Analysts/Institutional Investor Meet/Con. Call Updates

Hindustan Oil Exploration Company Limited ‘Lakshmi Chambers’, 192, St. Mary’s Road, Alwarpet, Chennai - 600 018. INDIA. : 91 (044) 66229000 ● Fax: 91 (044) 66229011 / 66229012 E-mail: contact@hoec.com ● Website: www.hoec.com CIN: L11100GJ1996PLC029880 August 20, 2026 By Online The Listing Department The Corporate Relationship Department National Stock Exchange of India Ltd., BSE Limited, “Exchange Plaza”, Bandra Kurla Complex, 1st Floor, P. Jeejeebhoy Towers, Bandra (East), Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Stock Code: HINDOILEXP Stock Code: 500186 Dear Sir/Madam, Sub: Earnings Call Q1 FY2026-27 – Transcript In continuation to our intimation dated August 13, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the Earnings Call of the Company for the Q1 FY2026-27 held on August 13, 2026 is here with attached. The same is also available on website of the Company at https://hoec.com/earnings-call/. We request you to take the same on record. Thanking you, Yours Sincerely, For Hindustan Oil Exploration Company Limited G. Josephin Daisy Company Secretary & Compliance Officer Encl.: a/a Registered Office: ‘HOEC HOUSE’, Tandalja Road, Off Old Padra Road, Vadodara - 390 020. INDIA. : 91 (0265) 2330766 ● E-mail: contact@hoec.com ● Website: www.hoec.com “Hindustan Oil Exploration Company Limited Q1 FY27 Earnings Conference Call” August 13, 2026 MANAGEMENT: MR. BARORUCHI MISHRA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – HINDUSTAN OIL EXPLORATION COMPANY LIMITED MR. ALLEN JOSEPH ANDRADE – CHIEF FINANCIAL OFFICER – HINDUSTAN OIL EXPLORATION COMPANY LIMITED MODERATOR: MS. SALONI SONI – ERNST AND YOUNG Page 1 of 21 Hindustan Oil Exploration Company Limited August 13, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Hindustan Oil Exploration Company Limited Q1 FY27 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during this conference call, please signal an operator by pressing “star” then “zero” on your touchtone phone. Please note that, this conference is being recorded. I would now like to hand the conference over to Ms. Saloni Soni from EY. Thank you, and over to you, ma'am. Saloni Soni: Good day everyone and welcome to the Q1 FY27 earnings conference call of Hindustan Oil Exploration Company Limited. The company published its results yesterday and have uploaded the investor presentation on the exchanges earlier today. I trust all of you would have had the opportunity to review them. Before we start, a disclaimer. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties which could cause the actual results to differ from those anticipated. These statements are based on management's beliefs and assumptions on information currently available to the management. Audiences are cautioned not to play undue reliance on these forward-looking statements, while making their investment decisions. On that note, let me introduce you to the management in today's conference call. We have with us Mr. Baroruchi Mishra, Managing Director and CEO; and Mr. Allen Joseph Andrade, CFO. Without further ado, I'd like to hand over the call to Mr. Mishra. Thank you and over to you sir. Baroruchi Mishra: Thank you Saloni. Good afternoon to all of you who are on the call. Before we start, may I request you to spend 20 seconds looking around for your escape and evacuation routes just in case of an emergency, familiarize yourselves. Because that's a good thing to do when we start any conference calls or anything. So this is a standard thing that we should all be doing. So with that, let me start with a brief on how the quarter has been, what have we been doing and what is the look ahead for us. The quarter unfolded against a backdrop of continued focus on energy security, as you know. Domestic hydrocarbon production and infrastructure development across the entire oil and gas sector has been a heavy lift for the country. While the broader industry continues to navigate operational and market challenges, the long term fundamentals remained very encouraging for us, supported by the huge Page 2 of 21 Hindustan Oil Exploration Company Limited August 13, 2026 demand that the country continues to see now and in all times to come, to be able to propel our growth by 7%-8%. Energy becomes the bedrock of this growth for the country. Against this backdrop, our focus for this quarter remained absolutely clear. We continue to prioritize operational execution, production optimization, and continue to work on our development projects while all the time trying to have a strict discipline in our capital allocation. While certain assets faced short term operational challenges, we made meaningful progress across the portfolio in positioning our key projects for future growth. So one by one I'll take you through the progress across our portfolio. Beginning with our offshore assets. So at B-80, our flagship offshore asset, production during the quarter was impacted by a higher water cut from one of the producing wells resulting in lower output. Now if you remember, we had said last time that we have to do work-over on these wells to shut off the water zone, etcetera. Incidentally, the water cut continued to increase and that has impacted production, but we continue to produce from these wells. In order to sustain production at near similar or slightly higher rates, we have changed the configuration of the compressor trains on the platform on the MOPU, so that the compressors are now able to operate with a lower suction pressure. What that does is that allows the well to flow more even when the flowing pressures of the well decreases. So that configuration change has been done, and we are in a test mode now. The workover of 2 existing wells, which are D1 and D2, we continue to stay on track. We are in discussion with the rig for the final award this month, and then they would be mobilized by October, at which time we will work over on the two wells, which are currently producing, shut off the water zones, open up new oil and gas zones and ensure that we have an increased production from these two wells. We have made meaningful progress on resolving our HPCL issue, albeit that there were delays in the offtake by road. But that said, the offtake continues, and we are reselling the crude to third parties. Moving to B15, which is the new block which has been awarded to us. The FDP is under preparation. We are looking at all concepts. We are evaluating three or four concepts at this stage. One of them includes connecting to the existing ONGC's platform to reduce our capital costs. So, all of that is being worked now, and we'll do the drilling in FY28. The reserve levels are 16 MMBOE, which will be reappraised after we have done some more processing and after the first well, we are hopeful that we'll see an upside. At PY-1, which is in our East Coast, the platform, the three wells, we have suffered serious production loss -- and now we are in discussion, we have already awarded a contract for Page 3 of 21 Hindustan Oil Exploration Company Limited August 13, 2026 rig-less intervention on the wells, which will increase production from these wells in the short term before we come back and drill two new wells. Now the drilling of those two new wells, while we had planned for quarter four of next year, they have become contingent upon the ability of the gas buyers, IOCL / GAIL to lift our gas because otherwise, we will have sat on these new wells, having drilled them, ready to produce and if we keep them shut for x number of months, they will again be watered out. So this time, we are trying to get it right. 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