In 2008, Australian Government had offered acreages for exploration. The Company had identified a Block AC08-4 and had submitted a bid in October 2008 with 100% Participating interest. The Company has been successful in its bid and has been awarded the exploration permit AC/P46, for this block. The Company has thus achieved the status of an Operator.

AC/P46 covers an area of 835 sq.km in the Timor Sea, about 650-700 km west of Darwin, and is situated within the Territory of Ashmore and Cartier Islands. The water depth ranges in this block are from 100-200m.

As part of the firm exploration program in Australia, the Company has successfully completed acquisition of 450 km2 of 3D seismic data. Processing and interpretation of the same is in progress. Depending on the outcome of the interpretation, the Company would opine whether to drill an optional well in 2012 or to surrender the permit.