Hindustan Oil Exploration Company share news, announcements and annual reports
NSE: HINDOILEXPBSE: 500186OilSmall Cap
Hindustan Oil Exploration Company Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Apr 1990 on BSE, Sep 2003 on NSE
Last close ₹153.20down ₹0.14 (0.09%)BSE ₹153.60
Share price at the NSE close on 30 Oct 2026. Previous close ₹153.34.
30 Oct: open ₹153.95, high ₹155.90, low ₹144.35
52-week range of traded prices to 30 Oct 2026
₹117.50Low, 30 Mar 2026₹201.44High, 9 Sep 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹2,026 Cr1,155th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 80.69
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 1.46
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 1.9%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- −0.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.04
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 11,23,18043.3% delivered
Hindustan Oil Exploration Company share news and announcements
659 announcements, routine notices left out, newest first. Page 13 of 14.
Oct 2008
14 Oct · Board meeting
Meeting of the Audit Committee and the Board of Directors of the Company will be held on October 23, 2008 inter alia to consider and approve the Unaudited Financial Results (Provisional) for the 2nd quarter / half year ended September 30, 2008.1 Oct · Management
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Board of Directors of the company have appointed Mr. S.B. Mathur as an independent director on the Board. Further Mr. Rahul Bhasin, independent director has resigned from the Board of Directors w.e.f. September 30, 2008. The Board of Directors have taken note of the same.1 Oct · Meeting
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the members at the Annual General Meeting held on September 30, 2008 approved all the matters / resolutions proposed there-at viz. 1. Adoption of annual accounts for the financial year 2007-2008. 2. Declaration of dividend @ 10% on equity shares. 3. Re-appointment of Mr. Manish Maheshwari as Director. 4. Re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants as the Statutory Auditors of the Company. 5. Appointment of Mr. Paolo Carmosino, Mr. Franco Conticini, Mr. Luigi Ciarrocchi and Mr. Santo Lagana as directors of the Company. 6. Appointment of Mr. Luigi Ciarrocchi as Managing Director of the Company. 7. Re-appointment of Mr. Manish Maheshwari as Joint Managing Director of the Company. 8. Authorising the Board of Directors to pay remuneration to the non-executive directors of the Company.
Sep 2008
29 Sep · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that: " Following Eni UK Holding plc's (Eni UK) successful completion of its open offer for 26,115,455 equity shares of Hindustan Oil Exploration Company Limited (Offer Shares), Eni UK has issued directions to the Company, in accordance with Section 207(b) of the Companies Act,1956 and Article 201(b) of the Company's Articles of Association, that dividend, if declared, in respect of the Offer Shares, at the Annual General Meeting of the Company scheduled to be held on September 30, 2008, be paid to the shareholders who tendered the Offer Shares rather than to Eni UK".9 Sep · Meeting
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Annual General Meeting of the Company shall be held on September 30, 2008.
Aug 2008
21 Aug · Management
Hindustan Oil Exploration Co. Ltd has informed the Exchange that Mr. Atul Gupta, Managing Director has resigned from the Board of Directors of the Company.20 Aug · Management
Hindustan Oil Exploration Co. Ltd has informed the Exchange that Mr. Finian O' Sullivan, Non-Executive Director has resigned from the Board of Directors of the Company.18 Aug · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that Oil & Natural Gas Corporation Ltd. (ONGC) has, under the provisions of the Production Sharing Contract, exercised its back in rights of 30% in the South Pramoda Development Area in Block CB-ON-7. Subsequent to the same, the revised Participating Interest (PI) of HOEC in the South Pramoda Development Area is 35%.
Jul 2008
30 Jul · Grant of Stock Options
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Board of Directors of the Company have, based on the recommendations of the Compensation and Remuneration Committee, at its meeting held on July 28, 2008, granted 17,613 stock options to certain eligible employees/directors. Details of the options granted are as follows: (1) Number of options granted: 17,613. Each option represents one equity share of Rs.10/- each. (2) Number of ordinary shares covered under the option granted : 17,613 equity shares of Rs.10/- each.(3) Exercise price: Rs NIL per option. (4) Vesting of options: The options granted pursuant to the Scheme shall vest on April 01, 2011. (5) Exercise: One year from the date of vesting. The grants have been made as per the terms and conditions of the Scheme approved by the members.29 Jul · Corporate action
Hindustan Oil Exploration Co. Ltd had informed the Exchange that the Register of Members and Share Transfer Books will remain closed from August 01, 2008 to August 05, 2008 (both days inclusive), for the purpose of determining the list of the Members for the purpose of dividend eligibility and entitlement to attend Annual General Meeting. The Company has now informed the Exchange that the Register of Members and Share Transfer Books will remain closed from August 13, 2008 to August 18, 2008 (both days inclusive), being the Book Closure period. The said book closure shall be inter-alia for the purpose of determining the list of the Members for the purpose of dividend eligibility and entitlement to attend Annual General Meeting. Further the details of the book closure intimation shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.28 Jul · Results
Hindustan Oil Exploration Co. Ltd has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2008 as follows: Net Sales of Rs. 1948.93 lacs for quarter ending on 30-JUN-2008 against Rs. 1356.54 lacs for the quarter ending on 30-JUN-2007. Net Profit / (Loss) of Rs. 1359.09 lacs for the quarter ending on 30-JUN-2008 against Rs. 1166.78 lacs for the quarter ending on 30-JUN-2007.18 Jul · Board meeting
Meeting of the Audit Committee and the Board of Directors of the Company will be held on July 28, 2008, inter alia to consider and take on record the Unaudited Financial Results (Provisional) of the Company for the quarter ended on June 30, 2008.8 Jul · Corporate action
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Register of Members and Share Transfer Books will remain closed from August 01, 2008 to August 05, 2008 (both days inclusive), for the purpose of determining the list of the Members for the purpose of dividend eligibility and entitlement to attend Annual General Meeting.
Jun 2008
25 Jun · Corrigendum
NM Rothschild & Sons (India) Private Limited ('Manager to the Offer") has issued a corrigendum ("Corrigendum") to the Public Announcement that was released on April 24, 2008. Further the Company has submitted to the Exchange a copy of the corrigendum that has been published on June 25, 2008 in the newspapers, with reference to the Open Offer for acquisition of upto 20% of the paid up equity share capital of Hindustan Oil Exploration Company ("HOEC") Limited by Eni UK Holding Plc. A copy of the corrigendum shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.9 Jun · Corrigendum
NM Rothschild & Sons (India) Private Limited ('Manager to the Offer") has issued a corrigendum ("Corrigendum") to the Public Announcement that was released on April 24, 2008. Further the Company has submitted to the Exchange a copy of the corrigendum that has been published on June 07, 2008 in the newspapers, with reference to the Open Offer for acquisition of upto 20% of the paid up equity share capital of Hindustan Oil Exploration Company ("HOEC") Limited by Eni UK Holding Plc. A copy of the corrigendum shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.6 Jun · Results
Hindustan Oil Exploration Co. Ltd has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2008 as follows: Net Sales of Rs. 3621.07 lacs for quarter ending on 31-MAR-2008 against Rs. 2487.66 lacs for the quarter ending on 31-MAR-2007. Net Profit / (Loss) of Rs. 745.16 lacs for the quarter ending on 31-MAR-2008 against Rs. (981.94) lacs for the quarter ending on 31-MAR-2007.6 Jun · Results
Hindustan Oil Exploration Co. Ltd has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2008 as follows: Net Sales of Rs. 8334.69 lacs for year ending on 31-MAR-2008 against Rs. 11451.45 lacs for the year ending on 31-MAR-2007. Net Profit / (Loss) of Rs. 2410.04 lacs for the year ending on 31-MAR-2008 against Rs. 247.37 lacs for the year ending on 31-MAR-2007.6 Jun · Results
Hindustan Oil Exploration Co. Ltd has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2008 as follows: Net Sales of Rs. 9664.68 lacs for year ending on 31-MAR-2008 against Rs. 12555.87 lacs for the year ending on 31-MAR-2007. Net Profit / (Loss) of Rs. 2578.32 lacs for the year ending on 31-MAR-2008 against Rs. 259.33 lacs for the year ending on 31-MAR-2007.6 Jun · Updates
Hindustan Oil Exploration Co. Ltd has submitted to the Exchange a copy of the Statement of Appropriations for the year ended March 31, 2008. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.6 Jun · Dividend
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Board of Directors at their meeting held on June 06, 2008 has recommended a dividend of Rs.1/- per equity share of Rs.10/- each for the financial year ended March 31, 2008.
May 2008
29 May · Board meeting
Meeting of the Audit Committee and the Board of Directors of the Company will be held on June 06, 2008, inter alia to consider and take on record the Audited Financial Results of the Company for the quarter/ Financial Year ended on March 31, 2008 and recommendation of dividend, if any.
Apr 2008
24 Apr · Public Announcement-Open Offer
Public Announcement ("PA") being issued by them, the Manager to the Offer ("Manager to the Offer"), on behalf of Eni UK Holding plc ("Eni Holding" or "Acquirer"), Eni S.p.A. ("Eni"), Burren Energy India Limited ("BEIL") and Burren Shakti Limited ("BSL") (Eni, BEIL and BSL, being persons acting in convert and referred to together as the "PACs"), pursuant to and in compliance with regulations 10 and 12 and other applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations" or "Regulations"). The Acquirer will acquire all the equity shares of Rs.10 each of the Target Company ("Shares") that are validly tendered as per the terms of the offer up to maximum of 26,115,455 equity shares ("the Offer"). The Offer: The Acquirer is making this Offer to acquire up to 26,115,455 fully paid up Shares ("Offer Size") of the Target Company representing in aggregate 20% of the paid up equity share capital of the Target Company in terms of Regulation 21(1) of the SEBI (SAST) Regulations, at a price of Rs.144.2 per share ("Offer Price") payable in cash. The Offer is no conditional upon any minimum level of acceptance. The Specified Date is April 24, 2008. The Date of opening of the Offer is June 11, 2008 and the Date of closure of the Offer ("Offer Closing Date") is June 30, 2008. A copy of the Public Announcement-Open Offer shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.23 Apr · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Company has conducted a drill stem test (DST) covering about 17 meters (in three zones) out of a total of about 45 meters in eight gas bearing reservoir zones in Dirok-1 discovery well in block AAP-ON-94/1. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.4 Apr · Results
Hindustan Oil Exploration Co. Ltd has informed the Exchange that: "The Company will publish its Audited Accounts for the Financial Year ended March 31, 2008 on or before June 30, 2008. Hence the un-audited financial results for the quarter ended March 31, 2008 shall not be published".
Mar 2008
31 Mar · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that: "In the past, the consortium had drilled two exploration wells in Block CY-OSN-97/1, as per commitment under the Production Sharing Contract (PSC), which had been plugged and abandoned. At the end of exploration period, as per the terms of the PSC, the Block CY-OSN-97/1 stands relinquished. The Company had 80% participating interest in the said Block".
Feb 2008
18 Feb · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that "The Arbitral Tribunal has passed Final Award in the Arbitration Proceedings between GAIL India Ltd. ("GAIL") v Hindustan Oil Explanatory Company Limited ("HOEC") concerning the Gas Sale and Transportation Agreement ("GSTA") dated 1st July, 2003 executed between GAIL and HOEC in relation to the PY-1 field. In the said proceeding GAIL had sought specific performance of the GSTA. By way of the majority award the Arbitral Tribunal has granted the relief of specific performance of GSTA in favour of GAIL. The minority award, decided in favour of HOEC, has rejected the claim of GAIL. The Company is in process of initiating appropriate legal proceedings for setting aside of the majority award".18 Feb · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that: "The Company has received a communication from Oil & Natural Gas Corporation Limited ("ONGC"), who is the licensee of Block CB-OS-1, wherein it has exercised its option to acquire additional thirty percent (30%) Participating Interest from the Contractors in the Gulf 'A' Development Area in Block CB-OS-1 pursuant to the terms of the Production Sharing Contract".1 Feb · Miscellaneous
Hindustan Oil Exploration Co. Ltd had informed the Exchange regarding the following "Eni UK Holding PLC (Eni) Offer for Burren Energy PLC (Burren), the holding Company of Burren Shakti Limited and Burren Energy India Limited, the Promoters of Hindustan Oil Exploration Company Limited (the company)". The Company has now further informed the Exchange regarding the information available on the website of Burren. The text of the detailed announcement made by Burren & Eni shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.
Jan 2008
31 Jan · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that: "The Company is in the course of drilling Dirok-1 well in Block AAP-ON-94/1. The logs and MDT samples taken in the 1000 to 1500 meters section showed gas bearing sands of approximately 45 meters thickness. However, the potential commercial interest of the said discovery is yet to be established. The drilling at the location is intended to continue further till the target depth objectives. The Company has a 40.323% participating interest in the said Block".29 Jan · Results
Hindustan Oil Exploration Co. Ltd has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2007 as follows: Net Sales of Rs. 334.88 lacs for quarter ending on 31-DEC-2007 against Rs. 3279.91 lacs for the quarter ending on 31-DEC-2006. Net Profit / (Loss) of Rs. (248.13) lacs for the quarter ending on 31-DEC-2007 against Rs. 818.89 lacs for the quarter ending on 31-DEC-2006.22 Jan · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that: "The Company has through its Registrar learnt that Hardy Oil & Gas Limited, a shareholder of the Company has made the following transactions in the shares of the Company in the recent past. i) Holding as on December 21, 2007 (no. of shares) - 6,657,694; ii) Sold during the period (no. of shares) - 4,981,411; iii) Holding as on January 11, 2008 (no. of shares) - 1,676,283. The Company has not received any communication from the said shareholder as yet".19 Jan · Board meeting
Meetings of the Audit Committee and the Board of Directors of the Company will be held on January 29, 2008, inter alia to consider and approve the Unaudited Financial Results (Provisional) for the third quarter ended December 31, 2007.
Dec 2007
31 Dec · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that: "The production from PY-3 Field has resumed. The Company has a 21% participating interest in the said Field".24 Dec · Updates
Hindustan Oil Exploration Co. Ltd has informed the Exchange that "The company, as the Operator of AAP-ON-94/1 Block, has drilled the exploration well North Ledo - 1 in the Block, to the depth of 2024 meters. The Modular Dynamics Test (MDT) and pressure gradient analysis carried out has not shown positive result. The joint Venture has decided to Plug and Abandon (P&A) the said well. After the P&A operation, the rig shall move to the next location for the drilling of exploration well (Dirok-1) in AAP-ON-94/1 Block. The Company has a 40.323% participating interest in the said Block".18 Dec · Miscellaneous
Hindustan Oil Exploration Co. Ltd has informed the Exchange that "Hardy Exploration & Production (India) Inc, the Operator of PY-3 Field has inter-alia informed the Company that the production from PY-3 Field has been temporarily suspended on December 18, 2007 due to breakup of the crude oil import hose occasioned by bad weather conditions prevailing on the South East coast of India. The Operator has initiated action to restore the production at the earliest possible weather window. The Company has a 21% participating interest in the said Field".
Nov 2007
30 Nov · Miscellaneous
Hindustan Oil Exploration Co. Ltd has informed the Exchange with reference to Eni UK Holding PLC (Eni) offer for Burren Energy PLC (Burren), the holding Company of Burren Shakti Limited and Burren Energy India Limited, the Promoters of Hindustan Oil Exploration Company Limited (the Company), that : "Eni and Burren have announced that they have agreed to the terms of a recommended cash offer to be made by Eni, a wholly owned subsidiary of Eni S.P.A., to acquire the entire issued and to be issued share capital of Burren. The text of the detailed announcement made by Burren shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.7 Nov · Corporate action
Hindustan Oil Exploration Co. Ltd has informed the Exchange that "The Register of Members and Share Transfer Books shall remain closed from Thursday, November 22, 2007 to Monday, December 03, 2007 (both days inclusive). The said book closure shall be inter-alia for the purpose of determining the list of eligible members for the purpose of the ensuing Rights Issue of the Company."7 Nov · Meeting
Hindustan Oil Exploration Co. Ltd has submitted to the Exchange a copy of the minutes of the Annual General Meeting of the members of the Company held on September 28, 2007. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.7 Nov · Corporate action
Hindustan Oil Exploration Co. Ltd has informed the Exchange that "The Rights Issue and Allotment Committee under the authority of the Board of Directors of the Company has fixed the issue price and entitlement ratio for the purpose of the ensuing Rights Issue, as follows: (1) Issue price : Rs. 117/- per equity share (including premium) (2) Entitlement ratio: 2:3 (2 equity shares for every 3 equity shares held)"7 Nov · Miscellaneous
Hindustan Oil Exploration Co. Ltd has informed the Exchange that: "The Company, as the Operator of AAP-ON-94/1 Block, has spudded the exploration well North Ledo - 1 in the said Block. The Company has a 40.323% participating interest in the said Block".5 Nov · Corporate action
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Rights Issue and Allotment Committee of the Board shall be considering the proposal for fixation of the Rights Issue entitlement and the price thereof. Further, the said proposal is proposed to be decided by circulation.
Oct 2007
8 Oct · Board meeting
Meeting of the Audit Committee and the Board of Directors of the Company will be held on October 23, 2007, inter alia to consider and approve the Unaudited Financial Results (Provisional) for the second quarter/ half year ended September 30, 2007.3 Oct · Meeting
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the members of the Company at their Annual General Meeting held on September 28, 2007 approved the agenda items/resolutions proposed under the Ordinary and Special Business respectively with requisite majority. Further a copy of Notice of AGM shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.
Aug 2007
10 Aug · Miscellaneous
Hindustan Oil Exploration Co. Ltd has informed the Exchange that "Hardy Exploration & Production (India) Inc., the Operator of the PY-3 field has informed the Company that due to excessive water entering the PY-3-3RL well in PY-3 field, the Operator has shut-in the well resulting in a reduction in output from the field to the order of 1100 bopd. Efforts are currently ongoing to reactivate the well. The Company has 21% participating interest in the said field".
Jul 2007
23 Jul · Corporate action
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Register of Members and Share Transfer Books will remain closed from August 14, 2007 to August 21, 2007 (both days inclusive). The said book closure shall be inter-alia for the purpose of determining the list of the Members for the purpose of Annual General Meeting. The Company has further informed the Exchange that the Board of Directors have not recommended any dividend for the financial year 2006-07.20 Jul · Corporate action
Hindustan Oil Exploration Co. Ltd has informed the Exchange that the Board of Directors have at its meeting held on July 20, 2007, approved a Rights Issue of the Company for an amount not exceeding Indian Rupee 6150 million in such ratio and at such rate as may be fixed by the Board on the recommendation of the Rights Issue & Allotment Committee, appointed by the Board, for the purpose of administering the said Rights Issue.11 Jul · Board meeting
To consider inter alia the following agenda items: (1) To consider and approve the Unaudited Financial Results (Provisional) for the quarter ended June 30, 2007. (2) To consider and approve, if deemed fit, proposal for further issue of capital.
May 2007
5 May · Board meeting
Inter alia to consider and take on record the Audited Financial Results of the Company for the quarter / Financial Year ended on March 31, 2007 and recommendation of dividend if any.5 May · E-mail ID for Investor Complaints
Hindustan Oil Exploration Co. Ltd has informed the Exchange that "The Company has designated the following email ID as the exclusive ID where investors can send their grievances : hoecshare@hoec.com."
Apr 2007
28 Apr · Business
Hindustan Oil Exploration Co. Ltd has informed the Exchange on April 28, 2007 that "The Company has executed a Natural Gas Sales & Purchase Agreement with PPN Power Generating Company Private Limited for the sale of upto 51,000 MMBTU per day of natural gas from its PY - 1 Gas Field. The Gas price is USD 3.75/mmbtu for year 1 and 2 increasing to USD 3.85/mmbtu in year 3 and 4, USD 3.95/mmbtu for year 5 and 6 and negotiated price thereafter. Company is the Operator of the Block PY - 1 and holds 100% participating interest in the said Block."