Niko Resources

Capex

Reserves

Proved reserves at fiscal year-end increased by 86 percent to more than 200 MMBoe while proved plus probable reserves increased by 18 percent to almost 290 MMBoe. This represents a 20 fold production replacement ratio. The net present value of proved plus probable reserves increased by almost 40 percent. The reserves and net present value do not include the results of the additional 16 exploration discoveries in D6, nor any of the 10 successful exploration discoveries in NEC-25. From the first discovery at D6 in 2002, the development of the D6 gas fields has progressed in world record time for a deepwater offshore discovery. The development is on time and on budget, with first production scheduled to occur in the third calendar quarter of 2008. This will be a historic event not only for Niko, but also for India, as with less than 5 percent of the area of the massive D6 block developed, the fields will be able to more than double India's total current gas production.

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