Notes:

• In a major accident on 27.07.2005, BHN platform in Mumbai High Offshore field was totally destroyed. The accident also damaged the adjacent platforms and connecting pipelines. Multi-purpose support vessel Samudra Surakhsha also caught fire and subsequently sank. All these assets were insured at specified values under Energy Insurance Package Policy. The Insurance Company has since released an ‘on account payment’ towards loss to BHN platform amounting to Rs. 76856 lakh after policy deductibles.Pending finality of settlement, the difference of Rs. 57836 lakh between the ‘on account payment’ and net book value of the related fixed assets hasbeen kept under ‘other deposit - liability’. Other claims are being pursued in terms of package policy provisions.
• In terms of the decision of the GOI being conveyed by MoP&NG on quarterly basis, ONGC has been sharing the burden of under recoveries of Oil Marketing Companies (OMCs) since April, 2003. Accordingly, sales revenue in respect of Crude Oil, LPG and SKO during the current quarter and half year ended 30th September, 2005 is net of Rs. 282718 lakh and Rs. 570103 lakh (previous year quarter Rs. 96728 lakh and half year Rs. 178217 lakh) respectively.Impact on Profit after Tax for the current quarter and half year is Rs.171573 lakh and Rs. 346043lakh (previous quarter and half year Rs.58783 lakh and Rs. 105969 lakh) respectively.
• The company has changed the rate of depreciation on all trunk pipelines and onshore flow lines (assets below ground) from 27.82% to 100% w.e.f 1.4.2005 to be in conformity with the interpretation adopted for tax purposes. Accordingly, the depreciation on the net block of such assets as on 1.4.2005 amounting to Rs. 15253 lakh has been taken to prior period. The depreciation on additions in respect of these assets during the period has been charged on pro rata basis. The impact of this change in rate on profits for the quarter is Rs.44927 lakh.
• The statutory auditors in their report on the accounts for the year 2004-05 had commented on non adjustment of differences between physical verification of inventories, fixed assets and capital stores vis-à-vis the books of accounts in few units. Effective steps are being taken for reconciliation of the same. Management does not envisage any significant impact of these adjustments on the above financial results.
• Information on investor complaints pursuant to clause 41 of Listing Agreement for the quarter ended 30th September, 2005 .

  	Opening Balance	Additions	Disposals	Closing Balance
  No. of complaints	12	276	283	5

  The balance 5 complaints pending at the end of the quarter have since been resolved. This excludes investor complaints regarding the offer for sale upto 10% of equity shares of the company made by the Government of India in March, 2004, which are being attended to by the Registrar to the issue appointed by Govt. of India. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 26th October, 2005. The same are subject to limited review by the statutory auditors of the company.By order of the Board