Analysts/Institutional Investor Meet/Con. Call Updates

BSE Ltd. National Stock Exchange of India Ltd. 25th Floor, P.J. Towers 5th Floor, Exchange Plaza, Dalal Street Bandra – Kurla Complex Mumbai - 400 001 Bandra (E), Mumbai – 400 051 Scrip Code : 530075 Scrip Code: Antelopus (Equity) November 02, 2026 Dear Sir, Sub: Earnings Call Q2 FY 2026-27 - Transcript Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Conference Call held on October 26, 2026, in connection with the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026. Kindly take the above on record. Thanking You, Yours faithfully Yogita Company Secretary & Compliance Officer Antelopus Selan Energy Limited (Formerly known as Selan Exploration Technology Limited) Registered Office Address: 8th Floor, Imperia Mindspace, Golf Course Extension Road, Sector 62, Gurgaon, Haryana-122102, India CIN: L74899HR1985PLC113196| |T: +91 124 6547000 E-mail: admin@antelopusenergy.com | Website: www.antelopusenergy.com “Antelopus Selan Energy Limited Q2 FY’27 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. SUNITI BHAT – MD & CEO, ANTELOPUS SELAN ENERGY LIMITED MR. SIVA KUMAR POTHEPALLI – DIRECTOR & COO, ANTELOPUS SELAN ENERGY LIMITED MR. RAAJEEV TIRUPATI – CFO, ANTELOPUS SELAN ENERGY LIMITED MODERATOR: MS. KHUSHBOO BALANI – EQUIRUS SECURITIES Page 1 of 20 Antelopus Selan Energy Limited October 26, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Antelopus Selan Energy Limited 2Q-FY27 Earnings Conference Call hosted by Equirus Securities Pvt. Ltd. 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 this conference call, please signal an operator by pressing “*” and then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Khushboo Balani from Equirus Securities Pvt. Ltd. Thank you and over to you ma'am. Khushboo Balani: Thank you Sagar. Good evening, everyone and thanks for joining in. Also, thanks to Antelopus Selan Energy's management for giving the opportunity to Equirus for hosting the call. We have with us from Antelopus Selan Energy, Mr. Suniti Bhat Sir – MD and CEO, Mr. Siva Kumar Pothepalli – Director, COO and Mr. Raajeev Tirupati – the CFO of the company. I would request Mr. Suniti to give his opening remarks on the quarterly performance and outlook for the industry. Thank you and over to you sir. Suniti Kumar Bhat: Thank you so much Khushboo. Thank you very much for joining our First Investor Call. It is one step in our outreach that we had been promising our investors for last sometime. We have finally managed to have an investor call, and we promise to keep it a regular occurrence at the end of quarterly board meetings, pretty much most hopefully the same day. We would also be very happy to hear any feedback you have on these calls and our Investor Packs. The idea of these packs and these calls is always to get you up to speed about what we have done and how do we see this business as we go forward. It is to create more transparency around the information that we have of our business to pretty much all our stakeholders as we go forward. With that said, I just want to take a step on how we look at the business, how we see us growing over the next three years which we call a short term and then we will focus a little bit on this Quarter's numbers and results that Raajeev can go through in detail. What I want to start out with, I think you guys already must have had some looked at our pack that got uploaded on the Stock Exchange websites. We start with pretty good news. We want to start out with telling that we have finally signed the RSCs or Revenue Sharing Contracts with the Government of India. These contract areas are two large ones, one on East of India in KG Onshore, one on the West Coast in the Cambay Basin. These were substantially large contract areas compared to the contract areas that used to get offered in the previous bid rounds. So, finally those are officially, We signed them on 22nd of October, we got those contracts with us. So, that has really invigorated the team to look for the growth opportunity as we go in. Page 2 of 20 Antelopus Selan Energy Limited October 26, 2026 If I take a step back and look at what has happened in the growth of Antelopus over the last few years and I want to look at it with a lens of production growth, with a lens of putting capital into the business, with a lens of maintaining EBITDAs in spite of us having seen a down cycle as well as an up cycle in the commodity price and how we see ourselves what we did over the last few years and how we have learned from what we did in the last few years and carry forward that into next three years and probably create a company that is at least 5,000 barrels or so in production over the next two to three years. In Fiscal Year ‘23, we did an average production of around 511 barrels, then through consistent understanding our resource and reserve base and trying to exploit it and basically doing capital deployment projects. We ramped it up to 740 in Year ‘24. 740 became around 1,200 in the Year ‘25. Last year we were at around 1,355. We are hoping that this year we will exit at around 2,500 that is the guidance we are reasonably sure that we should be able to deliver on our promise to you of ramping up to 2,500 barrels of oil gas equivalent production from our portfolio. Our thought process has been pretty simple that your resource is what is underground. So, we try and focus with what I call a world-class technical team on understanding the resource and unlocking it. While we are doing it, we generate surplus cash and we have been consistently ploughing back the surplus cash into the business, growing it further. While we did it, we are also creating a portfolio of opportunities for all our stakeholders within the Antelopus portfolio of assets that will help us grow multiple over the next 5, 10 years. While we did so, we have remained a debt-free company, which is growth-focused and also year-on-year is showing a growth and the potential of growth and learns from things that work and learns from things that don’t work as well and is nimble enough to keep on moving its strategic focus as the geopolitics has changed or will change in our industry. If I look at the exit rates that we did, I just talked about the average numbers. In Fiscal Year ‘2024, we exited there at around 982 barrels. The next year, we exited around 1,200 barrels. That went up to 1,758 barrels. We are hoping that will go to 2,500 barrels this year. Next year, that should be around 3,500 barrels. Thereafter, that should be 5,000 barrels. What it is going to be beyond 2029, we have some idea. We will share those numbers with you once we understand our KG Onshore a lot better. We should be able to give you a lot better news as we go forward. While we did it, we started out by spending around Rs.51 crores of capital in Year ‘23. Then we went to Rs.160 crores. Again, we went to Rs.87 crores, then Rs.220 crores, hopefully Rs.250 crores this year. The idea is we are also understanding and learning fiscal discipline as a group. As we go through it, we are learning that, okay, we are able to spend money, get it back within a year, year and a half, while you generate a lot more cash, then deploy it, and hopefully give you a return on equity, which is much, much better than the peer group that we have in this country. While we do it, we are also keeping a strong focus on the EBITDA margin that we generate, because unless and until our costs are under control, we can actually go on a growth path and Page 3 of 20 Antelopus Selan Energy Limited October 26, 2026 just keep on eroding our margins. That al [Showing first 8,000 characters — download PDF for full document]