The Directors have pleasure in presenting for your consideration and
 approval the Nineteenth Annual Report for the year ended 31st March,
 2010.
 
 1.  FINANCIAL PERFORMANCE: (Rs. in Lacs) 
 Particulars               2009-10   2008-09
 
 Total Income               115.28     66.88
 
 Gross Profit / (Loss) 
 before Interest, 
 Depreciation  & Tax         10.47   (176.15)
 
 Interest                     0.25      3.60
 
 Depreciation                 2.58      7.86
 
 Provision for Taxation 
 (Including FBT)               NIL      1.81
 
 Net Profit / (Loss)          7.64   (189.42)
 
 2.  DIVIDEND:
 
 In view of inadequacy of profit, the Board does not recommend payment
 of dividend to the Shareholders for the year under review.
 
 3.  RETROSPECTIVE AND PROSPECTIVE REVIEW OF OPERATIONS:
 
 Upon completion of the takeover activities, the new management pursued
 and obtained the Mining Lease for Modhera oil field (located in the
 Cambay Basin in close proximity to Baola field). In addition, for
 Modhera, the Company took over the management of the field in February
 2009 (the Production Sharing Contract for Modhera had been previously
 signed by the Company in the year 2001).
 
 The 3D seismic data acquisitions of Baola and Modhera were conducted as
 planned and were completed during the year. Data processing for both
 fields were also completed but interpretation work could only be
 finalized for Baola during the year under review. The interpretation
 work for Modhera was still in progress as at the end of the year.
 
 The seismic interpretation results for Baola have provided the Company
 with a few leads for drilling of a proposed well. The Company, after
 extensive technical analysis, has selected the best technically
 acceptable geological location for drilling an exploratory cum
 development well. The well is scheduled to be spud in the second
 quarter of the 2010-11 financial year. In addition, your Company is
 also planning to drill a well in Modhera during the third or the fourth
 quarter of the 2010-2011 financial year, if the seismic prognosis
 results in credible drilling leads.
 
 It is hoped that the production of oil/gas from the Baola field and
 oil/gas from Modhera field (contingent on the outcome of a drilling
 phase) is expected to commence from the financial year 2010-11 and
 2011-12 respectively.
 
 On the international front, the Companys wholly-owned subsidiary,
 Interlink Petroleum Pte.  Limited (incorporated in Singapore during the
 year 2008-09), has yet to commence operations.
 
 4.  MANAGEMENT DISCUSSION AND ANALYSIS:
 
 4.1 Industry Structure and Developments:
 
 The petroleum industry in India remains regulated by the policies of
 the Government of India. The industry, however, faces tough challenges
 from the environmental policies being implemented in the country which
 are getting stricter with each passing day. This is impacting the 
 industry, resulting in delays in project implementation as well as 
 adding to finding and developing costs. Further, the recent apex 
 court pronouncement on the ownership of gas and its pricing guidelines
 relating to gas related transactions has also changed the industry 
 landscape.
 
 4.2 Opportunities and Challenges:
 
 The price of oil appears to be maintaining a level of approximately
 US - US per barrel. This has catalyzed the industry and
 exploration and development activities are on the uptrend. This current
 oil price level is expected to remain in the medium term. The rise in
 oil prices may result in an escalation in service costs to its
 pre-downturn levels.
 
 In contrast, the natural gas prices that had plunged along with oil
 prices have not rebounded to their pre-downturn levels and are still
 posing some challenges to the gas producers.  Natural gas, remains a
 largely a regional product and continues to be monopolized by the
 suppliers or consumers or transporters.
 
 4.3 Operations and Performance:
 
 Overall Review:
 
 The Company seized a partial advantage of the economic downturn in late
 2008 and carried out its operations, mainly the 3D seismic acquisition,
 processing and interpretation at moderate costs. We also achieved our
 objective of completing the program on schedule, enabling us to plan
 for a drilling program to commence by mid 2010.
 
 In this area the Company will continue to seek opportunities to obtain
 competitive pricing for services.
 
 Quality, Health, Safety & Environment:
 
 Your Company is committed to protect the health, safety and environment
 in all aspects of its work. The Company therefore places high emphasis
 on compliance to its HSE policy by all the stake holders, the
 employees, contractors and associates.
 
 4.4 Future Outlook:
 
 Threats :
 
 As is the case with any oil and gas exploration and production player,
 the Company’s overall performance is impacted by oil / gas price and
 finding, development and operational costs.  The size of the Company’s
 future revenue will rely on successful development of the fields being
 held and will also depend on oil and gas prices prevailing in the
 international market. To try to mitigate fluctuations in the Company’s
 performance with oil price fluctuations, the Company may resort to
 processes such as hedging. Such measures will be suitably undertaken at
 the appropriate time. In the meanwhile, the gas price continues to
 remain a challenge for the Company as the estimated gas accumulations
 in its fields requires a reasonable price support for it to be
 economically produced.
 
 Efforts are being made by the Company to secure such gas prices from
 its present and prospective consumers.
 
 4.5 Internal Control Systems and Risk Management:
 
 The Company is already practicing an adequate Internal Control System
 in respect of efficiency of operation, financial reporting, compliance
 with laws and applications etc., which is supplemented by Internal
 Audit conducted regularly to review the adequacy and effectiveness of
 Internal Control and to suggest improvement. The Audit Committee
 regularly reviews the significant observations of the Audit and also
 meets the Companys Statutory Auditors to obtain their observations on
 Financial Reports and Controls.
 
 4.6 Financials:
 
 A brief of the financial analysis of the Companys operations for the
 year is given herein above and therefore the same is not repeated.
 
 4.7 Cautionary Statement :
 
 Certain Statements made in the Management Discussion & Analysis may be
 Forward-looking statements. within the meaning of applicable
 securities laws & regulations and actual results may differ materially
 from those expressed and implied. Factors that could make differences
 to the Companys operations include competition, price realizations,
 changes in the Government policies and regulations, tax regimes,
 economic development within India and other incidental factors.
 
 5.  CHANGE IN CAPITAL STRUCTURE AND LISTING OF SHARES :
 
 During the year under review, the Company issued and allotted 65,20,000
 shares to Non Promoter Foreign Investors in compliance with SEBI (ICDR)
 Regulations, 2009, on repatriation basis, to raise funds to undertake
 substantial expansion of operational activities, to meet a part of the
 proposed capital expenditure and to augment long term working capital
 requirement of the Company. These shares have also been listed on the
 Bombay Stock Exchange Limited
 
 6.  SIGNIFICANT DEVELOPMENTS
 
 During the year, M/s. Jit Sun Investments Pte. Limited Singapore, the
 Promoter of the Company, transferred its entire shareholding in the
 Company (1,03,10,000 Equity shares representing 41.37% of the paid up
 capital of the Company) to its wholly owned subsidiary, M/s. Loyz Oil
 Pte.  Limited, Singapore, with due compliance of SEBI (SAST)
 Regulation.
 
 As per communication received from M/s Jit Sun Investments Pte Limited
 (one of the Companys promoters) and Mr. Kenneth Gerard Pereira, they
 have on 28th April 2010, entered into a Share Purchase Agreement with
 M/s Sim Siang Choon Limited, a Company listed in the Singapore Stock
 Exchange, proposing to sell their shareholding (total of 11,934,000
 shares) in the Company, in exchange of shares in M/s Sim Siang Choon
 Limited subject to approval of the relevant authorities in India and
 Singapore.
 
 7.  DIRECTORS RESPONSIBILITY STATEMENT :
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956, with respect to Directors Responsibility Statement, it is
 hereby confirmed;
 
 i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 ii) that the Directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year March 31st,
 2010 and of the Profit of the Company for the year;
 
 iii) that the Directors have taken proper and sufficient care to
 maintain adequate accounting records in accordance with the provisions
 of the Companies Act, 1956 for safeguarding the assets of the Company
 and for preventing and detecting fraud and other irregularities;
 
 iv) that the Directors have prepared the annual accounts on a going
 concern basis.
 
 8.  DIRECTORS :
 
 Mr. Vijay Misra and Mr. Bikash Chandra Bora, the Directors, retire at
 the ensuing Annual General Meeting and being eligible, they have
 offered themselves for reappointment.
 
 For perusal of the Shareholders, a brief resume of the Directors being
 reappointed, their nature of expertise, their shareholding in the
 Company, the names of the Companies in which they hold directorship and
 the details of their membership of the Committees of the Board are
 given as Annexure  I to the notice, as required under clause 49 IV G
 of the Listing Agreement. The Board recommends their reappointment.
 
 
 9.  CORPORATE GOVERNANCE:
 
 Your Company has complied with the requirements of Clause 49 of the
 Listing Agreement relating to Corporate Governance in all material
 respects as applicable, during the year under review.
 
 A report on Corporate Governance, together with a Certificate of its
 Compliance, forms part of this report in the enclosed Annexure - III.
 
 10.  SUBSIDIARY COMPANY:
 
 The Directors and Auditors Reports and Accounts of the Subsidiary
 Company are annexed to this report along with the statement pursuant to
 Section 212 of the Companies Act, 1956.
 
 11.  STATUTORY DISCLOSURES:
 
 11.1 Personnel :
 
 Information under Section 217 (2A) of the Companies Act, 1956 read with
 Companies (Particulars of Employees) Rules, 1975, forms part of this
 report. However, as per the provisions of Section 219 (1) (b) (iv) of
 the Companies Act, 1956, the Report and the Accounts is being sent to
 all shareholders of the Company excluding the aforesaid information.
 Shareholders interested in obtaining this information may write to the
 Dy.  Company Secretary at the Registered Office of the Company.
 
 11.2 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo :
 
 As required under Section 217 (1) (e) of the Companies Act, 1956 read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules,1988, statement showing particulars with respect to
 conservation of energy, technology absorption and foreign exchange
 earnings and outgo, is given in the enclosed Annexure-II.
 
 11.3 Consolidated Financial Statements:
 
 In accordance with Accounting Standard AS-21, the audited consolidated
 financial statements are provided in the Annual Report.
 
 12.  PUBLIC DEPOSITS:
 
 During the year under review, the Company has not accepted any public
 deposits as per under Section 58A of the Companies Act 1956.
 
 13.  AUDITORS, AUDIT REPORT AND AUDITED ACCOUNTS :
 
 M/s Shirish Desai & Co., Chartered Accountants, retire as Auditors at
 the conclusion of the ensuing Annual General Meeting and being
 eligible, offer themselves for re-appointment.
 
 The Auditors Report read with the notes to the accounts referred to
 therein, are self-explanatory and therefore, do not call for any
 further comments.
 
 14.  ACKNOWLEDGEMENTS :
 
 Your Directors place on record their sincere appreciation for the
 continued co-operation and support extended by you and the service
 providers, to the Company. Your Directors would also like to record
 their gratitude for the support and co-operation received by your
 Company from agencies of the Government of India namely, Ministry of
 Petroleum and Natural Gas, Directorate General of Hydrocarbons and
 Government of Gujarat . Your Directors also express their sincere
 appreciation to our dedicated employees for their continuing efforts
 towards the growth of your Company.
 
                                     For and on behalf of the Board,
 
                                     Bikash Chandra Bora
                                     Chairman
 
 Place: Noida
 Date:10-06-2010