Selan Exploration Technology Limited , soon to be renamed Antelopus Selan Energy Limited, has reported its financial results for the first quarter of fiscal year 2026, along with several strategic updates that mark significant milestones for the company.

Financial Performance

For Q1 FY26, Selan reported:

• Total income of INR 53.56 crore, down from INR 64.96 crore in the previous quarter
• Net profit of INR 11.22 crore, compared to INR 14.78 crore in Q4 FY25
• Average production of 1,063 barrels of oil equivalent per day (boepd), a decrease from 1,177 boepd in the previous quarter

The company maintained strong EBITDA margins at 56% despite lower oil and gas prices. The quarterly decline was attributed to a 10% drop in price realizations, natural decline in Bakrol wells, and key wells being offline due to operational reasons.

Strategic Developments

1. Merger Completion: Selan has completed its merger with Antelopus Energy Private Limited (AEPL). The merged entity will be renamed 'Antelopus Selan Energy Limited', subject to regulatory approvals.

2. Expansion into KG Basin: Production has commenced from the 'Dangeru' field in the Krishna Godavari (KG) Basin, marking the company's expansion beyond the Cambay basin.

3. New Well Drilling: Two new wells have been completed in Karjisan, with production expected to start by the end of August.

4. Cambay Block Acquisition: Selan announced the acquisition of the remaining 50% participating interest in the Cambay Block, enhancing its presence in this area.

5. Share Allotment: The Board has allotted 1,99,62,358 equity shares to the shareholders of AEPL as part of the merger process.

Operational Highlights

• The oil and gas product mix remained consistent at approximately 80% oil and 20% gas.
• In the KG Basin, the Mukkamala field showed promising results with a single well flow potential of about 6 mmscfd (1000 boepd).
• The Duarmara field in the Assam Basin is progressing, with about 50% of the well drilled and production expected to start by the end of Q2 FY26.

Future Outlook

Selan Exploration, soon to be Antelopus Selan Energy, is positioning itself for growth with its expanded asset portfolio and ongoing drilling activities. The company's focus on de-bottlenecking pipeline infrastructure and ramping up production in new fields indicates a strategic push for increased output in the coming quarters.

The merger with AEPL and the acquisition of additional interests in existing blocks demonstrate the company's commitment to strengthening its position in the Indian oil and gas sector. As the company integrates these new assets and brings additional wells online, investors will be watching closely for improvements in production volumes and financial performance in the upcoming quarters.

Selan Exploration Technology Limited has announced a significant milestone in its operations, commencing gas production at the Mukkamala field in the Krishna-Godavari (KG) Basin. This development marks the company's first production venture outside its traditional operating area in the Cambay Basin.

New Production Milestone

The Mukkamala field, located within the Dangeru Contract Area (KG/ONDSF/DANGERU/2021) in the onshore KG Basin, has successfully started gas extraction. This achievement follows Selan's merger with Antelopus Energy Private Limited, which was approved by the National Company Law Tribunal on June 10, 2025, with subsequent rectifications.

Operational Highlights

Selan's entry into gas production at Mukkamala involved several key operational achievements:

• Successful workover and hydraulic fracturing of the Muk-1 well
• Completion in the prolific Raghavapuram Shale reservoir
• Initial tested flow rate of approximately 0.50 MMscfd (about 80 boepd) at around 5000 psig wellhead pressure with minimal choke
• Expected single well flow potential exceeding 6.00 MMscfd (approximately 1000 boepd) based on current well performance

Infrastructure and Sales

The company has strategically connected the well to existing infrastructure:

• Gas sales have commenced through ONGC's existing flowline to Pasarlapudi processing facilities
• End customers receive gas delivery via GAIL's existing pipeline system in the onshore KG basin
• Selan plans to ramp up production using the current system in the short term
• Long-term plans include creating new infrastructure to enhance capacity

Dangeru Contract Area Details

The Dangeru Contract Area, where Mukkamala is located, offers significant potential:

• Spans approximately 140 sq. km
• Includes two gas discoveries: Mukkamala and Dangeru
• Awarded under the Discovered Small Field Policy (DSF-III) on September 09, 2022
• Petroleum Mining License (PML) granted on February 06, 2025
• Selan holds 100% participating interest in this field

Strategic Implications

This new production milestone is strategically important for Selan Exploration:

• Demonstrates the company's operational capabilities beyond the Cambay Basin
• Reinforces Selan's commitment to strategic growth and efficient resource development
• Aims to create additional value for shareholders through expansion into new geographical areas

The commencement of gas production at the Mukkamala field represents a significant step in Selan Exploration's growth strategy, potentially opening up new avenues for revenue generation and resource monetization in the Krishna-Godavari Basin.