Offshore staff

Capital spending in Hazira, India, in fiscal 2005 included completion of construction on the offshore platform and the drilling and completing of five development wells on the platform. Costs are expected to be within the budgeted range of $35-40 million.

Planned development at Hazira in fiscal 2006 includes the drilling of two more gas wells, six to eight oil wells, and installing oil-handling facilities. Capital spending is budgeted between $18-23 million for fiscal 2006.

Net production from Hazira in fiscal 2005 is expected to be 43 MMcf/d. Production for fiscal 2006 is expected to be 60-65 MMcf/d with an exit rate of 70 MMcf/d. Oil production from Hazira is expected to start in December 2005 and production guidance will be given at that time.

Operating expenses for Hazira in fiscal 2005 are expected to be lower than the budgeted $2/boe. Operating expenses for fiscal 2006 are budgeted from $1.30-1.40/boe.

04/15/05