Hindustan Oil Exploration Company Ltd

Meeting Details

• Date: August 13, 2026; HOEC Q1 FY27 earnings conference call (virtual).
• Event: Hindustan Oil Exploration Company Limited earnings call.

Participants

• Company management: MD & CEO; CFO; Moderator: EY.

Purpose

• Discuss Q1 FY27 results and outlook; transcript released.

Additional Notes

• Transcript available on HOEC site; conference recording made.

Purpose

• Clarification on media report about proposed PY-1 drilling in Cauvery Basin.

Project scope

• Proposal for four development wells within existing PY-1 field; no new exploration area.

Infrastructure

• Wells to be tied to existing SUN platform and pipeline; no new platform or export line.

Approvals & regulatory status

• Development follows Government approvals; DGH/MoPNG processes; environmental and CRZ clearance ongoing via PARIVESH.

Environmental approvals

• ToR granted Aug 21, 2025; EIA and marine studies submitted June 1, 2026.

Investment & community

• Cumulative PY-1 investments ~₹3,400 crore; local community emphasis.

Local employment

• Approximately 80% of PY-1 workforce sourced locally.

Environmental safeguards

• Environmental safeguards will apply; continuous monitoring; commence drilling only with statutory clearances.

Status update

• Media report has no material impact; drilling will await requisite approvals.

Block B-80 MOPU update

• Compression configuration on the MOPU changed to allow lower suction pressures.
• Test run of compressors started in the new configuration with partial gas sales.

Business Overview

• HOEC is an Indian oil and gas explorer/producer with offshore and onshore blocks across multiple basins.
• Strategic focus includes FDPs, field development, and infrastructure upgrades for gas evacuation.

Key Operational Highlights

• Mumbai High: B15 FDP in preparation; B80 workover and 3 new wells underway.
• Kharsang: 4-well workover doubled oil production; next phase drilling planned.
• Dirok: FDP extended; PSC extension under final review; faster evacuation routes planned.
• Cambay: COLT pilot for high-viscosity oil; SRP procurement underway; 20% production uplift.
• Cauvery PY1: gas production active; velocity string and clean-up planned.
• HPCL dispute: invoice canceled; oil resold to third parties; full sale by Oct–Nov 2026.
• Offshore B80: 605 boepd production; reserves 35.48 MMBOE.
• PY1: 61 boepd; reserves 10.38 MMBOE.
• Kharsang onshore: 655 bpd oil; 0.16 MMSCF gas.
• Palej onshore: 70 boepd; reserves 0.04 MMBOE.

Financial Performance

• Consolidated total income: INR 134.34 crore.
• Consolidated revenue from operations: INR 124.01 crore.
• Profit petroleum to GOI: INR (9.83) crore.
• Other income: INR 20.16 crore.
• Net profit for Q1FY27: INR 6.24 crore.
• EPS (basic) consolidated: INR 0.47.
• Standalone revenue: INR 126.99 crore.
• Standalone net profit: INR 12.54 crore.
• Standalone EPS (basic): INR 0.95.
• FY27 capex plan: USD 45 million; funding discussions underway.

Capital Structure & Liquidity

• FY27 capex plan: USD 45 million; funding discussions underway.

Strategic Priorities & Outlook

• Advance FDPs and field development across offshore/onshore blocks.
• Drilling planned across multiple blocks in FY27-28.
• Enhance gas evacuation capacity and de-bottleneck offshore facilities.

Risks & Governance

• HPCL dispute poses revenue risk; resolution ongoing.
• Gas evacuation infrastructure constraints; ongoing stakeholder coordination.
• Auditor: EY LLP; Company Secretary & Compliance Officer: Josephin Daisy.

Board update on compliance fines

• Board notes non-compliance with Regulation 33 LODR due to 10-day delay in FY26 audited results.
• Total fine Rs 59,000, comprising Rs 50,000 base plus Rs 9,000 GST; paid.
• Delay attributed to leadership and governance changes, including KMPs and Statutory Auditors.
• Company had informed exchanges of anticipated delay on May 27, 2026; detailed disclosure provided.
• Audited results for quarter and year ended March 31, 2026 submitted on June 11, 2026.
• Fines payable deadline: 15 days; non-payment may trigger promoter share freezing and Z-trading.
• Board to strengthen financial closing process to prevent recurrence.

Financial results approved

• Approved unaudited standalone and consolidated results for quarter ended June 30, 2026.
• Limited Review Reports on standalone and consolidated results taken on record.
• Auditors issued an unmodified Limited Review Report for both results.

Capital and governance decisions

• Borrowing limits raised to Rs 1000 crore, subject to AGM shareholder approval.
• Threshold for loans/guarantees/securities/investments up to Rs 300 crore, subject to AGM.

Regulatory disclosures

• Unaudited results submitted under Regulation 33 of the LODR.
• Results filed with NSE and BSE; available on HOEC website.

Meeting Details

• Earnings conference call for Q1 FY27 on August 13, 2026 at 03:00 PM IST.
• Type and mode: group earnings call conducted virtually.
• Organizer: Hindustan Oil Exploration Company Ltd.
• Purpose: discuss unaudited results for quarter ended June 30, 2026.

Participants

• Managing Director & CEO to represent management.
• Chief Financial Officer to participate.

Purpose

• Discuss unaudited Q1 FY27 results.

Additional Notes

• No recording or transcript details provided.
• Pre-registration is mentioned; dial-in numbers not listed.

Meeting Details

• Board meeting on August 12, 2026; time and venue not disclosed.

Key Agenda Items

• Consider unaudited financial results for the quarter ended June 30, 2026.

Tax penalties

• State Tax Officer imposed penalties of Rs 317,358 with tax demand and interest (2022-23) received July 15, 2026.
• State Tax Officer imposed penalties of Rs 268,956 with tax demand and interest (2020-21) received July 13, 2026.
• Company will file revised returns and discharge the demands; financial implications deemed not material.
• Orders pertain to IGST non-payment on external legal services; impact on operations or finances not material.