Bad Weather Suspends Hardy Production at PY-3 Field in India

Hardy Exploration & Production (India), the Operator of PY-3 Field has informed the Company that the production from PY-3 Field has been temporarily suspended on December 18, 2007 due to breakup of the crude oil import hose occasioned by bad weather conditions prevailing on the South East coast of India. The Operator has initiated action to restore the production at the earliest possible weather window.