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J o s h i O i l a n d G a s A D i v i s i o n o f J o s h i T e c h n o l o g i e sI n t e r n a t i o n a l , I n c . ( i n d e x . h t m l )

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Dholka Production History

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India: Dholka and Wavel Fields

In 1995, JTI entered into a production sharing agreement with the

Government of India (GOI) to develop the Dholka and Wavel f ields in Gujarat,

India. Since that time, we have increased production in the Dholka Field by

over 50%. Through our onsite improvements and analysis of the field's

proven reserves, we bel ieve that there is a tremendous upside potential in

increasing both oi l and gas production.

The Dholka and Wavel f ields are located in the state of Gujarat in India,

about 320 miles (515 ki lometers) and 339 miles (546 ki lometers) north of

Mumbai (Bombay) respectively. Dholka is about 38 miles (60 ki lometers)

south of Ahmedabad and Wavel is about 15 miles (25 ki lometers) north east

of Ahmedabad, a major ci ty in Gujarat, India. The Dholka field has numerous

hydrocarbon zones including conventional sandstone-si l tstone reservoirs

and newly discovered shale reservoirs. The Wavel Field also has numerous

hydrocarbon zones.

As of December 2013, Dholka Field produces about 9500 barrels of oi l

equivalent per day (BOE/D) including 1.3 Mil l ions of cubic feet of gas per

day. The Wavel Field produces about 75 barrels of oi l per day. JTI's total

current production from the oi l f ields in India is about 1,025 barrels of oi l

equivalent per day (BOE/D). The oi l produced is 40 API gravity.

Dholka Field:

As of December 2013, there are 30 producing wel ls in the Dholka field. Total

oi l production from the Dholka Field is about 720 barrels of oi l per day. In

2004, JTI started sel l ing natural gas produced in the Dholka field. At present

we sel l about 29,000 Std. Cubic Meters (SCM) of gas dai ly [1000 MSCF/day],

which is used by local industries. Dai ly gas sales are approximately 50

barrels of oi l equivalent per day. Thus the total production from Dholka

Field is about 770 barrels of oi l equivalent per day.

We own a work-over rig which is currently being used to improve production

in the Dholka & Wavel f ields.

During 2010, we perforated and stimulated the unconventional "K-4 Shale"

zone in wel l DK-19. As a result, DK-19 produced about 15 barrels of oi l per

day and 600 cubic meters of gas per day [21 MSCF/day] from K-4 Shale. We

are currently evaluating commercial development of "shale gas" and "shale

oi l" in the Dholka Field.

During the third quarter of 2013, JTI started dri l l ing three new wel ls in the

Dholka Field. As of December 2013, the three new wel ls are producing a

total of 320 barrels of oi l per day. The three new wel ls are in the initial

stage of production and we expect the production to decl ine unti l the wel ls

stabi l ize. In the first quarter of 2014, JTI plans to dri l l two new wel ls. JTI

expects to add dai ly production of 80 barrels of oi l equavalent per day from

the two new wel ls.

Wavel Field:

JTI started oi l production from the Wavel f ield in January 2004. As of

December 2013, these two wel ls produce 75 barrels of oi l per day.

Production Update, December 2013

As of December 2013, the average dai ly oi l production from both the Dholka

and Wavel f ields is about 975 barrels of oi l per day. JTI currently sel ls about

34,000 cubic meters of gas per day equivalent to 50 barrels of oi l per day.

The total dai ly oi l equivalent is about 1,025 BOE per day.

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