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Gujarat Gas Company Ltd (GGCL) has informed BSE regarding the expiry of Gas Sales Contracts and execution of Term Sheet with GAIL.

“1. Gujarat Gas Company Ltd (”GGCL”) had that the Company had entered into two gas sales contracts with the Panna Mukta Joint Venture (PMT-JV), each for the purchase of 0.70 mmscmd of gas (1.40 mmscmd in aggregate). The term of the said gas sales contracts have expired on April 01, 2008.

2. GGCL had entered into a Gas Sales Contract (”GSC”) dated September 18, 2006 with BG Exploration and Production India Ltd (”BGEPIL”) for the purpose of 1.65 mmscmd of gas. Pursuant to the direction / order dated November 26, 2007 of the Government of India, BGEPIL, while expressing its inability to perform its obligations under the GSC, has terminated the GSC with immediate effect, that is from April 01, 2008.

3. GGCL has executed a Term Sheet with Gail (India) Ltd for the purchase and transmission of 2.13 mmscmd of gas under which gas supply has commenced from April 01, 2008. The provisions of the Term Sheet would be subsequently incorporated in to a Gas Sales and Transmission Contract valid up to the earlier of December 21, 2019, or the expiry or termination of the Panna-Mukta, Tapti Production Sharing Contracts.”

With reference to the earlier announcement dated February 20, 2008 regarding the decision of the Board to convene the Annual General Meeting (AGM) on April 30, 2008, Gujarat Gas Company Ltd has now informed BSE that the date of the said AGM has been changed and therefore the ensuing AGM of the Company will be held on May 02, 2008.

Gujarat Gas Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 20, 2008, to consider the audited financial results of the Company for the calendar year 2007 and for the recommendation of dividend.