Indus Gas Limited

("Indus" or the "Company")

Gas Sales Price Increase

Indus is pleased to announce, that for its existing gas sales purchase agreement ("GSPA"), a gas price increase in respect of sales from RJ-ON/6 Block has been agreed with the gas buyer, GAIL (India) Limited ("GAIL").

The gas price for RJ-ON/6 Block effective 1 April 2022 will be as per the Domestic Gas Price on Gross Calorific Value basis (GCV) as notified by Petroleum Planning & Analysis Cell of the Government of India. The floor price of gas sales will continue to be US$4.5146 per MMBTU on GCV which is equivalent to the existing price realization of US$5 per MMBTU on a Net Calorific Value basis up to 31 March 2022. The GSPA otherwise remains unchanged.

This gas price revision has resulted in the gas price being revised to US$6.1 per MMBTU on Gross Calorific Value basis from 1 April 2022 to 30 September 2022 resulting in a price increase (as compared to the floor price) of about 35%. The Board is very pleased to have agreed this higher gas price with GAIL.

For further information please contact:

Indus Gas Limited

Jonathan Keeling                                                                              +44 (0) 20 8133 3375

Strand Hanson Limited (Nominated and Financial Adviser)

Ritchie Balmer, Rory Murphy                                                            +44 (0) 20 7409 3494

Arden Partners plc (Broker)

Equity Sales: James Reed-Daunter                                                 +44 (0) 20 7614 5900