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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The announcement was made after market hours yesterday, 12 July 2018.

Meanwhile, the S&P BSE Sensex was up 38.82 points, or 0.11% to 36,587.23.

On the BSE, 70,000 shares were traded in the counter so far compared with average daily volumes of 78,000 shares in the past two weeks. The stock had hit a high of Rs 139 and a low of Rs 134.25 so far during the day. The stock hit a 52-week high of Rs 153.75 on 12 January 2018. The stock hit a 52-week low of Rs 66.65 on 11 August 2017.

Hindustan Oil Exploration Company (HOEC) announced the successful completion of a two well re-entry and side track drilling campaign of Mercury and Earth wells which commenced in April 2018. Based on the test results of these wells there is an increase in gas production by about 10 mmscfd from the current level of 2 mmscfd. PY-1 block is 100% HOEC owned offshore field with the facilities to handle this production without any additional operating costs.

Successful completion of the two wells opens up opportunities for further exploitation with simple, shallower and cost-effective vertical wells. HOEC is keen to pursue this new lead in future drilling campaigns after geo-technical studies based on the production performance.

PY-1 block has a fully developed infrastructure with a long-term gas sales contract with GAIL which ensures full offtake of the quantity produced, HOEC said in a statement.

P. Elango, managing director, HOEC said the company is particularly excited with the enhancement of gas production from PY-1. This reinforces firm belief of its yet-to-be recovered reserve and resource base. The firm is keen to execute similar successful offshore drilling campaigns in future and will continue its attempts to increase production to lever the fully developed infrastructure.

Net profit of Hindustan Oil Exploration Company rose 67.52% to Rs 16.45 crore on 191.47% rise in net sales to Rs 23.23 crore in Q4 March 2018 over Q4 March 2017.

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

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Net profit of Hindustan Oil Exploration Company rose 67.52% to Rs 16.45 crore in the quarter ended March 2018 as against Rs 9.82 crore during the previous quarter ended March 2017. Sales rose 191.47% to Rs 23.23 crore in the quarter ended March 2018 as against Rs 7.97 crore during the previous quarter ended March 2017.

For the full year,net profit rose 4.01% to Rs 37.84 crore in the year ended March 2018 as against Rs 36.38 crore during the previous year ended March 2017. Sales rose 94.68% to Rs 48.71 crore in the year ended March 2018 as against Rs 25.02 crore during the previous year ended March 2017.

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The Board of directors of Hindustan Oil Exploration Co., in its meeting held on 12 May 2018 transacted the following items of businesses:1. Approved the standalone and consolidated financial results of the company as per Indian Accounting Standards (IND-AS) for FY 31 March 2018.2. Take on record auditors' report on standalone and consolidated financial results for FY 31 March 2018.3. Approved payment of director's commission not less than 1% of its net profit to non- executive independent directors, subject to shareholders' approval.4. The Board approved vesting of 1000000 stock options to P Elango, MD and 750000 stock options to R Jeevanandam, whole time director and CFO subject to intimation submitted to stock exchange on 20 January 2018.5. The remainder of the ESOP Scheme as approved by shareholders in AGM.

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