Gujarat Natural Resources Limited (GNRL) has made significant changes to its board and audit structure, as approved by shareholders at the company's 34th Annual General Meeting (AGM) held on August 8, 2025.

Board Appointments

The company has regularized the appointment of two Non-Executive Independent Directors for a five-year term, effective from May 24, 2025, to May 23, 2030:

1. Mr. Paragkumar Prakashchandra Raval: A 45-year-old LLB graduate with over 18 years of advocacy experience at the Gujarat High Court. His expertise in advocacy is expected to contribute significantly to the company's strategic decision-making.

2. Mrs. Deepti Ghanshyam Gavali: A 42-year-old B.Sc. graduate with more than 10 years of experience in managing business ventures across various industries. Her strategic vision and operational expertise are anticipated to support the company's expansion and efficiency efforts.

Both directors have been confirmed not to have any relationships with existing board members, ensuring their independence in decision-making processes.

Secretarial Auditor Appointment

In addition to the board appointments, GNRL shareholders approved the appointment of Mr. Chintan K. Patel as the company's Secretarial Auditor. Mr. Patel, a Practicing Company Secretary, has been appointed for a term of five consecutive financial years, from FY 2025-26 to FY 2029-30.

Mr. Patel brings experience in handling secretarial audits for both listed and unlisted companies. He holds Peer Review Certificate No. 2175/2022 issued by the Peer Review Board of the Institute of Company Secretaries of India.

AGM Proceedings

The AGM, which lasted 10 minutes from 3:30 PM to 3:40 PM, was conducted through Video Conference (VC)/Other Audio Visual Means (OAVM) in compliance with relevant MCA and SEBI circulars. Mr. Shalin Shah, Managing Director of GNRL, presided as the Chairman of the meeting due to health concerns of the company's Chairman, Mr. Ashok Shah.

During the meeting, shareholders approved several resolutions, including:

• Adoption of financial statements
• Re-appointment of Mr. Hitesh Donga as a director
• Various material related party transactions with companies such as:
  • Rhetan TMT Limited
  • Ashnisha Industries Limited
  • Ashoka Metcast Limited
  • Lesha Industries Limited

These appointments and approvals mark a significant step for Gujarat Natural Resources Limited as it strengthens its governance structure and prepares for future growth and compliance challenges.

Gujarat Natural Resources Limited (GNRL) has provided a significant operational update on its ongoing drilling campaign, showcasing progress in its oil and gas exploration activities.

Production Milestone Achieved

GNRL and its subsidiary, GNRL Oil & Gas Limited (GOGL), have successfully completed drilling two wells, both of which are now in commercial production. The company reports that field production has reached approximately 400.00 barrels of oil equivalent (BoE) per day, marking a notable achievement in their operational capabilities.

Resumption of Drilling Activities

After a brief one-month pause due to the monsoon season, GNRL has resumed drilling operations on its third well. As of the latest update, the well has reached a depth of 730.00 metres. The company anticipates completing this well by August 20, demonstrating steady progress in its exploration efforts.

Expansion Plans

Following the completion of the third well, GNRL plans to immediately commence drilling of a fourth well in the Kanawara field. This sequential approach underscores the company's commitment to expanding its production capacity and exploring new reserves.

Strategic Investment in Equipment

In a move that signals GNRL's ambition for deeper exploration, the company has contracted a higher-capacity drilling rig. This new equipment is specifically intended for a planned 3,000.00-metre well in the North Kathana field, which is wholly owned by GNRL. Operations at this site are scheduled to begin in the last week of August, potentially opening up new horizons for the company's oil and gas production.

Management Commentary

Shalin A. Shah, Managing Director of Gujarat Natural Resources Limited, stated in the company's disclosure, "We will continue to keep you updated on the progress of this significant initiative." This commitment to transparency aligns with the company's obligations under SEBI regulations and indicates ongoing communication with stakeholders as the drilling campaign progresses.

The operational update from Gujarat Natural Resources Limited reflects a company actively pursuing its exploration and production goals, with a clear roadmap for the coming months. As the drilling campaign advances, investors and industry observers will likely keep a close watch on GNRL's progress and its potential impact on the company's future performance in the oil and gas sector.