Hindustan Oil Exploration Company announced that it has emerged as the successful H-1 bidder for Block AA-ONHP-2017/19 under the Open Acreage Licensing Policy (OALP) Bid Round I. The Directorate General of Hydrocarbons (DGH) has published the list of the duly approved awardeesfor 55 blocks and the Revenue Sharing Contract is expected to be executed with HOEC on 06 September 2018 at New Delhi.

This Block AA-ONHP-2017/19 extends to an area of 79 sq. km. and is located adjacent to Dirok Field operated by HOEC. Based on assessed prospectivity, this Dirok extension area was carved out by HOEC by filing first the Expression of Interest (EOI) as required under OALP bid process and later submitted a competitive work program.

Dirok and its extension Block AA-ONHP-2017/19, together forms one Greater Dirok Area that is part of a proven petroleum system with a package of prolific reservoirs such as Girujan, Tipam and Barail, and known to hold several leads and prospects.

Greater Dirok Area has the required infrastructure in the form of Gas Processing Plant and gas pipeline to market operated by HOEC and Digboi Refinery of IOC in its vicinity, making it easy to rapidly drill the exploratory wells and to quickly monetize on success.

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Hindustan Oil Exploration Company announced that the 34th Annual General Meeting (AGM) of the company will be held on 20 August 2018.

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Net profit of Hindustan Oil Exploration Company rose 693.88% to Rs 23.34 crore in the quarter ended June 2018 as against Rs 2.94 crore during the previous quarter ended June 2017. Sales rose 842.47% to Rs 35.06 crore in the quarter ended June 2018 as against Rs 3.72 crore during the previous quarter ended June 2017.

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Hindustan Oil Exploration Company will hold a meeting of the Board of Directors of the Company on 23 July 2018, to consider the unaudited financial results for the quarter ended June 30, 2018.

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