The objects of the Issue are to achieve the benefits of listing and to fund requirements for fiscal 2009 and fiscal 2010 towards (a) exploration and appraisal activities (b) development activities in producing fields (c) purchase of capital equipments and contracts for facilities and d) diversification of our existing business in downstream activities (the ‘‘Objects’’). Our Company intends to utilize the proceeds of the Issue, after deducting underwriting and management fees, IPO grading fees, selling commission and other expenses associated with the Issue (the “Issue Expenses”) for the Objects (the ‘‘Net Proceeds’’). Our funding requirements for the fiscal 2009 and fiscal 2010 are based on estimates prepared by our management. The main object clause of our Memorandum of Association and objects incidental to the main objects enable us to undertake our existing activities and the activities for which funds are being raised by us through this Issue. The fund requirement and intended use of Net Proceeds have not been appraised by any bank or financial institution. In view of the inherent uncertainties relating to the oil and gas exploration process and the competitive and dynamic nature of the exploration and production industry, we may have to revise our expenditure, fund requirements and estimates of the completion dates. Moreover, these funding requirements are based on our existing estimates and the actual expenditure may vary. Our funding requirements are also dependent on a number of factors which may not be in the control of our management, including variations in the cost structure, changes in estimates, exchange rate fluctuations and external factors. Any such changes may result in rescheduling and revising the planned expenditure and funding requirements, at the discretion of our management.