Gulf Oil Corporation - Limited Review For The Quarter Ended Sep 30, 2007

Gulf Oil Corporation Ltd has informed that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:

Deferred tax asset as at September 30, 2007 include Rs 791 lakhs arising on account of brought forward business losses; the Auditors are unable to take a view, in the absence of sufficient taxable profit, on the appropriateness of carrying the aforesaid deferred tax asset.