Hindustan Oil Exploration Company announced that the Board of Directors of the company at its meeting held on 04 April 2018 have accorded approval to the acquisition of the entire share capital of Geopetrol International Inc. (Geopetrol), a company incorporated in Republic of Panama, from Geofinance Petroleum S.A.

The company has entered into a Share Purchase Agreement to acquire the entire share capital of Geopetrol international Inc., which is a party to number of oil and gas assets in India, including the Kharsang Oil field in the state of Arunachal Pradesh which is under production with 30% participating interest both directly and indirectly.

HOEC has two operating assets one at Assam, Dirok oil and gas producing field and the other at Kherem at Arunachal Pradesh. This acquisition would enhance the operating synergy and optimise the costs.

The indicative time period for the completion of the entire process is expected on or before 15 April 2018.

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Hindustan Oil Exploration Company announced the appointment of Ashok Kumar Goel as an Additional Director with effect from 01 March 2018.

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The result was announced on Saturday, 20 January 2018.

Meanwhile, the S&P BSE Sensex was up 48.36 points or 0.14% at 35,559.94. The S&P BSE Small-Cap index advanced 0.21%, outperforming the Sensex.

On the BSE, 4.76 lakh shares were traded on the counter so far as against average daily volumes of 5.32 lakh shares in the past one quarter. The stock had hit a high of Rs 146.80 and a low of Rs 136 so far during the day. The stock had hit a 52-week high of Rs 153.75 on 12 January 2018 and a 52-week low of Rs 66.55 on 19 January 2017.

The stock had underperformed the market over the past one month till 19 January 2018, sliding 2.07% compared with the Sensex's 4.95% rise. The stock had, however, outperformed the market over the past one quarter, advancing 46.67% as against the Sensex's 9.64% rise. The scrip had also outperformed the market over the past one year, surging 78.22% as against the Sensex's 30.04% rise.

The small-cap company has equity capital of Rs 130.49 crore. Face value per share is Rs 10.

Hindustan Oil Exploration Company (HOEC) is an oil and gas company.

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Net profit of Hindustan Oil Exploration Company rose 207.89% to Rs 12.87 crore in the quarter ended December 2017 as against Rs 4.18 crore during the previous quarter ended December 2016. Sales rose 143.35% to Rs 13.36 crore in the quarter ended December 2017 as against Rs 5.49 crore during the previous quarter ended December 2016.

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