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Hindustan Oil Exploration Company Limited
Sector:Oil and Gas Oil and Gas - Exploration and Production
BSE:500186NSE:HINDOILEXPBloomberg:HOE@INReuters:HOEX.BO
Market Lot: 1Face Value: 10ISIN Demat: INE345A01011
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23-Jul-2018
Business Profile
Hindustan Oil Exploration Company (HINDOILEXP) is engaged in the exploration and production of oil and gas. The company was incorporated on Sept. 22, 1983. Burren Energy Plc has a 26% controlling stake in the company.

The company has its operations in eight oil/gas fields in India including the Cambay basin, Cauvery basin and Assam Arakan basin, which are in varying stages of exploration, development and production cycles. The consortium partners include Hardy Exploration & Production (India) Inc., Oil & Natural Gas Corporation, HOEC, Tata Petrodyne, Mosbacher (India) LLC, Gujarat State Petroleum Corporation, Oil India, and Indian Oil Corporation. The company has successfully commenced production at Pramoda oil field in Palej Block and North Balol gas field with a production of about 450 BOPD. It has enhanced its participating interest in Assam Block from 25% to 40.32% and has a firm drilling program in the Cauvery and Cambay basins.

In FY07, The company executed an agreement with PPN Power Generating Company, an independent power plant in the State of Tamil Nadu operating a 330.5 MW power plant, for the supply of upto 51,000 MMBTU per day of natural gas from the company\\\\\\\\\\\\\\\'s PY-1 Cauvery Basin gas field, which is slated to commence commercial production from the first quarter of 2009. HOEC Bardahl India, a wholly-owned subsidiary of the company, is engaged in the formulation, manufacturing and marketing of high performance fuel/engine additives with technology from Bardahl Manufacturing Corporation Inc., USA. It has strategic alliance with OEMs like Maruti and Hyundai and offers products like special injector klene, octane booster, diesel combustion improver, concentrated gear oil additive, and several other products.

The registered office of the company is at HOEC House, Tandalja Road, Off Old Padra Road, Vadodara-390020, Gujarat.


Financials
The company disclosed rise of 695.20% in standalone net profit on y-o-y basis to Rs 233.39 million, while total income climbed 188.31% y-o-y basis to Rs 366.21 million for the quarter ended June 2018.

Recent Developments
05-APR-18
Hindustan Oil Exploration Company (HOEC) to announce that it has entered into a Share Purchase Agreement to acquire the entire share capital of Geopetrol international Inc., which is a party to number of oil and gas assets in India, including the Kharsang Oil field in the state of Arunachal Pradesh which is under production with 30% participating interest both directly and indirectly.

16-FEB-17
Hindustan Oil Exploration Company (HOEC) is pleased to announce the award of two contract areas to the company in consortia with Oil India Limited, Prize Petroleum Limited and other private company by the Government of India in the recently concluded bidding for Discovered Small Field Bids Round (DSF 2016).

04-SEP-13
Hindustan Oil Exploration Company said on Wednesday that its 29th annual general meeting (AGM) will be held on Wednesday, Sept. 25, 2013.

30-MAY-13
Hindustan Oil Exploration Company swung to a loss for the quarter ended March 2013. During the quarter, the company reported a loss of Rs 283.33 million compared with a profit of Rs 75.54 million in the same quarter previous year.

07-JUN-12
Hindustan Oil Exploration Company has announced that ICRA, has reaffirmed the long-term rating of A+ for the line of credit and the outlook on the long-term rating is stable.

09-NOV-11
Hindustan Oil Exploration Company has posted net profit of Rs 41.12 million for the quarter ended Sept. 30, 2011 as compared to Rs 145.7 million for the quarter ended Sept. 30, 2010, representing a decrease of 71.78%.

05-AUG-11
Hindustan Oil Exploration Company has posted a net profit of Rs 170.15 million for the quarter ended June 30, 2011 as compared to Rs 209.23 million for the quarter ended June 30, 2010 representing decline of 18.68%.

24-FEB-11
IIFL has recommended the following stock with a trading duration of 1-3 days: Hindustan Oil Exploration Buy stock in the range of Rs 167-169 with stop loss of Rs 163 for target of Rs 182.



Future Plans
HOEC Bardhal India will be undertaking sale of high performance engine additives in India. It is also targeting the industrial segment, more specifically power generation. HOEC had contracted Aban VII rig for drilling the first extended reach development well, Earth-1 in Q3 2006-2007. If the company gets successful results from the Earth-1 well, it would proceed to full field development of PY-1 with targeted first gas production in 2008.


In Brief

 
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