Hindustan Oil Exploration Company Ltd

To

The Members of

Hindustan Oil Exploration Company Limited

Your Directors have pleasure in placing before you the 40^th Annual Report on the business and operations of your Company along with the audited financial statements, for the financial year ended March 31, 2024.

The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

1. FINANCIAL HIGHLIGHTS

(? in lakhs)

Note: The above figures are extracted from the audited standalone and consolidated financial statements prepared as per Indian Accounting Standards (Ind AS).

2. BUSINESS PERFORMANCE

During the year, on a standalone basis, your Company produced and sold 3.73 BCF of gas and 0.24 million barrels of oil (previous year: 4.59 BCF of gas and 0.18 million barrels of oil). In oil equivalent terms the production for the current year is 0.94 mmboe (1.04 mmboe in the previous year).

The revenue for the current year has increased to ? 46,399.71 lakhs from ? 38,104.82 lakhs in the previous year. Other income for the current year is ? 3,264.77 lakhs as against ? 2,790.85 lakhs in the previous year. The cost towards production expenses has increased to ? 26,770.16 lakhs compared to ? 16,951.92 lakhs in the previous year due to increase in the number of operating days on account of commencement of production from B-80 field in the previous year. The total expenses for the current year has increased to ? 41,263.55 lakhs as compared to ? 24,528.94 lakhs in the previous year. This also includes the non-cash cost of depreciation, depletion & amortization and finance cost towards unwinding of decommissioning of ? 3,518.75 lakhs in the current year as against ? 3,527.28 lakhs incurred during the previous year.

On a standalone basis, the profit before exceptional items and tax has decreased to ? 8,400.93 lakhs as compared to ? 16,366.73 lakhs in the previous year. The profit after tax is ? 8,400.93 lakhs as against the profit of ? 16,366.73 lakhs in the previous year. The cash and cash equivalent in the Company as on March 31, 2024 is ? 879.77 lakhs, compared to ? 13,866.98 lakhs in the previous year.

On a consolidated basis, revenue from operations has increased from ? 55,891.53 lakhs to ? 74,913.13 lakhs and the profit after tax for the current year is ? 22,642.98 lakhs compared to ? 19,404.82 lakhs in the previous year.

Capital expenditure

During the year under review, a capital expenditure of ? 253.88 lakhs as against ? 501.20 lakhs for previous year was incurred for Dirok, ? 225.31 lakhs for block Umatara and ? 1.10 lakhs was incurred for Block B 80 as against ? 4,324.02 lakhs for previous year, towards development activities in these discovered fields, and ? 66.98 lakhs as compared to ? 1.53 lakhs for previous year was incurred for other development activities.

Transfer to reserves

During the year under review, no amount was transferred to the capital reserves of the Company. The land and buildings of the Company are stated at cost and are not being revalued.

Measures taken to improve the operational & financial performance

Your Company has been appropriately addressing the challenges posed by the evolving situation with renewed vigour, while ensuring the wellbeing of the employees and the communities in which we operate.

Your Company continues to closely monitor any material changes to future economic conditions and manage their impact and costs across the organization.

3. OUTLOOK

Your Company has adequate working capital and discretionary capital required for the development of existing oil and gas blocks. The capital required for exploration would be met by the internal accurals of the Company. The Company is continously scouting for inorganic growth opportunities which will be risk - weighed before committing capital, for which the Company may raise additional capital and debt as and when necessary.

4. DIVIDEND

Your Company is positioned on a growth trajectory and is actively pursuing both exploration opportunities and appraisal / development of discoveries established in its existing portfolio. To finance this growth, the Company needs financial resources in the immediate term and hence your Directors do not recommend any dividend for the year.

The Dividend Distribution Policy framed in accordance with the provisions of the Act and the Listing Regulations is available on the Company's website at https://www.hoec.com/policies/

5. DEPOSITS FROM PUBLIC

Your Company has not accepted any deposits from public and as such, no amount on account of principal or interest are outstanding as at the Balance Sheet date.

6. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 ('the Act') form part of the Notes to the Standalone Financial Statements provided in this Annual Report.

7. CHANGE IN THE NATURE OF BUSINESS

Your Company did not undergo any change in the nature of its business during the year.

8. SHARE CAPITAL

There is no change in share capital during the year. The company has not issued any shares with differential rights as to voting, dividend or otherwise.

9. SUBSIDIARIES

As on March 31, 2024, we have 2 direct wholly-owned subsidiaries - Hindage Oilfield Services Limited and Geopetrol International Inc. and 2 wholly-owned step-down subsidiaries - Geopetrol Mauritius Ltd. and Geoenpro Petroleum Limited. There are no associates or joint venture companies within the meaning of Section 2(6) of the Act.

Hindage Oilfield Services Limited ("Hindage"), an Indian public unlisted company, operates in the Oil Field Equipment and Services sector. Hindage owns Prem Pride, a Floating Storage Offshore facility with a 900,000-barrel oil storage capacity, which is currently deployed for storage of oil produced from HOEC' B-80 offshore field.

Geopetrol International Inc. ("GPII"), is another wholly owned subsidiary of HOEC which was acquired in April 2018. This company, incorporated in the Republic of Panama, holds 25% participating interest in Kharsang oilfield in Arunachal Pradesh and operates through an Indian Project Office.

Geopetrol Mauritius Ltd. ("GML"), a company established under the laws of Mauritius holding Category I Global Business License, is wholly owned by GPII. GML owns Key Gibraltar - Offshore Installation, which is a customized Mobile Offshore Processing Unit currently deployed in HOEC's B-80 field at Mumbai offshore.

Geoenpro Petroleum Limited ("Geoenpro") is an Indian public unlisted company, which is co-owned by GML (50%) and Hindage (50%). Geoenpro is an Oil and Gas E&P company which holds 10% participating interest in Kharsang oilfield and is operator to the Block.

There has been no material change in the business of the subsidiaries. During the year, Hindage and GPII were material subsidiaries of HOEC and the Board of Directors of your Company has reviewed the affairs of the subsidiary companies.

In accordance with Section 129(3) of the Act, the Indian Accounting Standards (Ind AS) and relevant provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Consolidated Financial Statements of the Company have been prepared which form part of this Annual Report.

Also, a statement containing salient features of the Company's subsidiaries is appended as Annexure - I to the Board's Report in the prescribed Form AOC-1.

Further, as per Section 136 of the Act, the Annual Audited Financial Statements including the Consolidated Financial Statements and related information of the Company and the Audited Financial Statements of the subsidiary companies are available on the company's website, at https://www.hoec.com/annual-reports/.

10. UNINCORPORATED JOINT VENTURES

The financial statements of the Company reflect its share of assets, liabilities, income and expenditure of the joint venture operations, which are accounted on the basis of available information on a line-by-line basis with similar items in the Company's Accounts, to the extent of the participating interest of the Company, as per various "Production Sharing Contracts" (PSCs) and "Revenue Sharing Contracts" (RSCs). The financial statements of the Unincorporated Joint Ventures are prepared by the respective Operators in accordance with the requirements prescribed by the respective PSCs and RSCs.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on March 31, 2024, the Company has six (6) Directors including one woman director. The Board comprises of five (5) Non-Executive Directors, out of which three (3) are Independent Directors.

The Company has received necessary declaration from each independent director that he/she meets the criteria of independence as laid down under Section 149(6) of the Act and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In the opinion of the Board, the independent directors fulfil the conditions specified in these regulations and are independent of the management. There has been no change in the circumstances affecting their status as an Independent Director during the year.

The non-executive directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of attending meetings of the Company.

Changes in Directorate during the year

Mr. P. Elango retired as Managing Director effective from the closure of the business hours on September 30, 2023 upon completion of his term. The Board places on record its appreciation for his contribution to the Company.

Consequently, Mr. R. Jeevanandam was appointed as the Managing Director for a period of three (3) years w.e.f. October 01, 2023.

Mr. Vivek Rae was re-appointed as a Non-Executive Independent Director of the Company for a second term of five (5) consecutive years w.e.f. April 18, 2024 at the 39^th Annual General Meeting (AGM) of the Company held on September 27, 2023.

Changes in Key Managerial Personnel during the year

Consequent to the change in designation of Mr. R. Jeevanandam from Executive Director & CFO to Managing Director of the Company effective October 01, 2023, the Board appointed Mr. N. Sivalai Senthilnathan as Chief Financial Officer w.e.f. November 15, 2023.

Ms. Deepika CS resigned from her position as Company Secretary on November 10, 2023 and Mr. S. Muthukrishnan was appointed as Company Secretary w.e.f. November 10, 2023.

As on March 31, 2024, Mr. R. Jeevanandam, Managing Director, Mr. N. Sivalai Senthilnathan, CFO and Mr. S. Muthukrishnan, Company Secretary were the Key Managerial Personnel (KMP) of the Company.

12. NUMBER OF MEETINGS OF THE BOARD

The Board met seven (7) times during the financial year. The details of meetings are given in the Corporate Governance Report which forms part of this Annual Report. The intervening gap between the meetings was within the period prescribed under the Act.

13. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The Board of Directors has framed a policy which lays down a framework for the nomination and remuneration payable to Directors and other Key Managerial Personnel. The details of the policy are stated in the Corporate Governance Report.

14. DIRECTORS REMUNERATION

Details of the remuneration paid to the Executive and Non-Executive Directors of the Company are given in the Corporate Governance Report Section of this Annual Report.

15. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Board has carried out an annual evaluation of its own performance, the Committees of the Board and individual directors. The manner in which the evaluation has been carried out is explained in the Corporate Governance Report.

16. COMMITTEES OF THE BOARD

The Board has five (5) Committees, namely Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee and Risk Management Committee. The composition of the Board and its Committees are provided in the Corporate Governance Report section of this Annual Report. During the year, all recommendations made by the respective Committees were approved by the Board.

17. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the year under review were on an arm's length basis and in the ordinary course of business. Disclosures relating to the related party transactions are set out in Note No. 44 of the standalone financial statements and Annexure II of this Report.

18. DISCLOSURE REQUIREMENTS

As per SEBI Listing Regulations, the Corporate Governance Report with the Auditors' Certificate thereon and the Management Discussion and Analysis including the Business Responsibility and Sustainability Report are set out in a separate section and form part of this Report.

19. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2024, is available on the Company's website at https://hoec.com/annual-reports/

20. MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments which affect the financial position of the Company occurred between the end of the financial year to which the financial statements relate and the date of this report.

21. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future.

22. DIRECTORS' RESPONSIBILITY STATEMENT

The financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) under the historical cost convention on accrual basis except for certain financial instruments that are measured at fair values, the relevant provisions of the Companies Act, 2013 and the Rules made thereunder, guidelines issued by SEBI and guidance note on accounting for oil and gas producing activities (Ind AS) issued by the Institute of Chartered Accountants of India.

In terms of Section 134(5) of the Act, your directors, to the best of their knowledge and belief and according to the information and explanation obtained by them, state that:

(i) in the preparation of annual accounts for the financial year ended March 31, 2024, the applicable accounting standards have been followed and there are no material departures;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis;

(v) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively; and

(vi) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

23. AUDIT REPORTS AND AUDITORS

Audit Reports for the financial year ended March 31, 2024:

• The Auditors Report on the standalone and consolidated financial statements forms part of this Annual Report and do not contain any qualifications, reservations or adverse remark.

• The Secretarial Audit Report for the year is included as Annexure III to this Report and it does not contain any qualification, reservation or adverse remark. The Company complies with all applicable secretarial standards.

• Your Company has maintained cost records which were duly audited in terms of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014. The cost audit report for the financial year ended March 31, 2023 was filed with the Central Government within the prescribed timelines.

• The Internal Auditors' findings are discussed, and actions, as required, are taken as per the directions of the Audit Committee on an ongoing basis to improve efficiency in operations.

• Neither the Statutory Auditors nor the Secretarial Auditors have reported to the Audit Committee under Section 143(12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would be required to be mentioned in the Board's Report.

Auditors for the financial year ending March 31, 2025

Statutory Auditor

At the 36^th AGM of the Company held on September 30, 2020, the Members approved re-appointment of M/s. Deloitte Haskins & Sells LLP (FRN: 117366 W/W 100018), Chartered Accountants, as Statutory Auditors for a second term of five (5) years to hold office from the conclusion of the 36^th AGM of the Company until the conclusion of 41^st AGM.

Secretarial Auditor

In terms of Section 204 of the Companies Act, 2013 and rules made there under M/s. S. Sandeep & Associates, Company Secretaries in Practice are appointed to conduct the secretarial audit.

Cost Auditor

The Board of Directors have appointed Mr. K. Suryanarayanan, a Cost Accountant in Practice, as Cost Auditor of the Company at a fee of ? 2,00,000 (Rupees Two Lakhs only) plus applicable taxes and out of pocket expenses, subject to ratification of the said fees by the shareholders at the ensuing Annual General Meeting.

Internal Auditor

The Board has engaged M/s. Guru & Ram LLP, Chartered Accountants, as its Internal Auditors. Their scope of work includes review of internal controls and its adherence, statutory compliances, health, safety and environment compliance, compliance towards related party transactions and risk assessments.

28. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, the work performed by the internal, statutory and secretarial auditors, including the audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by the Board and Audit Committee, the Company's internal financial controls were adequate and effective during the year under review.

The details in respect of internal financial control and their adequacy are included in the Management Discussion and Analysis section of this Annual Report.

29. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Our Company embraces technological innovation and operates in an environmentally responsible manner to provide tangible benefit to all stakeholders. Our company is dedicated to advancing both technology and environmental stewardship, ensuring that our operations benefit all stakeholders. During the year under review, we implemented several key initiatives aimed at conserving energy and driving technological progress. A few of these are listed as follows:

A) Conservation of Energy:

a) Steps taken or impact on conservation of energy:

In an effort to become more energy efficient, the Company has taken the following steps -

1. BEE Star Rated Equipment: We have procured Bureau of Energy Efficiency (BEE) Star rated equipment wherever feasible to minimize energy consumption and enhance operational efficiency.

2. Reduction of Greenhouse Gas (GHG) Emissions: In alignment with climate change policies, we are continually working to reduce our GHG emissions through various effective measures and practices.

3. Energy Source Optimization: Our in-house power requirements are primarily met using natural gas-based generators, with diesel-based generators used only in emergencies. We are also exploring the viability of solar energy to further meet our operational needs.

4. Air Emission Monitoring: We regularly monitor air emission sources and ambient air quality to ensure that emission levels remain below statutory limits stipulated by the Central Pollution Control Board.

5. Automatic Lighting Controls: Automatic timers have been installed for all lights, except emergency lighting, to ensure they are turned off during daylight hours, thereby reducing unnecessary energy consumption.

6. Timer-Controlled Equipment: Air compressors and fire water jockey pumps are equipped with timers to minimize runtime and conserve energy.

7. Preventive Maintenance: Periodic preventive maintenance and condition monitoring of aging equipment are conducted to extend asset life, reduce premature replacements, and lower energy consumption.

8. Sustainable Design and Planning: Our project planning and design processes are focused on minimizing environmental impact and maximizing resource efficiency throughout the project lifecycle.

9. Solar Streetlights: We have installed 355 nos. of solar streetlights at selected locations within our operational areas to reduce reliance on traditional power sources.

10. Rainwater Harvesting: We have implemented rainwater harvesting systems to recharge groundwater resources at our operational sites.

11. Groundwater Quality Monitoring: Regular analysis of groundwater samples in our operational areas ensures that water quality meets statutory standards as per Central Ground Water Authority Guidelines.

12. Optimized Air Conditioning: Air conditioning systems are set to 25?C to optimize power consumption and improve energy efficiency.

13. Greenhouse Gas Emission Reporting: We calculate and report our greenhouse gas emissions annually, using the HOEC Dirok benchmark for GHG emission as a reference.

14. LED Lighting Conversion: The transition from sodium vapor lamps to LED fittings has been initiated at the PY-1 site as part of our energy conservation efforts.

b) Steps taken by the Company for utilizing alternate source of energy:

The Company has successfully installed 355 solar street lamps at our operational areas in the Assam Block. This initiative not only enhances visibility and safety within the operational areas but also reduces our reliance on conventional power sources, contributing to our goal of energy conservation and reduced carbon footprint.

By utilizing solar energy for street lighting, we are effectively lowering our energy consumption and operational costs, while also supporting our commitment to environmental responsibility. This project exemplifies our dedication to integrating renewable energy solutions into our operations.

c) Capital investment on energy conservation equipment:

In order to enhance operational efficiency and reduce environmental impact, we have successfully replaced the manually operated choke valve with a remote-operated choke valve on one of our high-producing wells at the Dirok field in Assam.

This upgrade offers several key benefits:

• Reduced Travel: The remote operation capability eliminates the need for frequent site visits, minimizing travel to wellsites and associated logistics.

• Fuel Savings: By decreasing travel requirements, we also reduce fuel consumption, further contributing to our sustainability goals.

This initiative not only streamlines operations but also supports our commitment to improving efficiency and reducing our carbon footprint.

d) Impact of the measures mentioned in (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods:

Our commitment to energy efficiency has led to notable reductions in both energy consumption and greenhouse gas (GHG) emissions. Key actions contributing to these outcomes include:

• Minimal Use of Air Conditioning: By optimizing air conditioning settings and usage, we have significantly reduced the overall energy demand for cooling.

• Deployment of Energy-Efficient Systems: The implementation of advanced, energy-efficient systems across our operations has further decreased power and fuel consumption.

These measures have not only contributed to a substantial decrease in energy use and GHG emissions but have also resulted in lower operational costs. This aligns with our goal of achieving greater sustainability and efficiency in our operations.

B) Technology absorption:

(a) Efforts made towards technology absorption, adaptation, and innovation:

The Company is committed to adopting innovative approaches to enhance energy efficiency and minimize environmental impact. Our key initiatives include:

• Modular Gas Processing Plant: We have implemented an energy-efficient modular approach for our Gas Processing Plant in Assam. This includes the installation of Variable Frequency Drives (VFDs) on plant equipment and machinery to optimize energy use. Additionally, we adhere to a Leak Detection and Repair (LDAR) program to monitor and address gas leaks, thereby controlling emissions effectively.

• Elephant Corridor Protection: To safeguard an Elephant Corridor in Assam, we have laid a 21 km pipeline 1.5 meters below the ground, connecting our Gas Gathering Station (GGS) to the Modular Gas Processing Plant (MGPP). This approach has significantly reduced our ecological footprint in this sensitive area.

• Horizontal Flare System: At our MGPP in Assam, we have installed a sonic, natural draft, horizontal flare system with an enclosure. This system is designed to minimize environmental harm and ensure that flare operations are conducted with reduced impact on the surrounding environment.

• Carbon Footprint Reduction: We are actively working to reduce our carbon footprint through a combination of major and minor process changes. This includes supplying surplus power to the state grid and local tea factories, creating additional carbon sinks through plantation, and adopting green energy sources whenever feasible.

• LED Lighting Conversion: We are transitioning from conventional lighting to energy-efficient LED lights in a phased manner, which contributes to reduced energy consumption and lower operational costs.

• Technological Advancements: We plan to adopt new technologies, such as surface jet pumps (ejectors), to enhance well production efficiency and further improve our operational effectiveness.

These efforts underscore our commitment to sustainability and environmental stewardship, aligning with our goals of energy efficiency and reduced ecological impact.

(b) Technology import made during the last 3 years:

• the details of technology imported: Remote operated choke valve was imported and installed on one of the high producing well.

• the year of import: 2022 & 2024

• whether the technology been fully absorbed: yes

(c) No Research and Development expenditure was incurred during the year.

(d) No benefits like product improvement, product development or import substitution were derived during the year

C) Foreign exchange earnings and outgo:

(a) Activities relating to exports; initiatives taken to increase exports; development of new export markets for products and services; and export plans:

Company is engaged in production of crude oil and natural gas. The existing Government policies and Production Sharing Contracts (PSCs), to which Company is a party, is subject to domestic market obligations till self-sufficiency in domestic production of hydrocarbons.

(b) The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year in terms of actual outflows

(? in lakhs)

30. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has in place a CSR policy which is available on our website at https://hoec.com/corporate-social-responsibility/. A brief outline of the CSR policy of the Company and the CSR expenditure incurred during the year are set out in Annexure IV of this Report as per the format prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014. The details of the composition and meetings of the CSR Committee are provided in the Corporate Governance Report section of this Annual Report.

31. RISK MANAGEMENT

The Company is responsible for reviewing the risk factors and ensuring effective mitigation and management. The Risk Management Committee identifies and monitors the risks associated with the Company's operations. In addition, the Audit Committee oversees the areas of financial risks and controls.

The development and implementation of risk management policy has been covered in the Management Discussion and Analysis Report, which forms part of this Annual Report.

32. HUMAN RESOURCES MANAGEMENT

Your Company continues to pursue the best practices to develop its human capital by hiring and retaining the best talent. The Company has a transparent performance appraisal system with focus on the organizational objectives aligned with Key Performance Indicators. An objective performance measurement with an assessment of potential and identification of training needs for individual growth are being pursued.

The total permanent employee count, as on March 31, 2024, was 112 and the annualized attrition rate for the year stands at 16.9%.

33. PARTICULARS OF EMPLOYEES

The particulars of employees including their remuneration as required to be reported under the provisions of Section 197(12) of the Act, read with Rules 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are set out in Annexure V to this Report.

34. PROTECTION TO WOMEN EMPLOYEES

The Company has in place a Corporate Policy on Anti-Sexual Harassment of Employees, in terms of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints Committee has also been duly constituted and during the year under review no complaints were received from any employee.

35. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the provisions of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, (as amended from time to time), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF, after completion of seven years. Further according to the said Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years or more shall also be transferred to the demat account of the IEPF Authority.

Accordingly, the Company has duly transferred all unclaimed / unpaid dividends and the corresponding shares as per the above requirements to the IEPF and has filed necessary forms with the Ministry of Corporate Affairs in this regard. Details of the same are provided in the Shareholder information section of the Corporate Governance Report and are also available on our website at https://www.hoec.com/dividend-information/

36. LISTING ON STOCK EXCHANGES

The Company's shares are listed on BSE Limited and the National Stock Exchange of India Limited and has duly paid the Annual Listing Fees as applicable.

37. ACKNOWLEDGEMENTS

Your Directors place on record their gratitude for the support and co-operation received from the Ministry of Petroleum & Natural Gas, Directorate General of Hydrocarbons, Ministry of Defence, Ministry of Environment, Forests and Climate Change, the State Governments of Assam, Gujarat, Maharashtra and Tamil Nadu and the authorities working under them. Your Directors express their gratitude to the Company's stakeholders, shareholders, business partners and bankers for their continuous support. Your Directors appreciate and value the professionalism, dedication and commitment of the HOEC team to overcome any challenges and to drive growth.

For and on behalf of the Board of Directors