Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In a report on Item 5.02 on Form 8-K dated March 4, 2009, the Company reported that each of Daniel Murphy, Lyndon West and Andrew Boetius entered into two amendments to Appendix I to his respective employment agreement (collectively, the "Amended Agreements") with the Company's subsidiary Index Oil & Gas Limited. Pursuant to the Amended Agreements, effective as of December 1, 2008, certain remuneration terms have been amended ("Remuneration Amendments"), with the following elements relevant to this report :

• 70% of current salary to February 28, 2009 and 50% of current salary from March 1, 2009 will be paid via payroll, less appropriate payroll taxes.

• Payment of contributions to personal pension plans for Daniel Murphy, Lyndon West and Andrew Boetius, at the level of 10% of total salary, is suspended.

• The Company will make an award of stock under the 2008 Stock Incentive Plan, as a Stock Award, with a value equivalent to the sum of 30% or 50%, as applicable, of current salary and suspended pension payments, as applicable.

• On the latest of June 1, 2009, the Remuneration Amendments will cease and the original remuneration terms will be re-instated.

• The Company has the right to extend the Remuneration Amendments on a month-by-month basis, from April 1, 2009 until June 1, 2009.

On May 1, 2009 the Board of Directors elected by resolution to extend to June 1, 2009 the period for which the Remuneration Amendments would apply, and so as to cover the months of April and May 2009.

The foregoing description of the Amended Agreements does not purport to be complete and is qualified in its entirety by reference to the complete text of the Amended Agreements, which are attached as Exhibits 10.1, 10.2, and 10.3 to the Company's current report on Form 8-K filed with the Commission on March 4, 2009.

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