Quarterly Report to Shareholders 31 March 2012

Activity during the quarter was dominated by operations to control the Cambay-76H well and recovery of equipment that had been stuck downhole. The well has continued to flow gas and condensate to surface intermittently at high pressure and a mud system of a higher density has been installed. The intermittent flows of hydrocarbons and fracture stimulation fluids to surface observed during the quarter may be positive indicators of potentially good future reservoir performance.

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