas which needs $80-$90 a bbl to be viable, and the oil price is down. US shale may be on the ropes but in India it is a different story - but investors beleive whatever they wnat to believe and with Oilex they seem to enjoy bitching and negativity. This bb in particular is extremely negative with nothing good to say about Oilex - so I rarely post here because if I re-iterate the facts all I get is attacked for my comments.