The contract for offtake of gas on an immediate sale basis shall be entered with GSPC for a duration of 2 years and the monthly sales gas price in US$/mmbtu will be calculated at 22.2% of the previous month average Brent Crude Oil price in US$/barrel. A floor price of US$ 6/mmbtu is applicable, i.e., if in any month the calculated sales gas price is less than US$ 6/mmbtu then a price of US$ 6/mmbtu shall apply.

For example, if the average Brent Crude Oil price of previous month is US$ 80/barrel, the applicable current month sales gas price will be US$ 17.76/mmbtu. The Company is on track to commence commercial production of oil and gas from B-80 Block by end of March 2022.