Gujarat Natural Resources Limited and its subsidiary GNRL Oil & Gas Limited (GOGL) have embarked on an ambitious two-well development drilling campaign in the North Balol gas field, aiming to significantly increase gas production. The initiative, which commenced on August 10, marks a pivotal moment for the company as it seeks to enhance its natural gas output.

Drilling Progress

The first well, designated as NB10, has already made substantial progress. As of the latest update, it has reached a depth of 312.00 meters out of a planned total depth of 900.00 meters. This rapid advancement underscores the company's commitment to efficient execution of its drilling strategy.

Current and Projected Production

The North Balol field is currently producing 11,000.00 Standard Cubic Meters per Day (SCMD) of gas. However, Gujarat Natural Resources has set its sights on a dramatic increase in production capacity. Upon completion of both wells, the company anticipates a five-fold surge in gas output, projecting production to reach 60,000.00 SCMD.

Timeline and Expectations

Gujarat Natural Resources has outlined an ambitious timeline for the project. The two new development wells are expected to commence commercial production within a mere two months from the start of the drilling campaign. This swift transition from drilling to production highlights the company's focus on rapid resource monetization.

Ownership and Participation

GNRL Oil & Gas Limited, a subsidiary of Gujarat Natural Resources Limited, holds a 30.00 percent participating interest in the North Balol field. This substantial stake underscores the strategic importance of the field to the company's overall portfolio.

Corporate Disclosure

In line with regulatory requirements, Gujarat Natural Resources Limited has formally disclosed this operational update to the BSE Limited on August 18. The disclosure, signed by Director Ashok C. Shah, demonstrates the company's commitment to transparency and timely communication with its stakeholders.

The successful completion of this drilling campaign could potentially position Gujarat Natural Resources as a more significant player in the natural gas sector, with increased production capacity likely to contribute to improved financial performance in the coming quarters.

Gujarat Natural Resources Limited (GNRL) has announced its financial results for the first quarter of fiscal year 2026, reporting a consolidated profit and implementing changes to its board committees.

Financial Performance

For the quarter ended June 30, 2025, GNRL reported a consolidated profit of Rs 192.70 crore. The company's consolidated revenue from operations stood at Rs 335.49 crore, while the total income reached Rs 673.83 crore.

On a standalone basis, GNRL's performance was also positive:

Board Committee Restructuring

In a move to strengthen its corporate governance, GNRL has reconstituted three key board committees effective August 12, 2025:

1. Audit Committee
2. Nomination & Remuneration Committee
3. Stakeholders Relationship Committee

Mr. Yash Bodade has been appointed as the Chairperson for all three committees, signaling a unified approach to these critical governance functions.

Committee Compositions

The newly restructured committees are composed as follows:

Audit Committee

• Mr. Yash Bodade (Chairperson, Independent Director)
• Mr. Ashok Shah (Member, Non-Executive Director)
• Mrs. Deepti Gavali (Member, Independent Director)

Nomination & Remuneration Committee

• Mr. Yash Bodade (Chairperson, Independent Director)
• Mr. Ashok Shah (Member, Non-Executive Director)
• Mrs. Deepti Gavali (Member, Independent Director)

Stakeholders Relationship Committee

• Mr. Yash Bodade (Chairperson, Independent Director)
• Mr. Shalin Shah (Member, Managing Director)
• Mrs. Deepti Gavali (Member, Independent Director)

Business Operations

GNRL operates in the oil and gas sector and engages in trading activities. The consolidated results include the performance of its four subsidiaries:

1. GNRL Oil & Gas India Private Limited
2. GNRL Oil & Gas Limited
3. Heramec Oil & Gas (Singapore) Pte Ltd.
4. Alkor Petro Overseas Ltd.

The company's board of directors approved these unaudited financial results in a meeting held on August 12, 2025. The results have undergone a limited review by statutory auditors, with no observations that could impact the Q1 FY2026 results.

Gujarat Natural Resources Limited continues to operate under the leadership of Mr. Shalin A. Shah, who serves as the Managing Director of the company.