Hindustan Oil Exploration Company Limited has commenced the remote e-voting process for a postal ballot seeking shareholder approval to appoint Ms. Preeti Grover as a Non-Executive Independent Director. The appointment, subject to approval by special resolution, is proposed for a five-year term commencing on May 12, 2026, and concluding on May 11, 2031. Ms. Grover was initially appointed as an Additional Director by the Board on May 12, 2026, based on the recommendations of the Nomination & Remuneration Committee.

The Board has recommended the resolution, confirming that Ms. Grover meets the independence criteria under Section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A seasoned professional with nearly 30 years of experience, she is a Fellow Member of the Institute of Company Secretaries of India (ICSI) and currently serves as a Regional Council Member of the Northern India Regional Council of ICSI.

Postal Ballot and E-Voting Details

In compliance with Ministry of Corporate Affairs circulars, the postal ballot notice was dispatched electronically on June 23, 2026, to members whose names appear on the Register of Members or Register of Beneficial Owners as on the Cut-Off Date of Friday, June 19, 2026. Physical copies of the notice are not being dispatched. The company has engaged Central Depository Services (India) Limited (CDSL) to facilitate the remote e-voting process.

The remote e-voting period commenced at 9:00 a.m. (IST) on Wednesday, June 24, 2026, and will conclude at 5:00 p.m. (IST) on Thursday, July 23, 2026. Shareholders holding shares in either physical or electronic form as on the Cut-Off Date are eligible to participate. Votes must be cast by the deadline, after which the e-voting module will be disabled, and modifications to submitted votes will not be permitted.

Resolution and Scrutiny

M/s. S. Sandeep & Associates, Practicing Company Secretaries, has been appointed as the Scrutinizer to ensure the conduct of the postal ballot is fair and transparent. Following the conclusion of the voting period, the Scrutinizer will scrutinize the votes and submit a report to the Chairman. The results will be declared within the prescribed timelines and subsequently made available on the company's website and the websites of the stock exchanges.

The resolutions passed by the members through the postal ballot will be deemed to have been passed on the last date of the remote e-voting, July 23, 2026, as if they were passed at a General Meeting.

Hindustan Oil Exploration Company Limited is targeting a production growth of 7x by 2027, aiming for 25,000 BOE/d net, driven by a multi-well drilling campaign across its asset portfolio. The company reported a 34.4% decline in consolidated revenue to ₹301.3 Cr for the financial year ended March 31, 2026, with Profit After Tax (PAT) falling 57.4% to ₹62.8 Cr. The performance was impacted by a reversal of sales to HPCL and lower production volumes, though the company successfully liquidated its outstanding long-term loan of ₹20 crore via internally generated cashflows, resulting in a gearing ratio of 0.04.

The board meeting was held on June 11, 2026, to review the performance for Q4FY26 and FY26. An earnings conference call was hosted on June 12, 2026, led by Mr. Baroruchi Mishra, Managing Director & CEO, and Mr. Allen Joseph Andrade, Chief Financial Officer. Management highlighted that the company stands at a pivotal inflection point with 3P reserves exceeding 100 MMBOE and a clear line of sight for significant upsides. The company plans to fund its capital expenditure through internal accruals and bank facilities, maintaining sharp capital discipline.

Financial Highlights

Operational Updates

HOEC addressed a dispute with HPCL regarding crude oil quality raised in September 2026. The matter, which held up sales revenue of approximately ₹260 crore, is on a path to resolution. A structured reconciliation and settlement process is underway, and HOEC has initiated the resale of treated crude volumes to alternate buyers. The company has reversed the invoice for the HPCL sale and is currently realizing proceeds from third-party buyers, a process expected to complete over 2 to 3 months.

In the North East, the Kharsang block saw the completion of a 9-well campaign, ramping up oil production by 2x. The Dirok block’s revised Field Development Plan (FDP) was approved, extending the block till 2035. However, production at Dirok continued at approximately one-third of potential due to the lack of gas evacuation infrastructure. Management is actively engaging with stakeholders, including Oil India and NRL, to secure connectivity to the National Gas Grid, with expectations to unlock significant capacity within 1 to 2 months.

Asset Performance

The company targets a production growth of 7x by 2027, aiming for 25,000 BOE/d net. HOEC holds a portfolio of 10 oil and gas blocks with discovered resources and one exploratory block across four producing basins in India.