Submission and Compliance
• Transcript submitted to National Stock Exchange of India and BSE Limited on June 6, 2024.
• Earnings call held on May 31, 2024, moderated by Sumeet Singhania.
• Management team introduced, including Managing Director R. Jeevanandam.
Key Achievements
• First company to secure an offshore block in the Discovered Small Fields Bid Round.
• Revenue share of Rs. 160.5 crores with the Government of India.
• Consolidated turnover of Rs. 830.27 crores and net profit after tax exceeding Rs. 225 crores.
Operational Updates
• Decrease in gas and condensate sales from Dirok field due to demand constraints.
• Plans for enhanced production through workovers and additional testing.
• Preparation for drilling in Kharsang block and further exploration in Cambay blocks.
Offshore Operations
• Increased production in B-80 field, but blockages in export flowline hinder optimal output.
• Cleanup operations underway to address flowline issues.
• Drilling development wells in PY-1 offshore block expected to commence in 2025.
Financial Performance
• Standalone revenue for the quarter rose to Rs. 254 crores.
• Standalone EBITDA increased to Rs. 29.45 crores; profit after tax rose to Rs. 19.1 crores.
• Consolidated revenue for the quarter reached Rs. 330 crores, with a profit after tax of Rs. 70.61 crores.
Q&A Highlights
• Minimal shutdown expected for B-80 cleanup operations.
• Infrastructure for gas grid in Northeast India being developed, operations expected by Q3/Q4.
• Capital expenditures planned at Rs. 1,000 crores over three years.
• Production projections depend on stability of operations and new drilling activities.
Challenges and Future Plans
• Issues with D1 well and low uptake of Dirok affecting production ramp-up.
• Anticipated improvements in production once wells are operational.
• Ongoing efforts to address wax formation in crude oil affecting flow.
Investor Concerns
• Questions regarding reduced sales volume in Dirok field attributed to lack of demand.
• Clarifications on gas pricing agreements and revenue projections.
• Assurance of compliance with SEBI regulations and transparency in communication.
Conclusion
• Focus on optimizing production from existing wells and plans for further drilling to enhance reserves.
• Call concluded with thanks to participants.

Earnings Call Overview
• Date: February 14, 2024
• Transcript available on the company's website
• Moderated by Anuj Sonpal from Valorem Advisors
• Key management introduced:
• R. Jeevanandam (Managing Director)
• N. Sivalai Senthilnathan (CFO)
• Krishnan Raghavan (CTO)
Operational Updates
• Induction of senior technical staff to enhance capabilities
• Q2 gas offtake from Dirok field: 23.75 million standard cubic feet/day
• Production limited by low demand and pricing disparities
• Future demand expected to improve with new gas lines
• Plans for:
• 15 development wells and 1 exploratory well in Kharsang block
• Evaluation of Cambay blocks for production enhancement
• Successful offshore crude oil sales at $80.27/barrel
Financial Performance
• Standalone revenue: Rs. 109.04 crores (increase due to B-80 field production)
• Operating expenses rose due to increased operational days
• Consolidated revenue increased with profit after tax of Rs. 46.57 crores
• Stable financial position with plans for the next three years
Q&A Highlights
• Mark-to-market (MTM) losses on oil: Rs. 26 crores
• Expected increase in PBT by Rs. 50 crores if oil prices remain stable
• Baker Hughes' credibility confirmed for operations
• Minimal discount of 0.06% to Brent prices
• Dirok pipeline connectivity expected by March 2026
• D-1 well production issues to be treated chemically at a cost of $300,000
• Three-year capital expenditure plan: Rs. 1,000 crores with an expected IRR of at least 21%
Future Production Plans
• Goal to increase net production from 1 million to 1.5 million barrels of oil equivalent by next year, reaching 3 million by 2026
• Expected production from B-80 field: at least 3,000 barrels of oil equivalent
• Ongoing assessments and resolutions for D-1 well issues
• Focus on expanding talent pool to support growth
Conclusion
• Management emphasized ongoing operations and the importance of continuous updates
• Call concluded with thanks to participants

Earnings Call Overview
• Date: August 18, 2023
• Transcript submitted to National Stock Exchange of India and BSE Limited on August 24, 2023.
Management Updates
• New Appointment: R. Jeevanandam as Managing Director effective October 1, 2023.
• Retirement: P. Elango retires, highlighting challenges faced in Q1.
Operational Highlights
• Dirok Field:
• 66% drop in gas offtake due to customer shutdowns.
• Production significantly below capacity.
• Average production: 10.24 MMSCFD and 187 barrels, down from previous quarter.
• B-80 Field:
• Production resumed after maintenance but remains partially restricted.
• Current production under 1 MMSCFD, with plans for new well drilling in 2024.
• Northeast Gas Grid:
• Connection efforts ongoing to improve demand and production.
Financial Performance
• Standalone Revenue: Decreased to Rs. 108.69 crores from Rs. 158.78 crores.
• Consolidated Revenue: Slight decrease to Rs. 187.14 crores.
• Profit: Standalone profit dropped to Rs. 21.34 crores from Rs. 107.03 crores.
Future Plans and Strategies
• Acquisitions:
• Acquired remaining 50% of Geoenpro, increasing interest in Kharsang block to 35%.
• Exploration:
• Seismic reprocessing in Greater Dirok exploration block.
• Cost Optimization: Focus on reducing fixed operating costs and enhancing asset value.
Challenges and Responses
• Production Delays:
• Adverse weather conditions affecting B-80 operations.
• Management anticipates stabilization in 6-9 months.
• Communication:
• Emphasis on improving disclosures regarding material events and operational updates.
Investor Inquiries
• Production Expectations:
• Management projects revenue target of $300,000 per day from oil and gas.
• Operational Issues:
• Acknowledgment of challenges in Bombay High region and commitment to address them.
• Windfall Tax and Gas Pricing:
• No current impact from windfall tax; gas pricing determined through auction process.
Conclusion
• Management remains optimistic about future demand and production potential, with ongoing efforts to address operational challenges and improve communication with investors.

Earnings Call Overview
• Date: June 2, 2023
• Focus: Unaudited financial results for the fiscal year ending March 31, 2023
• Key Participants: Managing Director P. Elango, CFO R. Jeevanandam
Operational Highlights
• Continuous production from B-80 project: Over 10,000 barrels of oil equivalent in Q4
• Significant increase in gas production
• Ongoing gas sales agreements and preparations for monsoon maintenance
• Updates on Dirok gas sales, pipeline construction, and PSC extensions
Financial Performance
• Standalone revenue: Rs. 411.1 crores for the year (up from Rs. 132.72 crores)
• Current quarter standalone revenue: Rs. 158.78 crores (up from Rs. 109.67 crores)
• Consolidated revenue: Rs. 592.2 crores for the year
• Standalone profit after tax: Rs. 163.67 crores (up from Rs. 70.19 crores)
• Consolidated profit after tax: Rs. 194.05 crores (up from Rs. 20 crores)
Future Plans and Projects
• PY-1 redevelopment project: Drilling expected to start in early 2024
• No new drilling planned for the current year
• Focus on maintaining revenue thresholds and optimizing production
Management Insights
• Revenue stability prioritized over production optimization
• Aim for a debt-free balance sheet, ruling out buybacks
• CAPEX for FY24 primarily for PY-1 well drilling: Rs. 64 crores
Operational Challenges and Strategies
• Addressing pressure differences between wells
• Ongoing legal matters related to arbitration in Singapore
• Environmental approvals for additional wells confirmed
Revenue and Production Outlook
• Revenue guidance: Approximately $300,000 per day for the next three quarters
• B-80 field projected operational uptime: 350 days for the year
• Incremental revenue at optimum capacity estimated at $350,000 per day
Additional Discussions
• Clarification on royalty obligations and production costs
• Management's commitment to reservoir integrity while optimizing revenue
• Future offshore opportunities and equipment reliability during monsoon
Conclusion
• HOEC emphasizes consistent production and growth opportunities from its asset portfolio, with a cautious yet optimistic outlook on future performance.

Earnings Call Overview
• Date: February 20, 2023
• Moderated by: Anuj Sonpal (Valorem Advisors)
• Key Management: P. Elango (Managing Director), R. Jeevanandam (CFO)
Production Highlights
• B-80 Field:
• 15% increase in production.
• Simultaneous operation of gas and oil wells.
• Production limited by topside facility issues (HP separator).
• Dirok Field:
• Stable average gas sales.
• Record revenues achieved.
• Ongoing development efforts, including pipeline construction.
Financial Performance
• Standalone Revenue: Increased to Rs. 106.37 crores (from Rs. 81.69 crores).
• Consolidated Revenue: Reached Rs. 171.56 crores (from Rs. 125.79 crores).
• Profit After Tax: Improved to Rs. 15.92 crores (from Rs. 6.57 crores).
• Total Expenses: Increased to Rs. 90.48 crores due to higher operating costs.
• EBITDA: Rose to Rs. 81.37 crores (from Rs. 47.7 crores).
Future Plans and Challenges
• Drilling Plans: PY-1 block drilling planned post-monsoon.
• Production Focus: Sustained production from B-80 is crucial for profitability.
• Repairs and Maintenance: Ongoing repairs to the HP separator; production scaling expected.
Investor Inquiries
• Oil Storage Levels: 142,000 barrels in stock; first offtake planned at 250,000 barrels.
• Revenue Recognition: Revenue from B-80 operations expected to double in the current quarter.
• Gas Pricing: Current gas prices reported at $13.55, increasing to $18 in January.
Regulatory and Market Considerations
• Regulatory Issues: Ongoing resolution of regulatory challenges for other assets.
• Environmental Clearances: Progressing for future drilling campaigns.
• Kirit Parekh Committee Impact: Assurances that B-80 pricing will remain unaffected.
Operational Updates
• Operating Costs: Daily expenses around $140,000; specific costs related to oil well repairs detailed.
• Equity Raise Status: No additional equity needed for current obligations.
Conclusion
• Management's Focus: Enhancing production stability and addressing operational challenges.
• Future Reporting: Quarterly updates preferred over monthly production updates.