Operator: Ladies and gentlemen, good day and welcome to Hindustan Oil Exploration Company Limited Q2 and H1 FY27 earnings conference call. As we start, let me introduce you to the management. We have with us Baroruchi Mishra, Managing Director and CEO, and Debabrata Das, CFO. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Baroruchi Mishra. Thank you, and over to you, sir.
Baroruchi Mishra: Thank you. Good evening, everyone, and thank you for joining us for the Hindustan Oil Exploration Company Limited's earnings call for the second quarter and half year ended 30 September 2026. I wish you all a very happy Dhanteras, and we are very close to the Festival of Lights, so happy Diwali as well. Given this festive calendar and the Diwali holidays, the company decided to align the results announcement and the earnings call on the same day this quarter, rather than have the two engagements separated by a day, as has been the usual practice. We must appreciate that you have taken the time to participate even in this festive season. This is indeed a departure from the normal schedule, and we really, really thank all of you for accommodating this revised timing.
Baroruchi Mishra: With that, let me start with a little bit of analysis or a view on the global oil and gas scenario, and then we will deep dive into how we as a company are performing and indeed contributing to ensure energy security for the country, both what we have done in the quarter that went by, but also what we would like to do in the future. As you all know, the oil market has been pulled in two directions. The Gulf supply disruptions have supported prices, even as higher fuel costs and weaker economic activity have curbed consumption. In October, the International Energy Agency projected that the global oil demand would fall by 2.6 million barrels a day in 2026. A sustained recovery in Gulf exports could ease prices. Further disruption, however, could push them higher even with weak demand, and that's a key thing to note.
Baroruchi Mishra: That range of outcomes reinforces the need for us as a company to exercise capital discipline till this cycle stabilizes, and that is going to take some time. In gas, the disruptions through the Strait of Hormuz have reduced Gulf LNG shipments, as you all know. New supplies from North America and Africa have pushed in part of those losses. Even so, the IEA estimates Asian spot LNG averaged around $21.5 per MMBtu from March to October. That has given us a good cushion, although we did not realize the same price for your gas sales, and because this is LNG, and therefore, there are imported LNG costs. New capacities are coming in, and that is But we have also, as you all know, 17% of Qatar LNG's capacity has been taken out in this war.
Baroruchi Mishra: We have price-sensitive buyers in India, and reliable domestic gas delivered under firm contracts have a particular value. However, it will need to be seen how many of those firm contracts can be honored and how much spot cargoes take over and manage the situation. India's crude import bill has risen by 46%, and that is a no-brainer. In this H1, I am told it is $91 billion, and the import volumes have increased by less than 1%. We are fairly steady on the demand side from that perspective. What is not a very happy news is the domestic crude and condensate production fell about 3.5%, so to 31.7 million tons. The domestic production fell about 4.4% in gas, while LNG imports rose about 4.5%. Our crude dependence continues, as you all know, above 88%.
Baroruchi Mishra: The gap needs to be bridged, and we, for HOEC, the opportunity is to deliver more domestic oil and gas reliably. I am very happy to say, except for B-80, all our assets, and of course, PY-1, which had low production, all our assets continued full stream, 100% of the days in the last half of the year. That speaks to the maintenance capabilities and the maintenance competencies of the individuals in our team who are running these facilities. We have a lot of opportunities, and we will talk about them as we go to the next step. PY-1 will make gas, albeit that our coiled tubing intervention, which we are trying to do before monsoon, got a bit delayed because the coiled tubing units could not be mobilized in time. We have a firm contract with SLB for this, and that will increase production from PY-1.
Baroruchi Mishra: That is intervention in the existing wells, and then we also have plans to drill two new wells. We will talk a little bit about that, but that will be middle of next year. In Dirok, we have to do a lot of work where we have the capacity to increase production as we speak. There has been a good increase from the time that we talked last quarter. We were averaging around 0.4, 0.5 million standard cubic meters on a gross basis. We are now averaging around 0.7, but there is an opportunity to go up to 1.2 million standard cubic meters, and we will talk a lot about that as we see later in the call. B-80 is our focus. It is the sort of I do not say it is the backbone because Dirok has done remarkably well.
Baroruchi Mishra: But B-80, where we have two subsea wells, a MOPU, mobile offshore production unit, and a tanker tied to the, moved to the SBM, is our flagship asset. Because when it works, it works really well. So we have two wells there, D1 and D2. And we have had some issues, as you know, about HPCL, with HPCL's crude sale last year, and we will talk a little bit about that. We have the INR 216 crores worth of 417,000 barrels of crude which we had sold to HPCL. And for various reasons related from HPCL's point of view, after a few days of processing, they felt the quality was not up to scratch and they had to stop processing. So there was a situation where we could have got into an arbitration, or there was an arbitration, but we delayed, we requested for deferment.
Baroruchi Mishra: And we are trying to work hard to get to an amicable settlement, and we will soon get there. We have started lifting, and we have made decent progress there. Now, D1 and D2, these are two wells, and D2 has watered out, and it has 90%, 93%, 94% water. And that is the nature of the beast. You cannot do much about it. If water coning happens, it happens. What you will therefore Of course, there is a reservoir management issue also that we have to be taking into consideration. But if water ingresses in the well, then you have to go for remedials. And that is exactly what we are doing in our two workover programs. For D2 well, we will shut off the water zone through rig intervention.
Baroruchi Mishra: So the rig, the LOA, et cetera, has all been awarded, or the contract has been awarded and the LOA has been given, the contract is awarded. And we will have the rig on location by end of November, early December, and we will start workover on D2 and D1. On D2, we will blank off or shut off the water zone, and we will open up new zones, perforate new plays, and there we have quite a few plays, including a very decent gas cap, which can produce a lot of gas. So we will be working on that. And on D1, we will do a standard perforation cleanup, and we will also perforate new zones to be able to produce more from D1 and D2. After D1 and D2, so after we have done the workover, we will get on to drilling three new wells in B-80.
Baroruchi Mishra: And the workovers will get us around 1,000 to 1,500 barrels of crude per day, of oil per day, and gas in the range of 5 to 7 million scfs. So that we hope to be on stream end of December, early January. We were supposed to have the rig by 15 November, but for various logistics reasons, we will now have it, the rig not working with ONGC. But for various reasons, we now will have the rig towards the end of November, early December. Not too late for us to catch up on the production, but that will have a minor impact on export of 15 days delay. So that is about the two wells that we will do, and then three new wells. We have identified the location for the rig.
Baroruchi Mishra: We have done the bathymetry survey, and we are in the process of. In fact, we have let out all the contracts for tubulars, et cetera. They will start arriving mid-December or a bit earlier. We have awarded all the integrated service contracts in line to award all of that. All the final negotiations have been nailed, and we would be in good shape to then continue to drill after the workover program is done. There is one thing that I would like you to know about our West Coast operations. Under our development rights, we today have close to 800 square kilometer of area.
Baroruchi Mishra: That has come about because last month or the middle of the year, we were awarded B174, which has multiple discoveries and 2P reserves of DGH cited 2P reserves, or DGH quoted 2P reserves of 21 million barrels of oil equivalent. We will talk a bit more about that when we get into the presentations. That is an area that I want you to keep in mind, that we are sat on a huge opportunity in Mumbai High. We have B15, we have B80, we have B15, and now B174 has been added. In Cauvery, we just talked about PY-1. We will do well interventions and also drill new wells. Do realize that the new wells will be done or will be drilled only after we have a firm take-or-pay agreement with the buyers, which could be either IOCL or GAIL.
Baroruchi Mishra: It is very important to understand that this field came on with 15 million standard cubic feet of gas every day. It produced well for a while, but then we were done in by disruptions in the domestic consumption. So we were asked by GAIL to production, et cetera, because there was disruptions in the final consumers of the gas. That meant that we have to keep this field shut in. In a basement granite reservoir, which has a lot of rocks and fissures and vertical porosity, if you keep those wells shut in for a long time, you will have a lot of water ingress into the gas zones and overwhelm the gas zones in many instances. Therefore, we lost production. We tried to revive it.
Baroruchi Mishra: We tried to revive it for some time, it did, and then we got back to square one. We then went to PetroVietnam, which is the only other company that is running a basement granite reservoir at its peak, it is called White Tiger Field. At its peak, they were making 80 to 100,000 barrels per day. We requested their core competency to assess our field, and they did that, and they have come back with a report that we can still make 15 to 20 million scfs of gas in this field. That is phenomenal because even at a $7 to $10 price, you are looking at 120 to 150,000 US dollars per day.
Baroruchi Mishra: And that is very material, it will bring back the old glory of PY-1 as a producing field, and we are very hopeful that we will get there. That was PY-1. Let me take you to Assam, there have been many questions around Assam and Dirok. Dirok field has five producing wells, and our capacity, the potential there is to produce 1.2 million standard cubic meters on a gross basis, I mean, from all the wells. Now, realize that this reservoir has very high pressures, and that speaks to the potential of the reservoir. The header pressure, which is the pressure on the surface, is 3,000 psi. For those of you who understand this terminology, it is 3,000 times more than the atmospheric pressure.
Baroruchi Mishra: Normally, the pressures in Mumbai High and other wells, flowing pressures, are in the range of 20, 30, 40 bars, or 300, 400, or 500 psi, the header pressures. This has 3,000 psi header pressure, and that tells you about the potential of this hydrocarbon system. We have the capacity to go to 1.2 million standard cubic meters from this field. As soon as the bottleneck on the pipeline evacuation of this gas is lifted, we should be able to ramp up within a matter of one or 2 days. With that said, we have additional wells which have been approved by DGH, and that will bring our production from 1.2 million standard cubic meters to 2 million standard cubic meters. Roughly an 80% increase, a 70% to 80% increase in our capacity to produce.
Baroruchi Mishra: But we will drill those wells only when the gas evacuation route is totally de-bottlenecked. There is enough ullage in the existing pipelines to be able to evacuate our gas. And also, indeed, if local demand develops or we get a connectivity to the national gas grid. We have been talking to all the stakeholders in this. Decent progress has been made in the DNPL line, and also in the spur line in the NRL facility, which will connect the DNPL line to the national gas grid. NRL will not have to take a shutdown to depressurize the DNPL line. They can buy back the gas from the national gas grid and depressurize the DNPL line, and purge it with nitrogen so that the new sections which have been laid to replace the sections which are corroded or which have lost asset integrity can be connected or tapped in.
Baroruchi Mishra: All the material for the spur line, et cetera, was delivered three, four weeks ago, and that is in process. Our hope is that by the end of this year, or by the middle of December, we will be in good shape to increase capacity. All the stakeholders, the Assam Gas Company Limited, would be in good shape to increase the capacity of their DNPL line, which will increase the production from the current 1.2 million standard cubic meters, which is going through that line at 40 bars, to 2.5 million standard cubic meters, which will go at 90 bars, because the asset integrity of that line would have been restored. That is pretty much the discussion on Dirok. Kharsang, we have had multiple opportunities in the gas and oil.
Baroruchi Mishra: As you know, last call we had said we have doubled the oil production in Kharsang, and we have approval to drill nine more wells in Kharsang. Albeit that we were a bit delayed in award of contracts, et cetera, because of some issues with the partners. Now all of it is sorted and the tubulars have been ordered, the rig has been awarded. Hopefully, January, early February, we will start drilling again. Then we will again double the production in Kharsang. We have found gas horizons. Two wells have gas potential of 8 to 9 million standard cubic feet as we speak, but we have to keep them shut in because we cannot sell the gas due to the lack of infrastructure locally.
Baroruchi Mishra: But also the pipeline to connect to the Assam pipeline is not there, which is a 24-kilometer pipeline, and we are working to We have started, or about to start the route survey for it, and then within 18 months, that line would be laid. But we are very actively trying to look at opportunities to sell the gas locally as much as we can. We have been talking to tea gardens and to the Assam bureaucrats to try and see how we can move this gas. We have two new wells to drill again. I am sorry, there is a lot of background noise because of the colony. The colony is right there in the Can you still hear me, Soumya and others?
Operator: Yes, sir. There is a lot of background noise.
Baroruchi Mishra: Sound loud?
[Company Representative] (HOEC): Sir, shall we continue, sir?
Baroruchi Mishra: This is the colony. I will speak closer to the mic, and hopefully you are able to see and hear me. If you are not, please tell me that, yeah?
Operator: Sure, definitely. Please go ahead, sorry. You are audible.
Baroruchi Mishra: Okay. Just a second. Then in Kharsang, we have 2 deep wells to be drilled, and we believe they have huge gas and oil potential, and that will be done sometimes during the Q3 of next year. We are in discussion with the partners for those 2 wells, and they will really provide a huge fillip to the opportunities that we have in Kharsang. Now coming back to Assam exploration block, B-174 holds 127, 130 BCF of gas, with lots of upsides, and that is an exploration block which has been awarded to us. There are some disputes with the government and the local villagers about, between the government and the local villagers about the compensation to be paid for roads, for the access and things like that. That is being sorted. In middle of next year, hopefully we will start this.
Baroruchi Mishra: We have to drill North Dirok starting January, February next year, and that, by many reckonings, is almost as big as the Dirok field that we are producing now. So Assam is going to be a huge story, not only for HOEC, but for India and also for other operators. There is so much of potential currently limited by evacuation. The government is aware, PNGRB is aware, and they are working hard. Oil India and all these stakeholders are working real hard to ensure that every molecule which can be produced is produced. With that, let me come back to Cambay a little bit and then hand over to our new CFO, who has joined us on 1 October, and I will talk a little bit about that just after this. Cambay, in Gujarat, we have 3 blocks, Asjol, Balol, North Balol, and Palej.
Baroruchi Mishra: In Palej, we have doubled the production. Asjol, we have to do 2 wells, and North Balol, we have to put the sucker rod pumps, et cetera. We have put a belt drive which increases production, but not by a lot, which is a new technology. So we have to make Gujarat or Cambay as material, and we are teaming up with the GSPC to put our heads together to produce the limits of the world from Cambay. We are trying to engage third parties for enhanced oil recoveries, et cetera, and we will ensure that we get to a good position there. So let me just conclude by saying that our operating target of 11,000 barrels of oil equivalent by middle of 2027 stays.
Baroruchi Mishra: By FY 2028, we are looking at 22,000 barrels because by that time, I will bring in B-15, we will bring in B-15, and 30 to 32,000 barrels of oil equivalent net HOEC by 2029 because B-174 would have kicked off, Assam new wells would have been drilled, PY-1 would have been streaming at that time. So we stay on our target, and we look forward to your good wishes and support to make that happen. We have been helped by the finance ecosystem in India. We have raised a decent amount of loan, INR 125 crores, for the workovers because some of our monies are locked in. In the HPCL sale of crude. Also, we have to still dispose off the 120, 130,000 barrels, which we have in the FSO in Bombay High, in the B-80 field.
Baroruchi Mishra: At the right time, when we get a replacement tanker, we will take that tanker out completely and we will do some dry docking, et cetera, which is also required on that tanker. But that is something that is an operational issue, and we are dealing with in a regular basis. These two things, the BAD in place, fresh crude, and HPCL crude, if both of them are liquidated, we are looking at around INR 250 crores of additional funds flowing in into our bank accounts, and that will set us up very well for the development expenditures. But also, we are looking at a higher facility with the banks in the tune of INR 600 crores, because INR 600 to 700 crores.
Baroruchi Mishra: The total could go up to INR 1,000 crores, including what we have already got, because when you are drilling offshore, stuff happens, and you could have delays, et cetera. You should be sat on good cash positions to be able to deal with eventualities. Because the peak of expenditure will happen all in the next 3, 4 months, it is important that your reserves are certain, your cash reserves are there to be able to, or you have access to cash to be able to take on the risks and indeed drill these wells with certainty. That is pretty much what I had to tell you. I would now like to introduce you to Debabrata Das, Debabrata. He is our Chief Financial Officer. He has taken over on 1 October.
Baroruchi Mishra: As you know, Allen Andrade and he and I worked together for a long time in British Gas and in Shell. He has told me to step down. The only and the only reason for him to step down is because he had to commute from Mumbai. It was not possible for him to commute a lot from Mumbai at his age. So he has decided to step down from the CFO role, but he will be our financial advisor. He is not gone anywhere. He is part of us. He will be our financial advisor. He will continue to guide and steer the finance team and all of us. He will help tremendously with our fundraising. So it is a win-win for him and for us. He will also mentor our new CFO wherever he needs help.
Baroruchi Mishra: With that, let me hand you over to Debabrata Das, and I am very happy to take any questions that you might have.
Debabrata Das: Thank you. Thank you for introducing me. Good evening, everyone. This is my first annual call as CFO of HOEC, and I would like to take this opportunity to thank our shareholder, analyst, and investors for their continued interest in the company. I look forward to interacting with all in the coming quarters. Let me now take you through this financial performance for Q2 and H1 FY27. There is a strong recovery of the profitability in the Q2. Q2 versus Q1, revenue from operation was 25% quarter-on-quarter from INR 117 crore to INR 147 crores. EBITDA more than doubled from INR 21 crores to INR 46 crores, and profit before tax tripled from INR 12.5 crores to INR 38 crores.
Debabrata Das: The main driver of the profit, it is that increase in the gas sale and the realization of the monetization of that stock, that HPCL stock that previous year. That monetization, we sold more BAD HPCL stock, which added close to INR 57.79 crore of the revenue. Altogether, close to INR 80 crore of that HPCL stock we liquidated in H1 FY27. Another, that lower inventory movement valuation, that charge from inventory movement fell about INR 23 crore from INR 41 crore to INR 18 crore. Coming to that H1 FY27, vis-a-vis H1 FY26. H1 revenue is down from INR 405 crore to INR 265 crore. There is not a decline in the revenue in absolute term because last year, the first half includes INR 258 crore that sale to the HPCL. That is a one-time sale that during that quarter.
Debabrata Das: In addition to that one, there is one-time adjustment of restatement of investment that is close to INR 32.5 crore, in our BAD investment. EBITDA is up 20% from INR 56 crore to INR 57 crore. Profit is up 46% from an adjusted profit of INR 30.7 crore. After elimination of that one-time adjustment of restatement of that investment. Now on the liquidity part, we are having that operational cash surplus of INR 39 crore during this half year ended September 2026 against that INR 18 crore negative last year. There is a swing of that INR 57 crore largely contributed by, I can say, that HPCL stock realization of INR 80 crore. We raised fund, that INR 179 crore, and that including that credit facility from that financial institution, close to INR 125 crore. That largely will be spent on that B-80 workover and CapEx of B-80 workover and for that drilling.
Debabrata Das: We are having the closing cash of INR 158 crore, and large part, as I mentioned, is going to be spent on that CapEx across all the fields, including the B-80 in the large. That is coming to FY27, Q2 FY27. Our consolidated revenue stood at INR 151.78 crore, while EBITDA was INR 37.51 crore, translating into EBITDA margin of 24.71%. Profit after tax for quarter stood at INR 19.03 crore. For H1 FY27, revenue was INR 275.78 crore, EBITDA was INR 63.18 crore, and profit after tax stood at INR 25.10 crore. Our performance during this past half was primarily influenced by increase in volume as well as the stock realization. As we enter in the next phase of development program, an important focus for us is the conversion of the earning into cash, that will be our priority.
Debabrata Das: During H1 operating cash, as I mentioned, that we have INR 18.23 crore. With the cash conversion primarily generated by realization of that previous year B-80 inventory. We expect this to improve as there will be gain in the momentum of the realization of the previous year B-80 inventory, as well as the current stock of FSO. Our focus remains stronger cash conversion from our existing production asset, which will fund our development of portfolio internally. When it comes to B-80, we have made progress in monetizing the inventory, and we have so far realized INR 80 crore with approximately that 36,103.90 million metric ton. On the balance sheet side, we closed September with cash and cash equivalent at consol level INR 166 crore, and gross debt of INR 211.11 crore, resulting net debt of INR 44.90 crore. Our net debt to EBITDA, it is at 0.71 times.
Debabrata Das: Our approach will be to balance the internal cash generation and external funding requirement, while ensuring the capital deployment remains aligned with project milestones and expected production addition. With that, we can open the floor for questions. That is from my side.
Baroruchi Mishra: Yeah.
Operator: Thanks.
Debabrata Das: Thank you.
Baroruchi Mishra: Thank you.
Operator: Thank you, Nikolai.
Baroruchi Mishra: Thank you. Before we open the floor for the questions, let me just put in a snippet there that with the award of B174 field, DSF field, for the first time, HOEC has crossed its 2P reserves to more than 100 million barrels of oil equivalent, and that is a good place to be in. That is something that I wanted to share with you, because I have not followed the flow of the slides, but I just wanted to bring it up to you that now we are sat on a 2P reserve of more than 100 million barrels, which is 104 approximately, and that is a good place to be in. That puts a lot of challenge on us and expectations from the shareholder community to fast monetize this reserve.
Baroruchi Mishra: Because out of the 104 million barrels of oil equivalent, we have not produced more than 5 or 6. There is an opportunity for us to run as if there is no tomorrow. We will have to do that, and we look forward to all your help and support. Let me stop here with a huge thank you to all of you, because it is a festival season, Dhanteras today, and you have still chosen to dial in. Thank you very much, and let me stop here.
Operator: Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and then 1 on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and then 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Please ask the questions. Your first question comes from the line of Anubhav Goel with Cosma Ventures. Please go ahead.
Anubhav Goel: Yeah. Hi, sir. You have given very detailed comments, so really appreciate it. First, I just want to start with a very broad question. It is very hard to nail where the EBITDA and PAT numbers will land up on a successful ramp-up to 10,000 barrels. If you can just share some thoughts on EBITDA and PAT margins across our four key assets of Dirok, Kharsang, PY-1, and B-80, at, say, a $70 crude price, because there are so many factors like difference in pricing, cost of production, government share, the mix of oil and gas, onshore, offshore. Some broad thoughts, sir, across these four assets.
Baroruchi Mishra: I think you yourself have said very well that it is open, this is subject to a lot of variability, and not in the least the gas and oil prices themselves. The first one, for B-80, we have the operating costs in B-80 are the highest because we have to have offshore OSVs, offshore support vessels, as being maintenance, tanker maintenance, and all of that on a consolidated basis. But we also realize high gas prices on the gas exchange in B-80, and the crude does not immediately support the cash flows. So our margins are in the range of 30% to 40% on a regular basis. Every $10 increase in the oil prices contributes roughly INR 30 to 40 crore in the revenue flows. Let me stop there because otherwise there are multiple steps in profit petroleum calculation, and it follows different tranches.
Baroruchi Mishra: For this quarter, we had INR 10 crore additional profit petroleum and things like that. So, I will reserve my comment on what would be the return, but we are in the range of $30 to $40 of margins in B-80 on a company basis. Quarter on quarter, we can give you exact numbers, but it is very difficult to predict. What we can predict though is the volumes, and then we will leave it to you to calculate what could be our profits. Operating cost, and we can tell you that operating cost on a company basis ranges from 20% to 25%, 20% to 30%, depending upon what is the diesel prices and others, commodity prices. So we are on track for the volumes that we had said we would produce.
Baroruchi Mishra: As of today, we believe we will get there, albeit that we are 15 days delay in the workover, but we will get there. So with the volumes, I suggest that you do the first pass calculations and get back to us, and then we will get into the details because there are at least 10, 15 variables which determine what would be the final realization from these volumes.
Anubhav Goel: No, sir, this was helpful. 30, 40 dollars on a company level. Okay, got it. Sir, just for B-80, you mentioned the targets we have for workover. The targets post the two new wells drilling stage, right? That 5,000, 6,000, 8,000. I just wanted your thoughts, sir, on the monsoon risk, because that risk is always there, like during the monsoons, we face a disruption, and that has really hurt us in the past. In case we do successful drilling and encounter that risk, are we better at this, like learnings from the past few years? How should we think about the risk?
Baroruchi Mishra: Very good point. Our volumes are premised on three new wells and workover of two wells. Drilling itself will finish by 15 May because we will have to demobilize the rig by 15 May. Otherwise, they lose tow insurance, and they will have to continuously stay, and we will incur standby charges throughout the monsoon. Whatever be the status of completion of the wells, we will have to demobilize the rig. We do hope that we should be producing from these wells by that time. That said, monsoon disruptions are for real, but what we are trying to do is we have created a very small capacity on the MOPU itself to have at least two to three days of production, but with increased production, it will be lesser.
Baroruchi Mishra: So that if there is a short disruption in the SBM and the tanker, et cetera, we don't stop production. I mean, you should note that this year, even when our B-80 is down in this monsoon period, there is not one day we shut down the total production. We continue to produce from D1 throughout the monsoon. We are getting there. There will come a time, next year we are doing a complete reevaluation of our subsea infrastructure. We are changing some flow lines. We are looking at the design itself of the SBM, not that things are wrong there, but is there a better design to ensure that the subsea hoses, et cetera, are not impacted by the metocean conditions which prevail during the monsoon in the West Coast in India. But we are working towards it.
Baroruchi Mishra: This year was a good story on monsoon reliability, I mean, continuing our ability to produce through the monsoon because we were continuously producing, albeit at a lower rate because of D2 well completely watering out or 93% watered out. Had that not happened, you would have seen zero disruption in monsoon this year itself. But we had a problem. We had an SBM problem, and we created space in the MOPU storage, in the MOPU. While the SBM hoses were being repaired, two, three days it took, or four days, we were continuing to produce from one of the wells. At least that assurance we have, and we have a line on side, line of sight on how to improve monsoon availability of our facilities. Let me stop here.
Anubhav Goel: Got it, sir. The PPT mentions the drilling rig contract has been awarded for the workover on the two new wells. Is it like it has been awarded for the workover, and then we will see the outcome and then take a call to drill the new wells? Or because you had mentioned earlier it is a single campaign, just want to check if you have procured everything to do both. Or is the new
Baroruchi Mishra: We have procured everything to do both, the workover and the drilling of new wells. Because look at this, how wrong can we go? Things can happen, things have happened. ONGC's reserves, they had to take 70% downgrade in 98/2, Reliance had taken huge downgrades in D6, so stuff happens. But right now, we are sat on roughly 35 million barrels of oil equivalent in B-80, 26 million oil and 11 to 12 million BCF of, I mean, the balance gas equivalent, oil equivalent of gas. So totally 35 million, of which we have produced 2.5, 3 million or not more than 2.5 million. So how long can we go? That is the question that we have to answer. Even if I have half that amount, I am still doing well.
Baroruchi Mishra: We have to go for these wells, and we have clear structures we can see on the logs and other seismic data, and we do hope they will turn out to be a good thing. What is important for you to know on how we are managing this risk is, I am not putting a platform, a marshalling platform on top of these wells. I am doing it on the This is a new There is not a new technology, but not often done, which is a mudline suspension wells. We will drill the well and test them without having to bring a superstructure on it. We will drill through a template that is being designed, and then we will drill three wells.
Baroruchi Mishra: If we find we have problems, we will change the well trajectories, or in the worst case, we may not do a third well, but that is 0.01 probability, 99.99 we will do all the three wells. What I am saying is, I have still the opportunity to save some money in building a new platform on bringing it on the top, wellhead platform on these three wells and tying it back to these three wells if these wells do not turn out the way they are supposed to be. But that chance is mean. Obviously, it is very low, but that is how we are managing the risk.
Anubhav Goel: Sir, just my last question before I-
Operator: Sorry to interrupt, Mr. Goel. We request you to return to the queue for follow-up questions, please. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the conference, we request you to limit to two questions each, and we will return the queue for any further follow-up questions. Thank you. The next question comes from the line of Nirav Mahawar with N Square Capital. Please go ahead.
Nirbhay Mahawar: Yeah, good evening, sir. Sir, could you please repeat your volume guidance for H1 FY, H2 FY27 and FY28 on gross and net basis?
Baroruchi Mishra: Okay. Well, I have said by You guys are all finance whizzes, so let me say by month and then you can say it is a FY or F2, because I am guided by the monsoon in the West Coast. So by June of next year, we are looking to have roughly 10,000 barrels of oil equivalent net HOEC production. Now, that could be 8.5 or that could be 11, but we are looking at 10,000 barrels of oil equivalent by June of next year. Why do I say June of next year? Because drilling, et cetera, all stops by May. We have the final wells, the testing data and everything. We have put the offshore facility to start and lay the pipeline, additional pipeline, et cetera. After that, we cannot do anything. If it slips, it goes post-monsoon.
Baroruchi Mishra: But we have a fair handle on our ability, on the scheme of things to get to that production. By that time, Assam will also produce from at least from 0.8 to 1.7 that they are producing now to 1.2, which is 0.5 more. So that adds another volume. Kharsang will have drilled six or seven wells by then, and that adds to volumes. Then we have Cambay and PY-1, the interventions will have been done, and then we will be in a pole position to do the new wells by June, July of next year. So 10,000 barrels is our base case for next year, June.
Baroruchi Mishra: And then by December, when we have done the or by December of next year or January of next year, we will get to PY-1 production completely, 15 million scfs, which is roughly in barrel terms, will be roughly 1,500 barrels to 2,000 barrels of oil equivalent. So, that takes us to 13 or 12 to 14 million barrels, and then we will have B-15, which we are hoping to develop in Q1 or Q4 of 2027, 2028. And that will be on stream by June of 2028. And that will give us additional 3,000 barrels, 3 to 3 and a half thousand barrels. Then B174 will be online. So, our target is by end of 2028, or the financial close in 2028, 2029, we are looking at 2029, 22,000 barrels, and then we do B174 and get to 30, 32,000 barrels. So that is
Nirbhay Mahawar: Sir, I will just clarify this. When you are saying 10,000 barrels by June 2027, this is gross or net?
Baroruchi Mishra: This is net BOE, net HOEC. I thought I said that. HOEC, net HOEC.
Nirbhay Mahawar: Yeah, you said net. You are saying what you are producing right now, 2,000 will become 10,000 by next one year?
Baroruchi Mishra: Yeah. That foxes many people, because unlike manufacturing and other sectors, where increasing five times is not heard of in 8 to 10 months, here we are drilling wells, and the results are there to be produced. It is something that happens in the oil and gas sector.
Nirbhay Mahawar: This 2 will become 10,000 as per your projections in next one year, and in next year it will become 30,000, is what you are saying?
Baroruchi Mishra: Yeah, that is right, sir. Because as I said, we are sat on 2P reserves of 100 million barrels of oil equivalent. Typically in the oil industry, if you have 100 million barrels of reserves, you can easily have a production plateau of six to seven years for 40,000 barrels of oil equivalent.
Nirbhay Mahawar: Thanks a lot and wish you all the best.
Baroruchi Mishra: Thank you, sir.
Operator: Thank you. The next question comes from the line of Manpreet Arora with Northern Lights Wealth. Please go ahead.
Manpreet Arora: Yeah, thank you for the opportunity. Before I ask my first question, just a clarification on the numbers, PPT. You have given oil and gas realizations for some of the fields. For Dirok, can you tell me what was the average realization for gas?
Baroruchi Mishra: Seven dollar. For Dirok, it was. Just a second. I can give you that number. I have it. What was that quarter? Let me see. I think 7.8 or thereabouts, sir. 7.8. I have it in the slides. Give me 30 seconds. Let me get there.
Manpreet Arora: No problem. Should I go ahead with my first question?
Baroruchi Mishra: Yeah, it is roughly around 7.8 to 8 dollars.
Manpreet Arora: Okay. Thank you. My first question is on the volume ramp-up we have seen in Dirok this quarter for 22.1 million scfs per day. Our understanding was that because of the APM pricing, the way it works, customers are going for lower-priced gas and then only choosing the premium gas, and that is why we were in the range of 14, 15 for the last few quarters. Has that materially changed now, and should we see this run rate, or there is something special happened this quarter?
Baroruchi Mishra: In Assam, we are not in. This is the Directorate General of Hydrocarbons describes the PPAC price, and we have to go by that price. It was, just to give you an understanding, in August, we were around 7.78. We have from year, month on month, it has varied from 7.5 or 7.78 to today we are on $12. Every month, and this is linked to the Indian basket of crude. Today's realization in Dirok is $12 per MMBtu.
Manpreet Arora: Yeah, sorry to interrupt, sir. I will just clarify my question, because I think I may have not communicated it well. What I meant was, we were in the earlier years doing 20 plus million scfs per day, but then we came down to 15, range of 15, 14. The reason that was given to us was that the premium gas was being taken as a second option because the customers in Assam were taking a lower-priced gas from the other producers. Therefore, the volumes had reduced. This quarter, I see that it has gone up from 15 to 22. Just wanted to understand, has the demand increased, and can we assume that 22 million scfs will be going forward the run rate, or something special happened this quarter?
Baroruchi Mishra: No, it will be. Why? Because our gas is a rich gas, and IOCL realizes Oil India, which takes the gas and markets it, they also make decent volumes of natural gas liquids. But you are very right. The Assam Gas Company, AGCL, which is our other customer, it has a huge price sensitivity. They take roughly 20% of our gas. There is a price sensitivity there, and they take at APM, because NRL takes at APM from Assam Gas Company. As soon as this pipeline is linked to the national gas grid, NRL will become a reseller. They will probably charge a marketing margin, and that needs to be understood, or they will consume our gas.
Baroruchi Mishra: If they are not able to take our gas because of our price, then we will have the opportunity to sell at the gas exchange through the national gas grid. My hope is that, yes, we will be impacted, but to an extent of 10% to 20%, not more. Because Oil India will continue to take our gas at this price, and they have been taking it for a while now. We have increased our production on that basis, therefore.
Manpreet Arora: Okay. Sir, on the DNPL pipeline, you had mentioned in the last call that there will be some hot tapping required and there were certain sections that were going to be. If you can update us on that one, because we
Operator: Sorry to interrupt, sir. We are losing your audio in between.
Manpreet Arora: Am I audible now?
Baroruchi Mishra: Yeah, you are audible. Go ahead.
Manpreet Arora: Yeah. I will just repeat my question. On the DNPL pipeline, sir, you had mentioned in the last call that it needed an upgrade and there were hot tapping also that needed to be performed. Yeah, so just an update from you on that.
Baroruchi Mishra: Yeah, yeah. No, I will. So look, hot tapping, we talked with all the stakeholders, and AGCL very actively considered it. They got all the bids, they evaluated all the bids, but they got a very high price on the hot tapping. The access to these locations was a bit tricky because the Assam floods had made that access very slushy. So, instead of hot tapping, NRL came in the picture and they said, "Look, guys, I was earlier making the depressurization of DNPL dependent on the shutdown, because only when I take the shutdown, I will depressurize the DNPL line." That stand has been changed now, because we are putting a bypass line, as in NRL is putting a bypass line, which I had shown last time also, which connects the DNPL line to the national gas grid.
Baroruchi Mishra: There will be a tap-off, small tap-off there, where NRL will buy back the gas from the national gas grid and continue to produce while it will depressurize. It will not take any gas from DNPL line, depressurize it completely, flush it with nitrogen, and then allow a standard conventional tie-in by cutting the wasted section and creating laterals or welding sections with valves, et cetera, to connect the new section which has been laid alongside the sections which had reduced thickness and asset integrity issues. So, the hot tap was very actively considered. It went to their board. Cost had come in high, and folks like T.D. Williamson and others were giving a four to five months schedule for hot tap, and also the access was an issue. So, NRL stepped in and they said, "We will give you a shutdown.
Baroruchi Mishra: We will depressurize the line without us having to take a shutdown." So, that is happening now. The spur line material was all delivered in NRL premises early last month, and they should have completed or they will complete the bypass line soon, NRL bypass line soon. With that, they will start buying back the gas from the national gas grid and depressurize the DNPL for the rest of the work. Does that make sense to you?
Manpreet Arora: Yes, sir. Yes, sir. Thank you for that. The estimated timeline for this—
Operator: Sorry to interrupt, Manpreet sir. We request you to return to the queue for follow-up questions, please, as there are several other participants waiting for their turn. Thank you. Your next question comes from the line of Andrey Purushottam with Cogito Advisors. Please go ahead.
Andrey Purushottam: Yeah. Thank you for taking my question. Last time we had a conference call, the timeline for us being connected to the grid and gas was stated to be somewhere around December of this year. Where are we on that right now? I know this is not something that you directly control, but what is the information that you have as to what is the timeline or the revised time plan with whatever information that you might have?
Baroruchi Mishra: Okay, sir. I just said that 5 minutes ago that when the spur line is done, which would be in any time in November, they will take another 15, 20 December as of now still stands. This is what I said. You are right, we are not in. But we are very active, following up with our stakeholders, and trying to help them whatever they need from us. They have reached out to us on many things, AGCL and us. We are on very good terms for discussion on technical opportunities or aspects to reduce the cost and the time. But yes, December end still remains, sir. Our best case is middle of December or early December. But by 30th, it should be done, sir.
Andrey Purushottam: Okay. Thank you. That is very good news, very encouraging.
Baroruchi Mishra: Yeah. It is exciting for the country because we all have to now discard company hats and put on the India hat. At $24, $25 gas price, every molecule that can be produced should be produced.
Andrey Purushottam: Absolutely.
Baroruchi Mishra: Right, sir.
Andrey Purushottam: Thank you for answering my question. Thank you.
Operator: Thank you. Your next question comes from the line of Manan Patel, an individual investor. Please go ahead.
Manan Patel: Thank you for the opportunity, sir, and thank you for the explanation, very detailed explanation. Sir, one question, our CapEx on B-80 has been increased from $45 million to $65 million compared to last quarter. Can you explain why is that?
Baroruchi Mishra: PAT wells, you are saying wells was always 45, and workover was always 15, so 60 was our case last year also, last quarter also. But wells 45 still remains.
Manan Patel: Okay. I was under the impression that total is 45. Okay.
Baroruchi Mishra: No, it is not.
Manan Patel: So-
Baroruchi Mishra: Yeah, go ahead.
Manan Patel: Just one confirmation. Once that NRL and DNPL connection happens, our realization should be closer to the IGX realizations, or how do we look at that?
Baroruchi Mishra: I will not count the chickens till they come home. But we would be allowed to sell on the national gas grid, and that will definitely be higher than the APM. Right now, my realization from Assam for this month is $12 per MMBtu. We hope to be in the range of $9 to $11 on an average. That's the hope, sir.
Manan Patel: Great, sir. Thank you and wish you all the best for the coming quarter.
Baroruchi Mishra: Thank you. Thank you so much.
Operator: Thank you. Your next question comes from the line of Anubhav Goel with Cosma Ventures. Please go ahead.
Anubhav Goel: Can you just elaborate more on the likelihood of PY-1 drilling happening next year? Because even in the last quarter, you had mentioned until the contract is firm, you will not drill the wells. So far, the contract is still not finalized. So, what are the odds of this actually happening?
Baroruchi Mishra: Very good question, sir, and I am asked this by board and everyone. Here is the thing. If I do not have a firm gas sales contract, take-or-pay contract, and I spend INR 20 million, INR 25 million drilling these wells, and then I have to shut them down, I will be back to square one, what happened 20 years or 15 years ago when these wells came on stream. So, that is a condition precedent for us. It is not that after it is signed, I will go. Once we have all agreed, then we will start drilling because we are already planning from a technical perspective, we will be ready at the drop of a hat. We will not award contracts till we have a clear line of sight or an agreement, or even a heads of agreement for the take-or-pay with IOCL or GAIL.
Baroruchi Mishra: Now, there is a very clear line of sight. IOCL has a station which is roughly 24 kilometers from our PY-1 plant, and there they are running that facility or that pipeline which is going to the national gas grid at 63 bar. From the PY-1 to that line, that line is a GAIL line. From PY-1 to that IOCL terminal, there is this 24-kilometer line exists now, but that is a GAIL line, and that operates at 10 bars. Therefore, there is a need to put compressor on the IOCL premises to be able to boost up my pressure from 10 bar to 63 bar so that it can go into the national gas grid and into the distribution networks of IOCL. What we have suggested to IOCL is, because the compressors have two years of lead time, let us get rented compressors.
Baroruchi Mishra: We have gotten quotes for rented compressors. As soon as we have further discussions with them and there is an agreement, we will very actively look at this. So with the rented compressors, we can boost up the pressure of the PY-1 gas, and then it can go to their national gas grid. GAIL is also showing interest. They are currently limited in a volume of 3 to 4 million scf or 2 to 3 million scf from PY-1, but they have shown interest that new buyers might also come in. So we will closely watch the situation. Whether I will sign a take-or-pay agreement next year, I give it a 50/50 chance, because rented compressors have a cost, and it has to go through a board. There is sole sourcing in many instances.
Baroruchi Mishra: But we will be prepared as soon as the gas sales contract is signed, we are ready to go, sir. We are in the game. But before that, we are doing the well intervention to take our production to 3 or 4 million scfs per day so that we can continue to sell to GAIL.
Anubhav Goel: No, no. Got it, sir. So this was clear. So, just confirming, essentially it is this sourcing of compressor which is the bottleneck. What about, like if this issue is solved today itself, like can they absorb this gas? Like do they have the
Baroruchi Mishra: Oh, yeah.
Anubhav Goel: capacity to offload it?
Baroruchi Mishra: This and more. This and more. Because then it goes to their gas grid and they have multiple opportunities to sell. They are also into They are supplying to a lot of IOCL. If you try to find out, they are getting very heavily into gas plays. They are operating their pipeline at 63 bar already at that, from their station. Our line going to that station is roughly 24 kilometers operating at 10 bars. But they will take all the molecules that we produce. That confirmation we have from them.
Anubhav Goel: Got it, sir. For Kharsang, for the next nine wells we are drilling, I think earlier we had shared targets of 1,800 barrels of oil per day, but the gas part is difficult to evacuate. In terms of oil now, what targets should we hold once we are done with the next nine wells?
Baroruchi Mishra: We are looking in the range of- Yeah, so the gas production will take many years. So, we are currently making 12 on a gross basis, we will look at 1,400 barrels, 12 to 1,400 barrels from Kharsang. On a gas and oil equivalent basis, if you include all the gas, we have exceeded our target. But because we have struck gas and we can't sell it, oil will be doubled from 680, 700 barrels per day to 1,400 barrels, 12 to 1,400 barrels per day. That is the ambition, sir. I mean, that is what the technical studies tell us.
Anubhav Goel: Got it, sir. And sir, just on-
Operator: Sorry to interrupt. Anubhav, sir, we request you again to fall back to the queue for follow-up, please. Thank you.
Baroruchi Mishra: Anubhav, please come and have a coffee with us, and we will go into the details. I don't want to leave you shortchanged. Come over sometimes, and we'll talk.
Anubhav Goel: Surely, sir. Thank you so much.
Operator: Thank you. Our next question comes from the line of Uday Vernekar with an individual investor. Please go ahead.
Uday Vernekar: Hi, can you hear me?
Baroruchi Mishra: Loud and clear.
Uday Vernekar: Yeah, sir. Just on the B-174, this new field which has been awarded to us, the area is very large. Would we be looking to replicate B-80 model in that? I mean, buying up new offshore facilities and setting up. What would be the timeline of B-15 and B-174 coming online? What do you think would be suitable timeline, 3 to 4 years or more than that? Also, one more thing, the Palej R2 area, did we get the Production Sharing Contract from the government? I think we were going to get.
Baroruchi Mishra: Yeah. Yeah, it is imminent. It is with the MoPNG. It is imminent. It is with the MoPNG. There are some bank guarantee issues and other stuff which we are sorting out. But it is imminent, sir. That is, thank you for raising it as a very prolific block, because next to that, folks have discovered wells or produced wells at 300, 400 barrels per day. So, we are looking forward to that block, sir. So, it should be, my hope is that by January, we will have that all in place, all the PSC extensions, et cetera, will all in place for the R2. Now, coming back to your first question, which was the B174, it has a lot of discoveries, at least, and different locations.
Baroruchi Mishra: We have to come up with a very innovative development concept where if we are close to ONGC's facilities, we will try to tie in there and pay them a tolling charge, or we might look at a minimum facilities platform. There are eight locations, six or five material discoveries for us. So, we will have to plan that very well. But yes, there would be new facilities that we will build there. Under the Samudra Manthan, the government has come up with this support for facilities, and there could be sharing of facilities also there. We are talking to, we will talk to the local, the other winners or awardees of the blocks, and we will come up with a situation where we do not duplicate efforts and duplicate resources and waste money. Now, from a timeline's perspective, here's the thing.
Baroruchi Mishra: We will finish drilling in B-80 by next year, June. I mean, try to be on stream in B-80 next year, June. Come October 2027, we will start drilling and hope to be on stream by 2028 June. Come October 2028, we will start drilling in B174. B174 will take us 2 years for complete development because they are spread out field, multiple accumulations are there, and therefore, we might have to do more than one facility. The 2P reserves are 21 million. That is the DGH reserves. Historically, we have seen, and we have just seen in Dirok, what was given as 1P for condensate was already produced. So, we have gone into a 2P situation, which is now becoming 1P for Dirok.
Baroruchi Mishra: Similarly, we will assess this field completely, and our hope is 21 million will go much higher, and therefore, we will have to have more structures or bait that will pull in resources with other operators. Does that answer your question?
Uday Vernekar: Yeah. Thanks, sir.
Operator: Sorry to interrupt. Sorry to interrupt, sir. Sir, we would request you to fall back to the queue for any further questions, please, as there are other participants waiting for their turn as well. Thank you. Our next question comes from the line of Manpreet Arora with Northern Lights Wealth. Please go ahead.
Manpreet Arora: Yeah, thank you for the follow-up. Sir, on the B-80, you mentioned that the FSO will go for dry dock between January and March next year, and that is when we will probably sell the oil that is there. Given that what happened with HPCL, what steps have we now taken to ensure that this discrepancy does not happen? Because even then we had a quota and the oil was taken, but we had to go into arbitration. So, have we taken additional some steps, so when the oil is taken, there is some guarantee that nothing like this happens again?
Baroruchi Mishra: Yeah. Long story short, we are testing the samples on a regular basis, and we do not find any aberrations. Why I said January, February, it could be earlier, but we are not getting small barges or vessels given the situation on the tankers to lift small cargoes. We have given our samples, et cetera, to IOCL. They have not seen problems in it. But we are waiting for the finalization. The samples that we have given, we have all the contents of chloride, et cetera, for them to have a first-class view so that those do not come back later. We have done the same in HPCL also. But we will be very rigorous with the testing. We will have third-party testing. I plan to be on the barge myself, on the tanker, to ensure that everything is done properly.
Baroruchi Mishra: Not that I would add a lot of value, but I just want to be sure that things are being done right. That said, we are regularly testing our wells, both D1 and D2, and they have zero. When I say zero, it means zero, nil, chloride content in these wells. But your point is taken. We are doubly careful that a repeat doesn't happen. And that repeat is, I'm not saying there is a causation there or admitting any liability by saying this, but all I'm saying is we don't get into issues with any party, any of our buyers. We want to give them confidence that ab initio, everything is right.
Manpreet Arora: Yeah, that's great to hear, sir. And sir, on the USD 65 million that we need for CapEx, are you looking to raise some equity as well, through rights issue or something, or all through cash flow than debt?
Baroruchi Mishra: Say again, sir?
Manpreet Arora: We have a major CapEx program coming up, and I was asking whether, are you planning to raise some equity as well to finance that, or it will primarily be our cash flows and debt only?
Baroruchi Mishra: It is not off our table, at least in PY-1, and it will take a lot of discussion. But if we have a strategy partner who wants to partner with us on PY-1, at the right price and percentages, I think, and I might be speaking out of turn because all of this has to go through the board, but on PY-1, we can definitely take partners and infuse equity, et cetera. I mean, dilute equities and whatever is needed to be able to raise funds. But that said, we have got good response from the market, from the banks, and we are hoping to have cash both from our books, but also from the lenders to be able to go through our CapEx plans. But if there are some firm proposals, very happy to look at that, especially corporate.
Debabrata Das: Yeah, I would like to add one thing here. Whatever that CapEx, we do have the plan, so we would like to meet those CapEx mix of that internal accrual as well as the external funding. If at all, as he mentioned and we mentioned that anything that, okay, that project level, any investor is interested, the funding and all this structure will be at project level. It may not be that equity at HOEC level.
Baroruchi Mishra: Yeah. As I said, for PY-1,
Debabrata Das: We may not opt for that.
Baroruchi Mishra: Yeah, yeah. So, there are many things involved in this, but for one field, for a project level, et cetera. As we speak, we are very actively looking at a project level collaboration, not from dilution of equity, et cetera, but we are looking at various constructs, commercial constructs in which we ease off the Capex pressure and still do the wells. So, we are doing multiple constructs with many agencies, and we have a lot of supporters in that sense.
Manpreet Arora: Great to hear that, sir, and all the best for the future. Thank you.
Debabrata Das: Thank you.
Baroruchi Mishra: Thank you.
Operator: Thank you. Ladies and gentlemen, we would take that as our last question for today. I now hand the conference back to the management for closing comments. Over to you, sir.
Baroruchi Mishra: Thank you. I can only say that the shareholders, all the questions that come from them, they help me clarify my own thinking, our company thinking, and we get sharper after every call with you. Thank you very much. We do look forward to coming back with good news. There will be always challenges, but we keep our chin up and do our best. Thank you for all the support and wish you a very happy Diwali. You can now return to buying gold on Dhanteras. Thank you. Bye-bye.
Debabrata Das: Thank you. Thank you. Wish you a happy Diwali.
Baroruchi Mishra: Hello, team. Are you still there?
Operator: Yes, sir.
Baroruchi Mishra: Okay, that is all from my side. If there are any questions, they can always write back to us and we would be happy to take.
Operator: Okay. Thank you so much, members of the management. On behalf of Hindustan Oil Exploration Company Limited, that concludes this conference. Thank you, everyone, for joining us today, and you may now disconnect your lines. Thank you.
Baroruchi Mishra: Thank you all. You have a good evening.
Operator: Thank you.
