Net profit of Hindustan Oil Exploration Company rose 667.92% to Rs 42.85 crore in the quarter ended September 2018 as against Rs 5.58 crore during the previous quarter ended September 2017. Sales rose 666.43% to Rs 64.38 crore in the quarter ended September 2018 as against Rs 8.40 crore during the previous quarter ended September 2017.

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Hindustan Oil Exploration Company will hold a meeting of the Board of Directors of the Company on 22 October 2018 to consider the unaudited financial results for the quarter and half year ended 30th September, 2018.

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Hindustan Oil Exploration Company Ltd gained 1.15% today to trade at Rs 118.65. The S&P BSE Energy index is up 0.64% to quote at 4097.95. The index is down 13.58 % over last one month. Among the other constituents of the index, Coal India Ltd increased 1.1% and Reliance Industries Ltd added 0.71% on the day. The S&P BSE Energy index went up 4.2 % over last one year compared to the 8.37% surge in benchmark SENSEX.

Hindustan Oil Exploration Company Ltd has lost 20.42% over last one month compared to 13.58% fall in S&P BSE Energy index and 10.1% drop in the SENSEX. On the BSE, 2039 shares were traded in the counter so far compared with average daily volumes of 1.11 lakh shares in the past one month. The stock hit a record high of Rs 164.8 on 09 Aug 2018. The stock hit a 52-week low of Rs 88.9 on 24 Oct 2017.

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Hindustan Oil Exploration Company executed the Revenue Sharing Contract with Government of India for Block AA-ONHP-2017/19 it won under the Open Acreage Licensing Policy (OALP) Bid Round I on 01 October 2018 in the presence of Honourable Union Minister of Petroleum & Natural Gas and Skill Development at New Delhi.

As updated on 29 August 2018, this Block extends to an area of 79 sq. km. and is located adjacent to Dirok field operated by HOEC. Dirok field and its extension through this Block AA-ONHP- 2017/19, forms one Greater Dirok Area that is part of a proven petroleum system. Since HOECunderstands this basin well and has adequate data, we plan to fast track the exploration phase to quickly monetise on success.

Dirok gas being rich, off take by consumers has been increasing month after month, confirming growing demand for gas in the Assam Market. Taking note of this, Operating Committee of the Dirok field consisting of Oil India, Indian Oil Corporation and HOEC reviewed and recommendeda Revised Plan of Development (RPoD) of AAP-ON-94/1 (Dirok field) for submission to Directorate General of Hydrocarbon (DGH) during the meeting held at Chennai on 28 September 2018.

RPoD considers that the Estimated Ultimate Recovery (EUR) under 2P case would be in the order of 305 BCF against the EUR of 134.09 BCF (2P) in the Plan of Development approved by the Management Committee in 2015. The proposal recommended by the Operating Committee envisages to drill 4 new development wells and to explore a new prospect in the North of Dirok field within the existing area. Over all, the RPoD targets to increase the gas production by about 55 mmscfd from the current level of 35 mmscfd. Schedule and costs of RPoD will be firmed uppost independent review by DGH and on securing the approval of Management Committee.

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