Hindustan Oil Exploration Company Limited — Q3 FY26

Hindustan Oil Exploration Company Limited Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=qKkQLrrQnJA Published: 2 months ago

0:00 Ladies and gentlemen, good day and welcome to the Q3 and 9month FI26 earnings call hosted by Hindustan Oil Exploration Company Limited. 0:11 11 seconds 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. 0:22 22 seconds Should you need assistance during this conference call, please signal an operator by pressing star del on your touchstone. 0:30 30 seconds Please note that this conference has been recorded. I now hand the conference over to Mr. 0:36 36 seconds Looney Sony from Ernest Danyang investor relations team. Thank you and over to you Mr. Looney. 0:45 45 seconds Thank you. Good day everyone and welcome to the Q3 earnings call of Hindustan Oil Exploration Company Limited. The company 0:53 53 seconds published its result on February 13th and has uploaded the investor presentation on the exchanges yesterday. 1:00 1 minute I trust all of you have had the opportunity to review them. Before we start, a disclaimer. Some of the statements made in today's earnings call 1:09 1 minute, 9 seconds may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertaintities which could 1:16 1 minute, 16 seconds cause actual results to differ from those anticipated. Participants are cautioned not to place undue reliance on these forward-looking statements while 1:24 1 minute, 24 seconds making the investment decisions. On that note, let me introduce you to the management participating with us in today's conference call. We have with us 1:33 1 minute, 33 seconds Mr. R. Janandanda, managing director, Mr. Sensil Nasim CFO and Miss Josephine DIY company secretary. Without further 1:42 1 minute, 42 seconds ado, I would like to hand over the call to Mr. Janam. Thank you and over to you sir. Thank you. Good morning everyone 1:51 1 minute, 51 seconds and welcome to the quarter three financial year 26 earnings call from our team. I have Krishna Raaban our chief 1:58 1 minute, 58 seconds technical officer and central our chief financial officer joining me on this call. I will start with the updates on 2:06 2 minutes, 6 seconds the northeastern region. Let me begin with an update on the Carson block. As of today, we have drilled eight wells 2:13 2 minutes, 13 seconds and ninth well is in progress. Out of eight wells, five wells are oil wells and sixth well is completed as gas well. 2:20 2 minutes, 20 seconds The other two wells will be perforated once the drilling of the ninth well is completed and will be hooked up for production. Sixth well encountered with 2:28 2 minutes, 28 seconds well control issue is resolved and converted as gas producer. It was tested for protection and with the minimum choke it can be on continuous production 2:37 2 minutes, 37 seconds of about 2 million standard cubic feet per day. 2:41 2 minutes, 41 seconds The the results from the six well authenticate the substantial volume of gas which can be commercialized at the 2:48 2 minutes, 48 seconds earliest once the northeast gas grid is fully operational. 2:52 2 minutes, 52 seconds Though we have completed the drilling of seventh and eighth well will be perforated along with ninth well once the drilling of the ninth well is 3:00 3 minutes completed as all the three wells are in the same plint. You are aware that we have secured environmental clearance for drilling 40 development wells and three 3:08 3 minutes, 8 seconds exploration wells in the block. We will continue to drilling for to reach the full potential of the block subject to 3:15 3 minutes, 15 seconds partners approval. Our current production level is about 800 barrels per day and some work over of existing wells could not be taken up due to 3:23 3 minutes, 23 seconds repair of workover rick after the well control issue. We earnestly hope that with the support of oil India limited we can unlock substantial value for all 3:32 3 minutes, 32 seconds strict holders in the block. G&G review of the data of newly drilled wells with the data of old wells authenticate the potential of the field already 3:41 3 minutes, 41 seconds communicated by GTA. We have received responses to the expression of interest for 2,000 per square rig as well as 3:48 3 minutes, 48 seconds 1,000 per rig. We will finalize the drilling rigs to progress further for the D field. The revised field 3:55 3 minutes, 55 seconds development plan has been approved enabling an extension of the block. We plan to drill a well in North D targeting the bar formation based on the 4:04 4 minutes, 4 seconds responses to the expression of interest for a 2,000 Aspar rig. He will finalize the drilling contract upon receipt of the formal extension letter from the 4:12 4 minutes, 12 seconds government of India. Durac gas sales for the current quarter is 13 million standard cubic feet per day. While the offtake in the previous quarter was 14 million standard cubic feet per day. 4:23 4 minutes, 23 seconds Accordingly, sales volume of the current quarter is 31 BCF compared to 34 BCF in the previous quarter for our share. 4:31 4 minutes, 31 seconds Content set production is 5,614 barrels compared to 5,858 barrels in the previous quarter. 4:38 4 minutes, 38 seconds Price realized in the current quarter is 7.32 per mmpu compared to 7.8 in the previous 4:45 4 minutes, 45 seconds quarter. While the field with an existing well has the capacity to produce up to 45 million standard cubic feet per day. Production has been 4:53 4 minutes, 53 seconds constrained due to limited demand. It can be seen that IGGL has hooked up the connection up to Numliga from Guhati and 5:01 5 minutes, 1 second commissioned it. It is to note that mechanical completion of the DNPL line also has been completed. Now the connection of DNPL line with IGL line is 5:10 5 minutes, 10 seconds said to be completed expected by end of March 2026. Good progress has been made. 5:16 5 minutes, 16 seconds We are closely watching the development to augment our capacity to meet the increase in demand. We hope that the increase in uptake will occur before the 5:24 5 minutes, 24 seconds end of the fourth quarter of the current financial year ending 31st March 2026 or early first quarter of 2627. 5:32 5 minutes, 32 seconds We anticipate the grid to be operational within financial year 2627. 5:38 5 minutes, 38 seconds We will augment our capacity by drilling in north Iraq and by drilling three more development wells in Dra. This will enable us to increase the sales volume 5:47 5 minutes, 47 seconds to meet the rising demand by connecting the northeast gas grid to the national gas grid. Block a NHP 2017 oblique 19 5:57 5 minutes, 57 seconds which we refer to as block 19 is an area adjacent to dro known as a greater dac and is analog to the dac structure. We 6:05 6 minutes, 5 seconds have received the environmental clearance. We have also secured 2-year extension effective December 2025 to drill two additional two drill exploration wells. 6:16 6 minutes, 16 seconds Regarding the block, we have 10% participating interest in this block where ICL is the operator holding uh 90% 6:25 6 minutes, 25 seconds participating interest. IOC has started drilling the first development well and has drilled up to 4,300 m and tested 6:33 6 minutes, 33 seconds needs stimulation and this will be after completing the second well. We endeavor to complete our drilling in the 6:40 6 minutes, 40 seconds northeast within 2 years to commercialize the discovered resources to meet the increased demand on completion of the eastern gas grill. 6:48 6 minutes, 48 seconds Moving to our camp blocks, we have drilled two wells in North Bal. One well flowed oil in Balul P which will be put on production and the second well is 6:56 6 minutes, 56 seconds planned to sit track for Baba group formation. With this we will have four wells on production from North Balol. We plan to drill two wells in Azul. We also 7:05 7 minutes, 5 seconds expect to receive final clearance for the ring fence production sharing contract along with the extension of the polish block. Following the extension we 7:14 7 minutes, 14 seconds will install SRP in existing wells and build additional wells in polillage. 7:19 7 minutes, 19 seconds These activities are expected to enhance the value across the camp assets. 7:23 7 minutes, 23 seconds Overall production from the C camp wealth remains stable at 32 mm ACF of gas in quarter 3 financial year 26 7:31 7 minutes, 31 seconds compared with 33 mmfd in quarter 2. Now I offshore blocks in Kawi and Mumbai. 7:40 7 minutes, 40 seconds Coming to the Mumbai offshore blocks in case of B15 the GNC review and preparation of the development plan is in progress. Given the water depth of 7:48 7 minutes, 48 seconds about 40 m we should be able to put the field production within about 2 years. 7:53 7 minutes, 53 seconds In block V8 we hold 100% participating interest. Production in the current quarter is 48,742 8:00 8 minutes barrels of oil and4 bc of gas come back to 31,48468 8:07 8 minutes, 7 seconds barrels of oil and 23 BC of gas in the previous quarter. During this quarter the average gas price realized is 10.5 8:16 8 minutes, 16 seconds per mm BTU compared to US dollar 10.62 in the previous quarter. Our plan to work over the D1 well continuous and the 8:25 8 minutes, 25 seconds plan for drilling additional three wells in progress which will start after the fourthcoming monsoon 8:33 8 minutes, 33 seconds and we have sold about 417,000 barrels of crude oil to HPCL in accordance with the crude optic and sales agreement 8:40 8 minutes, 40 seconds titled and risk trans and inurable interest transferred to HPCL at the offshore delivery point on 25th 8:46 8 minutes, 46 seconds September 2025 nearly 3 weeks after taking the custody of The crude HP has raised a concern regarding the contamination. While the COA does not 8:55 8 minutes, 55 seconds include any warranty or representation regarding the crude quality and therefore there is no basis for any claim or cost on us and we are actively 9:02 9 minutes, 2 seconds pursuing all available avenues to realize the outstanding dues from HPCL. 9:07 9 minutes, 7 seconds Cavary offshore block based on the study by Petro Vietnam. We propose drilling two infill wells. One appraisal well through the existing platform and one exploration well outside the platform. 9:18 9 minutes, 18 seconds The project remains economically attractive even at a PPAC pricing given the minimal incremental capital requirement and the availability of 9:26 9 minutes, 26 seconds substantial unreovered costs. Moving to the quarterly results, our epida for the current quarter is 31 crores in the 9:34 9 minutes, 34 seconds console accounts compared to 25 crores in the previous quarter. We remain committed to drilling a total of 18 shallow wells and three deep wells in 9:42 9 minutes, 42 seconds Carson. Four wells in Durac, two wells in greater rock and two wells in each in our onore assets to unlock the potential 9:50 9 minutes, 50 seconds of our offshore fields. We plan to drill 10 offshore wells, three wells in PY1, three wells in BT and four wells in B15. 9:59 9 minutes, 59 seconds Timing could change but it is our endeavor to complete the drilling to unlock the value of all our assets. 10:05 10 minutes, 5 seconds Ato's reserves and resource potential are estimated about 100 million barrels of oil equivalent for its share. These resources can be developed in a 10:13 10 minutes, 13 seconds cost-effective manner offering substantial value creation for all stakeholders. We remain confident in our ability to navigate temporary challenges 10:23 10 minutes, 23 seconds and committed to progressing our drilling program and monetizing the discovered resources and reserves and 10:30 10 minutes, 30 seconds resources. Now I will now hand over to Sandel our CFO to take you through the financial results in GJ. 10:40 10 minutes, 40 seconds Thanks Mr. Ja. Good morning all. 10:43 10 minutes, 43 seconds Standalone revenue for this quarter is rupes 77.32 crores compared to rups 321.51 crores in the previous quarter 10:51 10 minutes, 51 seconds which includes crude oil sale of rups 258.78 crores from VAT. 10:57 10 minutes, 57 seconds Revenue from gas field from VAT for the current quarter is rupes 40.22 crores compared to rups 22.94 crores in the 11:04 11 minutes, 4 seconds previous quarter. Current quarter revenue increase in bit is mainly due to continuous production of gas which is 41 11:11 11 minutes, 11 seconds mmf in this quarter compared to 229 mmf in the previous quarter which was impacted by monsoon disruptions. 11:19 11 minutes, 19 seconds In the case of Derog revenue for the current quarter is rupes 23.78 crores compared to rups 26.57 crores in the 11:26 11 minutes, 26 seconds previous quarter. During this quarter 314 mmf of gas was sold compared to 339 11:33 11 minutes, 33 seconds mm cf of gas sold in the previous quarter. Similarly 5,614 barrel of oil was sold in this quarter 11:41 11 minutes, 41 seconds compared to 5858 barrel of oil sold in the previous quarter. The decrease in revenue is mainly due to less uptake 11:49 11 minutes, 49 seconds from gas customers and margin reduction in selling prices. In standalone accounts, the field operating expenses for this quarter is rupes 60.34 crores 11:57 11 minutes, 57 seconds compared to rupees 46.51 crores. Statuto levies are rupes 12.44 crores for the current quarter compared to rups 10.6 crores in the previous quarter. 12:08 12 minutes, 8 seconds Similarly, total cost without stock adjustment in the current quarter is rupes 87.7 crores compared to rups 71.5 12:15 12 minutes, 15 seconds crores in the previous quarter. The increase in expenses is mainly due to increase in production in bit. 12:21 12 minutes, 21 seconds Standalone for the current quarter is rupes 23.89 crores compared to rups 28.81 crores in the previous quarter. 12:30 12 minutes, 30 seconds Profit after tax for the current quarter is rupes 11.96 crores compared to rups 19.04 04 crores in the previous quarter. 12:38 12 minutes, 38 seconds In consolidated accounts, the revenue from operations for this quarter is rupees 81.04 crores compared to rupees 12:45 12 minutes, 45 seconds 64.53 crores excluding crude oil share in the previous quarter. Total expenses without stock adjustment in the 12:52 12 minutes, 52 seconds consolidated accounts for the current quarter is rups 94.32 crores compared to rups 85.95 crores in the previous 12:59 12 minutes, 59 seconds quarter. In control accounts, the bit for this quarter is rupes 30.99 crores compared to rups 25.15 crores in the 13:07 13 minutes, 7 seconds previous quarter. Consolidated profit after tax for the current quarter is rups 8.28 crores compared to rups 2.83 crores in the previous quarter. 13:18 13 minutes, 18 seconds India ratings has reaffirmed the rating India for rups 500 crores bank loan. 13:23 13 minutes, 23 seconds With the internal approval and continued production and with the borrowings for capital expenditure as required, we will meet all our obligations. Thanks and back to Maja. 13:33 13 minutes, 33 seconds Thanks and Nick can now open the forum for questions. 13:40 13 minutes, 40 seconds Thank you very much. We will now begin with the question and answer session. 13:45 13 minutes, 45 seconds Anyone who wishes to ask a question may press star and one on the stone telephone. If you wish to remove 13:52 13 minutes, 52 seconds yourself from the question queue, you may press star and two. Participants, you are requested to use hands while 14:00 14 minutes asking a question. Ladies and gentlemen, we will wait for a moment while the question to 14:16 14 minutes, 16 seconds participants you may press star and one to ask a question. 14:27 14 minutes, 27 seconds We have the first question from the line of Gautam Rajes from Rio Capital. Please go ahead. 14:34 14 minutes, 34 seconds Hi S, thank you for the opportunity. Uh my question is uh what is the exact status status of the multi grid 14:43 14 minutes, 43 seconds connectivity for DO? The PPT basically mentions that the mechanical work is done. what all is pending there between now and when the connectivity happens. 14:56 14 minutes, 56 seconds See as we understand from the people whom we have talked to them that uh one as I told you in the last quarter itself they have connected the gaui to Nleer. 15:07 15 minutes, 7 seconds Now from Dulajan to Numlear that is the DNPL existing line they need to have 50 kilometers line is to be repaired and uh 15:16 15 minutes, 16 seconds and that mechanical completion has been fully completed in a way that the line is ready to be connected to the IGGL 15:24 15 minutes, 24 seconds line at Numar for that they may look for some shutdown of the refinery for some days once that is done then the line 15:32 15 minutes, 32 seconds will get connected that will immediately augment the so in the manner that as at the moment it is established from the outside gas can come up to nligar. Now 15:41 15 minutes, 41 seconds the gas from Duly to move out of uh Assam that could be possible when this connection is made 15:50 15 minutes, 50 seconds that is a shorter duration work. We expect it should be get completed by March and uh the augmentation of the 16:00 16 minutes offtakes should take place at least by the first quarter of the next year. 16:07 16 minutes, 7 seconds Understood. That'll be it from my side. 16:13 16 minutes, 13 seconds Gotham. Do you have any further questions? 16:16 16 minutes, 16 seconds No, that is it from my Thank you so much. 16:20 16 minutes, 20 seconds Thank you. We will take the next question from the line of Hash Kartka from Robbook. Please go ahead. 16:28 16 minutes, 28 seconds Thank you for the opportunity. 16:32 16 minutes, 32 seconds Sir, as per our internal budgets or estimates, what can be the net production for FI 27 and 28 and the dead level for the same period? 16:44 16 minutes, 44 seconds 2728 would be the we are depending on the northeast grid line connected and uh that will increase our production 16:52 16 minutes, 52 seconds by at least another uh three-fold increase. That's what we believe. 16:58 16 minutes, 58 seconds So then uh we don't intend to borrow anything for onshore uh developments. 17:06 17 minutes, 6 seconds So that would be the immediate uh low hanging fruit which we can go for it. 17:12 17 minutes, 12 seconds Okay. So can we expect DO to go to 45 mm SCFD from Q1 FI27 itself and this 17:20 17 minutes, 20 seconds additional gas uptake will be consumed by which? 17:24 17 minutes, 24 seconds It will go get into the grid. You know once it gets into the grid then it is on the anybody can uh consume there is no 17:32 17 minutes, 32 seconds regular customer required for you which can you can enter into any long-term arrangement short-term arrangement whatever it is the gas 17:40 17 minutes, 40 seconds supply will go up to the uh up to a right. Okay. 17:48 17 minutes, 48 seconds All right. Thank you. 17:54 17 minutes, 54 seconds Thank you. We have the next question from the line of Du Braani from Shri Gi Pensor LLP. Please go ahead. 18:03 18 minutes, 3 seconds Can you give me some uh timelines on the world over well for VAT? 18:09 18 minutes, 9 seconds I think we are supposed to do it but by all probabilities we should be able to in the immediately after the monsoon. 18:18 18 minutes, 18 seconds So the what was supposed to happen in Feb will now happen in uh post monsoon. 18:24 18 minutes, 24 seconds Yeah, I think we are trying to do that before uh 15th of May but uh by all most likely it will be happen after the monsoon. 18:33 18 minutes, 33 seconds So any specific reason that we are unable to source the rig or any further technical challenges? is uh not only 18:39 18 minutes, 39 seconds sourc and uh there is an onshore activities are going in a full swing in eastern region because as we are speaking we are drilling on the wells 18:48 18 minutes, 48 seconds and carson and uh some resource constraint because we have to get the money from HPCL. So with this resource 18:55 18 minutes, 55 seconds constraints I think we will be able to do it in the after the monsoon would be sure and before the monsoon is little doubt. 19:04 19 minutes, 4 seconds Okay and uh are we on track for the p1 wells which we were supposed to start in April. 19:10 19 minutes, 10 seconds So PY1 will uh we can go up to still October there should not be any problem of drilling and our people are trying to 19:20 19 minutes, 20 seconds get the rick at the lowest possible rates and they are they are trying to do whatever the best they 19:28 19 minutes, 28 seconds can do to start the drilling at the earliest. As I told you know the offshore campaign is a little getting delayed because of the impact of the revenue. 19:38 19 minutes, 38 seconds Oh, okay. 19:42 19 minutes, 42 seconds Thank you. That's from my Thank you. We have the next question 19:50 19 minutes, 50 seconds from the line of Sukrit Dart from Eyesight Private Limited. Please go ahead. 19:56 19 minutes, 56 seconds Uh good afternoon to the team. I have two forward-looking questions. My first question is uh beyond the production 20:04 20 minutes, 4 seconds guidance, how will uh Hindustan oil manage risk and uncertainty in the BAT field and the dropped phase phase to 20:13 20 minutes, 13 seconds development particularly around reservoir uh uh performance regulatory 20:21 20 minutes, 21 seconds approvals and execution timelines. what frameworks will ensure uh resilience if 20:28 20 minutes, 28 seconds outputs or approvals don't move as planned to understand your point of view on this. Thank you. 20:34 20 minutes, 34 seconds Okay. So two questions you raised one is about the uncertainty another one is about the risk. So we don't find any uncertaintity in these events. 20:44 20 minutes, 44 seconds uh risk is akin to the oil and gas business which is uh below the subsurface and that is the only risk and the risk is 20:53 20 minutes, 53 seconds more mitigated by already drilled the number of wells so dro that we we don't have any uncertaintity on we don't have 21:00 21 minutes any risk as expected and uh the risk is much limited and similarly in bit also 21:08 21 minutes, 8 seconds there is no problem on the reserves there is no problem on the reservoir and at the moment The government of India is pushing for drilling maximum number of 21:17 21 minutes, 17 seconds wells. There would not be any constraint from the government of India to getting the approvals. So as usual some small delays here and there will take place 21:25 21 minutes, 25 seconds that won't impact the impact the operations to build the wells on 21:33 21 minutes, 33 seconds the wealth as well as polygon production. Thank you and best wishes. 21:42 21 minutes, 42 seconds Thank you. We will take the next question from the line of Sabri Hazarika from MK Global Financial Services. Please go ahead. 21:50 21 minutes, 50 seconds Yeah, good morning. So, so first question is on uh on DRO. So, uh so how much production you expect uh it to go 21:59 21 minutes, 59 seconds up to once this uh northeast gas grid BNPL connectivity happens? 22:05 22 minutes, 5 seconds I think we can go to the full potential which is about 40 to 45 million cubic feet per day 40 to currently what is the 22:12 22 minutes, 12 seconds production 13 right so so this DNPL will have enough 22:19 22 minutes, 19 seconds capacity to take care of your growth as well as uh oil India's own increase right 22:26 22 minutes, 26 seconds this will be about additional minimum about 1 to 1.25 25 million cubic uh m per day that itself is about say 35 to 22:35 22 minutes, 35 seconds 45. So even our volume additional is assume it another uh 30 million the balance is still available for 22:43 22 minutes, 43 seconds additional production from oil India. I think this will at least give us some stability and uh improved uptake 22:51 22 minutes, 51 seconds right and and your uh I think one pipeline from your fields to the dulyan 22:58 22 minutes, 58 seconds gathering station that has been done 50% has already been completed that has been hooked up for the production hooked up 23:06 23 minutes, 6 seconds with the India line and uh the balance line is in progress but that is not going to hamper our uh 45 million by any 23:13 23 minutes, 13 seconds means okay So the evacuation of 45 million up to Duly Jan is ready from your side. 23:21 23 minutes, 21 seconds Even if it is tomorrow it's ready. 23:24 23 minutes, 24 seconds Okay. And you mentioned that uh March end uh this hookup is uh March end or probably Q1 of FI27 this hookup is 23:33 23 minutes, 33 seconds expected. So this is uh subject to uh I mean just a technical hookup or uh is there some I mean uh from oil India we 23:42 23 minutes, 42 seconds have come to know that uh there's some PNG RB approval also which is required to make it a common carrier something of that sort but if that doesn't come then 23:50 23 minutes, 50 seconds also this technical hookup can happen or both the things should happen simultaneously the PNG will give a clearance once it is 23:58 23 minutes, 58 seconds fully hooked up. Okay. Once first the hookup will happen then the PNG clearance will come. Right. 24:06 24 minutes, 6 seconds Okay. And for that NRL will have to take a shutdown also for this hookup to happen. 24:11 24 minutes, 11 seconds That's right. That should not be more than about a week. Right. 24:14 24 minutes, 14 seconds Right. And um and BAT um right now um what is the uh what is the guidance? 24:23 24 minutes, 23 seconds Are you are you like uh giving a target in terms of increase in production or uh are we at this range only and trying to like reduce the impact? 24:33 24 minutes, 33 seconds It will be it will be in this range only till the workover is completed. 24:36 24 minutes, 36 seconds Okay. Those uh two three wells which you are planning after that there will be an increase in production. Is that right? 24:44 24 minutes, 44 seconds This work may improve but till the time uh till all the three wells are drilled it will be on the similar line. 24:51 24 minutes, 51 seconds Okay. Got it. And uh and uh last question um so what's the assessment for Karang uh you have 35% stake right now uh correct? 25:02 25 minutes, 2 seconds Yeah. 25:03 25 minutes, 3 seconds Okay. And what is you mentioned that you've got the environmental approval I mean eight wells you have already drilled right and they've been put into 25:11 25 minutes, 11 seconds production or they are being tested right now. 25:14 25 minutes, 14 seconds You could listen to me that around five wells are already on production and the other two wells along with the 25:21 25 minutes, 21 seconds six well is completed as a gas well and it is on the same pl you know two rigs cannot work simultaneously. So the two 25:29 25 minutes, 29 seconds completed wells are to be perforated and the so this will happen along with the third well completion. So which we are 25:36 25 minutes, 36 seconds expecting by the end of this month or 15 by all probability by 15th 25:43 25 minutes, 43 seconds of March we'll be able to hook it up and do you have a plan production plan for next say 2 years how do you see the production of Kang both oil as well as gas. 25:52 25 minutes, 52 seconds This is actually a field which is having uh seen 28 wells are already on production 25:59 25 minutes, 59 seconds which are all depleted which are all on the old legacy wells. 26:02 26 minutes, 2 seconds Mhm. This nine wells are the new wells and we are expecting the new wells can produce better and the old wells needs 26:09 26 minutes, 9 seconds to work over right the production plan per se is about targeting about thousand plus barrels okay 26:17 26 minutes, 17 seconds with the existing one right and is there a pricing upside to it in terms of new gas uh or how the 26:25 26 minutes, 25 seconds pricing be for this incremental gas which is coming yeah I think we have the government of India as the policy but subject to the demand Right. 26:34 26 minutes, 34 seconds Okay. Only if it is like sent to sectors like CGD and all you will get that premium pricing. Is that right? 26:39 26 minutes, 39 seconds Otherwise it is like classified as a standard gas. So maybe like um it's like at that APM rates only. Is that right? 26:45 26 minutes, 45 seconds Right. Now it has to be now the great connectivity comes it is no longer standard. So then you will be looking for all the price the premium there on. 26:55 26 minutes, 55 seconds Okay. Okay. And uh just one last question. 26:57 26 minutes, 57 seconds Sorry if I would request you to rejoin. Okay. Yeah. Yeah. Thanks and all the best. 27:05 27 minutes, 5 seconds Thank you ladies and gentlemen. In order to ensure that the management will be able to answer all the questions from 27:12 27 minutes, 12 seconds the participants in the question queue, we request you to kindly limit your questions to two per participant. If you have a follow-up question, please rejoin 27:20 27 minutes, 20 seconds the queue. Again, we will take the next question from the line of Mihul Puani from 40 cents. 27:28 27 minutes, 28 seconds Please go ahead. 27:31 27 minutes, 31 seconds Hello sir, thank you so much for the opportunity. Sir, what is the update on the PY3 arbitration? 27:39 27 minutes, 39 seconds So it is the tribunal has been constituted. Now the tribunal will be deciding on the seat and venue and after 27:47 27 minutes, 47 seconds that they will get on to the substance of the matter. 27:55 27 minutes, 55 seconds Uh what is the timeline for this? Any idea? 27:59 27 minutes, 59 seconds Arbitration what timeline I can give you that is up to the tribunal can give you the timeline right 28:06 28 minutes, 6 seconds okay okay sir and uh so how many days was b operational in this coordination this quarter almost uh 90 days uh we 28:15 28 minutes, 15 seconds have been operating except one or two days it is about 89 days right 28:21 28 minutes, 21 seconds okay okay uh and sir uh this HPCL issue uh the what they had mentioned that it 28:28 28 minutes, 28 seconds is uh they have found contamination that was that was expected to be resolved get 28:35 28 minutes, 35 seconds resolved in the last quarter itself. So why is it such a overhang? I mean it's a such a trivial issue. 28:44 28 minutes, 44 seconds We have been requesting and we continue to request and we hope some resolutions will come because our substantial money 28:52 28 minutes, 52 seconds get blocked. So we wanted to have an early resolution and we have been uh doing all the best possible efforts and 28:59 28 minutes, 59 seconds trying to talk to our people talk to HPCL that's the status now how much funds are uh pending on this 29:08 29 minutes, 8 seconds one 259 crores plus interest 29:15 29 minutes, 15 seconds okay sir thank you so much I'll come back thank Thank you. We have the next 29:24 29 minutes, 24 seconds question from the line of Amit Mahendali from Robo Capital. Please go ahead. 29:30 29 minutes, 30 seconds Hi, thank thanks for the opportunity. So my first question is on the production made production. So if you were to move to say from our current levels of 2,500 29:39 29 minutes, 39 seconds 3,000 to say 6,000 level uh what is the buy field net production that we are uh 29:47 29 minutes, 47 seconds estimating? Ch can we please get numbers like Carson B that way split of 6,000? 29:54 29 minutes, 54 seconds Now I think we are waiting for that. 29:56 29 minutes, 56 seconds I've already told Karen we will be ramp up of 2,000 barrels and d should go about to three times of the current 30:03 30 minutes, 3 seconds production. These are the two immediate things and smaller volume can come out from the cambe and he cannot give the exact numbers as such we will be wrong. 30:15 30 minutes, 15 seconds If I look at the math because that way Drock will add only 600 incremental I mean Drop will become essentially uh you 30:24 30 minutes, 24 seconds know yeah about 600 barrels and Carson is wrong you can recheck the numbers your math is wrong you can recheck 30:33 30 minutes, 33 seconds we are doing 237 right or 250 for Drock so we'll go to 750 30:40 30 minutes, 40 seconds okay now Drock how much is the you have to convert into uh gas into oil right 30:48 30 minutes, 48 seconds b okay you do that it'll be much better number okay understood uh and my second 30:56 30 minutes, 56 seconds question is for on the uh transition uh part uh so what is the path there and uh 31:03 31 minutes, 3 seconds do you uh wish to hold your personal equity in the company going forward so that's the personal equity remains 31:11 31 minutes, 11 seconds with the company like any other investment Okay. Now I think the NR committee and board is looking for uh 31:20 31 minutes, 20 seconds the new CEO which you will get an announcement shortly on that. 31:26 31 minutes, 26 seconds Right. So so how long do you plan to stay with the company? Any I mean color on the transition that will be helpful. 31:32 31 minutes, 32 seconds Change is the law of life. Yeah. Sorry. Right. Change is the law of life. Right. 31:40 31 minutes, 40 seconds Right. Yeah, constant is a change. 31:45 31 minutes, 45 seconds All right. Perfect. And my last question at home. 31:51 31 minutes, 51 seconds Yeah. So, so last question on the margins uh maybe for 27 20 broadly what type of in 32:00 32 minutes percentage of what type of margins uh do we expect? Could be somewhere around 60%. 32:08 32 minutes, 8 seconds Okay sir. Great. Thanks a lot. 32:13 32 minutes, 13 seconds Thank you. We will take the next question from the line of Resh Gandhi from Discover Capital. Please go ahead. Go ahead. 32:21 32 minutes, 21 seconds Hi sir, just want to understand you know when we had we had initially spoken about uh uh doing incremental actually 32:30 32 minutes, 30 seconds wells after the pipeline was actually up and running. Just wanted to understand the reason why we are already starting 32:37 32 minutes, 37 seconds to do it despite you know we were earlier expecting this pipeline to be completed in the middle of last year 32:46 32 minutes, 46 seconds then the end of this year then early this year and we don't we had talked about I mean March and April actually 32:54 32 minutes, 54 seconds now uh given we've got a limited resource I just wanted to understand the logic of of actually starting it given 33:02 33 minutes, 2 seconds that delays appear to to be actually uh indefinitely it's not the work carried out by us. It 33:09 33 minutes, 9 seconds is carried out by the government companies and uh they are the one running the they are the one no 33:17 33 minutes, 17 seconds incremental I'm think the incremental wells which we are like uh uh uh we are exploring just I thought that logic was 33:26 33 minutes, 26 seconds we will start the additional exploration only after the pipeline is a complete given the completion of the pipeline 33:34 33 minutes, 34 seconds isn't in our hands as you say that we are constantly only drilling one well per month on an 33:41 33 minutes, 41 seconds average and that progress will continue on it. Carson drilling is going on it and we are looking for the rig to drill 33:47 33 minutes, 47 seconds the nug extension is spending with the government of India which we get as uh 33:55 33 minutes, 55 seconds at the earliest once the extension comes then uh we have to start the drilling of the north drag. 34:02 34 minutes, 2 seconds Okay. And that is about and Cam we have drilled two wells in Balon and we are waiting for the extension of the college 34:09 34 minutes, 9 seconds and as well as the ring RFC from the government of India once the extension comes then we can ask our partners to put the money and we can start. 34:18 34 minutes, 18 seconds Okay sir, and you know if you could sort of explain this HPCL issue slightly in a detail because it's slightly strange 34:26 34 minutes, 26 seconds that they were to take the oil without actually testing it and then you know given that they've actually made a large 34:34 34 minutes, 34 seconds release the refinery was closed down and on the conference call also sort of indicated it was all linked to our oil. 34:42 34 minutes, 42 seconds just you know if you could give a little bit increment like granularity on uh what the issue is how the resolution is 34:48 34 minutes, 48 seconds expected and the exact status right now because obviously it's going to impact our future capex and is there any risk 34:56 34 minutes, 56 seconds of this happening with other oil which is produced in the bet one thing is that there is no risk 35:04 35 minutes, 4 seconds associated with the production of any oil from any of our fields that is the first thing second thing normally we 35:11 35 minutes, 11 seconds sell the file on FOB basis. You fully aware FOB basis means the risk and the 35:18 35 minutes, 18 seconds risk insurable interest and the title transfer to the buyer. It is not with the seller. 35:26 35 minutes, 26 seconds The buyer takes the delivery of the crude and putting into the tanker and then blending it with the other cruds 35:34 35 minutes, 34 seconds and then using into the refinery and that's what is happen in this case. 35:40 35 minutes, 40 seconds So we are requesting this issue all happening after the transfer of the title. So as far as we are concerned the 35:47 35 minutes, 47 seconds sale is fully completed and the amount is due to us. They are saying your oil is having some contamination 35:55 35 minutes, 55 seconds but we do not know we are not responsible for those contamination if any or anything anywhere it happen. So 36:03 36 minutes, 3 seconds we are open and transparent and we have told them these are the oil we are going to sell and that uh accordingly we 36:11 36 minutes, 11 seconds transfer to that tanker which has gone and taken by them and blended by them and repented by them. Now we are requesting them kindly release our 36:18 36 minutes, 18 seconds payment. Our request will continue to be with HBCL. That's all from our side. 36:24 36 minutes, 24 seconds And have we taken any legal action against them? 36:28 36 minutes, 28 seconds Actually that is so whatever the legally they asking we are replying on legal manner that's all and we are wanted to 36:35 36 minutes, 35 seconds have amicable resolution on this and if that happens it is well and good. If nothing happens then that is the last resort right. 36:43 36 minutes, 43 seconds Got it. And it typically how long do these things legally take? Suppose it goes down the legal route. How long do 36:53 36 minutes, 53 seconds in the kosa? Any arbitration on this should be dealt within a period of 4 months. 36:59 36 minutes, 59 seconds Got it. But we've not started the arbitration. 37:02 37 minutes, 2 seconds No, we we we have no intention of doing anything on uh this thing. We want an amicable settlement. They are after all our big brother. We have to deal with 37:11 37 minutes, 11 seconds them in the subsequent period also. We don't want to be in a litigation mode in life. 37:16 37 minutes, 16 seconds Got it sir. And so we are hopeful it's like close to being resolved. I think we hope and we pray for that. 37:27 37 minutes, 27 seconds Okay. Okay. And on the Karang if you could expand on the potential we have from Karang and how we are looking at the opportunity there. 37:37 37 minutes, 37 seconds So Kash you see there is a well control issue one of the well drilled and uh that means the potential of the gas is 37:44 37 minutes, 44 seconds substantial enough to connect to the great line. So uh oil India is 37:52 37 minutes, 52 seconds interested to drill additional number of more number of wells. So we will be on a continuous mode of drilling there and 37:59 37 minutes, 59 seconds the deeper prospects also and this will unlock substantial value on the block. 38:04 38 minutes, 4 seconds That's what we believe in and every well would be adding at least about 100 barrels per day additional production 38:12 38 minutes, 12 seconds and if the gas are get we are expecting even by perforating the sal part of the existing wells and uh 38:22 38 minutes, 22 seconds some other one or two new wells we can go up to a minimum of 10 million cubic feet per day. 38:30 38 minutes, 30 seconds Got it. Uh that's all. Thanks. 38:35 38 minutes, 35 seconds Thank you. We will take the next question from the line of Rajiv Agarwal from Sterling Capital. Please go ahead. 38:42 38 minutes, 42 seconds Uh sir, thank you for the opportunity. Some uh data question sir. What what is the what is the conversion factor you use to 38:51 38 minutes, 51 seconds convert gas into equivalent barrels of oil? That is my first question. And my 6,000 38:58 38 minutes, 58 seconds first question can I answer then before ask the second question 600 6,000 standard cubic feet is roughly equivalent to one barrel of oil. 39:08 39 minutes, 8 seconds Okay. Okay. Okay. 39:11 39 minutes, 11 seconds And and now second question. 39:14 39 minutes, 14 seconds And second question sir if I see a consolidated uh P&L sir this uh revenue has declined 39:22 39 minutes, 22 seconds from the last year 81 from 156 to 81. So I just want to understand what is happening there. 39:29 39 minutes, 29 seconds This is mainly due to the reduction on the drotic as well as the BAT. 39:35 39 minutes, 35 seconds Oh both were not performing as expected. Okay. Okay. Thank you. Thank you. 39:45 39 minutes, 45 seconds Thank you. We will take the next question from the line of nearby Mahar from N square capital. Please go ahead. 39:53 39 minutes, 53 seconds What is the net debt or cash in the book? 55 crores as a as on date. 40:00 40 minutes 55 cr debt or cash? 40:03 40 minutes, 3 seconds 55 cr debt. And the cash is about 30 cr cash is there. 40:13 40 minutes, 13 seconds And would it be fair to assume uh based on current expectation that zero production next financial year would be 40:21 40 minutes, 21 seconds at least double of this year? Would it be fair? 40:25 40 minutes, 25 seconds We expect triple of this year for next financial year. FY27. 40:35 40 minutes, 35 seconds So, so we would be expecting around 40,000 mm tube uh daily production from there. 40:42 40 minutes, 42 seconds That's right. Okay. Thanks. 40:48 40 minutes, 48 seconds Thank you. We will take the next question from the line of Anabell from Cosmo Ventures. Please go ahead. 40:57 40 minutes, 57 seconds Sir, if I heard you right, uh if the HPL if the HPCL issue is not resolved in the next 3 to 6 months and we don't get the 41:06 41 minutes, 6 seconds money then uh we would mostly delay the drilling for PY1 and B8 post monsoon 41:15 41 minutes, 15 seconds I think see once the money is get blocked then you have to look at other options of raising funds right 41:23 41 minutes, 23 seconds right sir right so the October timelines you mentioned for PY1 that is independent of the HPCL issue 41:32 41 minutes, 32 seconds that is independent of the SPCL issue we are trying all possible uh see once an issue is there for a substantial blockage of the revenue and every day 41:40 41 minutes, 40 seconds you look at actually you may realize it now we come to your state when you can't realize it will take more time then that point in time you have to look for 41:48 41 minutes, 48 seconds alternative source of funding right then this would mean you would take on more more debt or are we more open to 41:56 41 minutes, 56 seconds equity as It's up to the board to have a look at it and uh both options are open at the moment. 42:07 42 minutes, 7 seconds Got it. And for the uh you mentioned the new C the new CEO do we expect him or 42:14 42 minutes, 14 seconds her to come within the next 3 to 6 months? I think much earlier than that I hope. 42:23 42 minutes, 23 seconds All right. Got it. 42:28 42 minutes, 28 seconds Thank you. We will take the next question from the line of Prashant DA and individual investor. Please go ahead. 42:37 42 minutes, 37 seconds Yes sir. Uh first question uh wanted to understand uh you know on the HPCL issue only uh you know 42:46 42 minutes, 46 seconds in the current scheme of things how much does it delay our plans and secondly do we also have uh what is the amount of uh 42:53 42 minutes, 53 seconds fuel do we have on the the floating uh storage uh vessel I mean is there an option to sell more so that's one 43:02 43 minutes, 2 seconds yeah I don't think we have got an immediate option to sell anything on store that is uh 43:09 43 minutes, 9 seconds that's ruled out in the overall uh in my opinion it should I may be wrong it should be much earlier but it will delay 43:17 43 minutes, 17 seconds the whole process by about uh 4 to 6 months. 43:23 43 minutes, 23 seconds Yeah. Okay. Uh so the second question is on B15 I mean we had spoken about about a year back that you know once discovery was there that it will take about two 43:31 43 minutes, 31 seconds years you know for us to start realizing now given that we have 100% participating interest in this and it's a shallow field etc and they're already 43:40 43 minutes, 40 seconds uh some belts there I mean are we more aggressive what is the what is our because this could be a significant uh 43:49 43 minutes, 49 seconds you know revenue changer for the company in the mid to long run. So where are we with the development plans and and and uh environmental clearances etc. 43:59 43 minutes, 59 seconds I think we have already waiting for the mining lease once that is expected shortly once the mining lease comes and we will our people are already working 44:07 44 minutes, 7 seconds on the development plan that will be given to the government of India for approval. After that uh we will start uh 44:16 44 minutes, 16 seconds placing orders for the materials and things required in a slow and steady manner. 44:22 44 minutes, 22 seconds So in a manner that we'll be able to put the field on production within about two years from the submission of the development plan 44:31 44 minutes, 31 seconds right sir overall are you happy with the you know as management are you happy with the last couple of quarters production and the the way things are 44:39 44 minutes, 39 seconds going really the the stock is almost 50% down from a year so what is your like management view in terms of you know u 44:48 44 minutes, 48 seconds development all the fields and the progress that was committed versus what is actually happening on the ground. 44:54 44 minutes, 54 seconds So I'm not happy about it. That is that's for sure. Say one is uh even because you are able to produce you are 45:01 45 minutes, 1 second not able to sell and uh second thing you are continuing with the capital commitments and the BAT is not 45:10 45 minutes, 10 seconds performing as expected. This these are the more of an issue the surface issues 45:16 45 minutes, 16 seconds which has to be resolved till the resolution comes. some of the things are not within our hands to do it. So till 45:24 45 minutes, 24 seconds all these things are getting resolved, we are not able to achieve what we are uh expecting. There are gaps and these are the gaps are getting filled up now. 45:35 45 minutes, 35 seconds So we will be able to do much better once the grid connectivity comes into play. 45:44 45 minutes, 44 seconds Thank you for the transparency and all the best. 45:49 45 minutes, 49 seconds Thank you. We will take the next question from the line of Manan Patel, an individual investor. Please go ahead. 45:57 45 minutes, 57 seconds Uh am I audible? Yes man. Hello. 46:01 46 minutes, 1 second Yes. Hello. Uh good good morning sir. Uh sir first question is regarding the uh just wanted to understand the accounting 46:08 46 minutes, 8 seconds because if I see the difference between standalone and console the revenue is just uh 4 crores while I understand 46:15 46 minutes, 15 seconds carson and the uh the the subsidiaries like hindage and all those comes uh is 46:23 46 minutes, 23 seconds consolidated apart from standalone. So I I would have assumed that re revenue in standalone would be much higher than 46:30 46 minutes, 30 seconds just uh 4 crores. So uh can you throw some light on that? 46:37 46 minutes, 37 seconds I think one and clearly I have uh I seen what is happening is they are asking us to get rid of some of those that might 46:44 46 minutes, 44 seconds be the one of the issue for it and uh you can send me that uh questions I can because after cup I am not able to 46:51 46 minutes, 51 seconds answer to you clearly. I will you can give me a call and I'll go through the numbers and explain to you. 46:57 46 minutes, 57 seconds Okay. Okay sir. Uh and and sir second question uh on on karang. So you mentioned thousand plus barrels. So is that only oil or that is including gas? 47:07 47 minutes, 7 seconds Because you said gas. Okay. It's oil. 47:12 47 minutes, 12 seconds Okay. So once gas connectivity is there you can produce a lot better in car as well, right? That's right. 47:19 47 minutes, 19 seconds Okay. Uh thanks a lot sir. I'll I'll get in touch with you. Thanks. 47:26 47 minutes, 26 seconds Thank you. We have the next follow-up question from the line of May Pangani from 40 cents. Please go ahead. 47:34 47 minutes, 34 seconds Hello sir, thank you so much uh for all uh all the responses. One update which I missed out is uh maybe I I was not there 47:44 47 minutes, 44 seconds in the commentary. So can you please uh brief on the new CEO and changes in the management? 47:52 47 minutes, 52 seconds I think uh NRC what you call the nomination removation committee and the board is uh discussing with the people 48:00 48 minutes and they will come out with the with the new CEO and we will announce it actually. 48:08 48 minutes, 8 seconds So sir are you taking a different position uh uh at the executive level or or are you 48:14 48 minutes, 14 seconds I won't be I won't be in any executive position. 48:19 48 minutes, 19 seconds So sir you are uh uh you are leaving your position is that? Yeah I will not be in this position. 48:28 48 minutes, 28 seconds But sir there has not been any uh update to the stock exchanges. Has this been announced only in the during the call today or? 48:36 48 minutes, 36 seconds No it has been already announced in exchange long time. Jan 22nd. 48:42 48 minutes, 42 seconds Okay. Okay. Okay. So, so sir uh how long will you be able to continue? 48:49 48 minutes, 49 seconds Till the new CEO comes that is very clear in the message actually to the stock exchange. 48:55 48 minutes, 55 seconds Okay. Sorry sir I missed out and sir about the BAT as you said that you know it is not performing optimally. So uh 49:04 49 minutes, 4 seconds how would we rate the performance of the DAT currently? 49:08 49 minutes, 8 seconds See that what we are struggling with that we need to have a work over of the well and that is uh getting delayed. 49:14 49 minutes, 14 seconds wants to work over is then the D1 will uh D1 well will do much better and the D2 well as usual 49:23 49 minutes, 23 seconds need the zone transition and both the things uh we could do it and it will be doing much better than what we expect 49:30 49 minutes, 30 seconds what is the current need so can you on transition sorry to interrupt May I would request you to 49:38 49 minutes, 38 seconds rejoin the queue again no just a followup question on the zone. Thank you. 49:47 49 minutes, 47 seconds Okay. Okay. Next question. 49:54 49 minutes, 54 seconds We have the next follow-up question from the line of Anabell from Cosmo Ventures. Please go ahead. 50:01 50 minutes, 1 second So the approval now for the next nine wells for caring. You mentioned uh we have to take partners approval. Any any any color you can provide on this? 50:12 50 minutes, 12 seconds So we have we are ready to drill the wells but uh we are only 35% the balance 65% approval is expected as we speak we 50:20 50 minutes, 20 seconds have already circulated committee approval for the nine wells and immediately six wells and then 50:28 50 minutes, 28 seconds followed by another three wells little later but the budget is proposed for the nine wells and uh one deeper well 50:36 50 minutes, 36 seconds so this is something we have recently submitted to the partner HS has been in discussion and uh we have to 50:44 50 minutes, 44 seconds finalize the location. After finalizing the location, we have submitted to the partners. 50:49 50 minutes, 49 seconds All right sir. Got it. Thank you. 50:54 50 minutes, 54 seconds Thank you. We have the next question from the line of Resh Kandi from Discover Captain. Please go ahead. Go ahead. 51:02 51 minutes, 2 seconds Hi sir, you know you had indicated that you needed an extension on ASAM. Just wanted to understand is there is this 51:10 51 minutes, 10 seconds just procedural or is there any risk attached to it or how should we be looking on that? 51:18 51 minutes, 18 seconds There is no risk attached. It has been already approved by DG. It is in the regular uh procedural issue at the ministry. Nothing else. 51:28 51 minutes, 28 seconds Got it. Okay. and and and and this will happen after the pipeline or it's independent of when the when the this has nothing to do with the pipeline 51:36 51 minutes, 36 seconds or anything. It is just a procedural thing and which we have been pursuing with the ministry. It may be expected any moment. 51:44 51 minutes, 44 seconds Okay sir. Thank you. That's all from Thank you. We have the next caller question from the line of Mayul Panchani from 40 cents. Please go ahead. 51:54 51 minutes, 54 seconds Uh thank you so much for the followup opportunity sir. uh you are saying something about the zone transition. If you can elaborate it will be helpful for 52:00 52 minutes D2. What has happened was in D2 well we have perforated the gas zones. Now there are other three zones on the top. Once 52:09 52 minutes, 9 seconds the gas zone started depleting on that then we have to perforate on the top zones which will also produce oil and gas. Right? So this will be normally being done during the work. 52:21 52 minutes, 21 seconds And sir, we expect to uh finish all the work over by October 2026. 52:28 52 minutes, 28 seconds I think if you are not able to do anything on this season, then the next season starts end of October. From October to April, we can do that work. 52:40 52 minutes, 40 seconds Right sir and sir present the uh uh I heard you about the DRock oftake uh that 52:46 52 minutes, 46 seconds it it can uh be triple of what we are doing right now. So what would be the timelines we can expect on that one? 52:55 52 minutes, 55 seconds Yes, we are ready with the six well production and that six well can be five wells and the six well six can be hooked 53:02 53 minutes, 2 seconds up for production once the line once there is a demand excess right now the demand will increase only when the grid 53:09 53 minutes, 9 seconds connectivity is over. So we we should be on a day job right? So the demand is there it is a day job. 53:17 53 minutes, 17 seconds Okay. So as soon as the demand is there we are kind of ready for uh the optic right sir. Okay. Thank you so much sir. 53:26 53 minutes, 26 seconds Thanks. Thanks a lot. 53:30 53 minutes, 30 seconds Thank you very much ladies and gentlemen. As there are no further questions from the participants I now hand the conference over to Mr. Janandum for closing comments. 53:41 53 minutes, 41 seconds Thank you all for joining this call. Our onshore drilling program is progressing well and we intend to maintain this momentum as we work to unlock the full 53:50 53 minutes, 50 seconds value of our onshore assets. We will commence our offshore drilling campaign once the temporary operational issues are resolved. Given the substantial 53:59 53 minutes, 59 seconds underlying resource potential, these short-term challenges do not diminish our long-term value creation outlook. 54:06 54 minutes, 6 seconds Thank you. 54:10 54 minutes, 10 seconds Thank you members of the management. On behalf of Hindustan Oil Exploration Company Limited, that concludes this conference. Thank you all for joining us 54:19 54 minutes, 19 seconds today and you may not disconnect your