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History of Hindustan Oil Exploration Comp. Ltd.

YEAR EVENTS 1983 - The Comp. was incorporated on September 22, & received the Certificate of Commencement of Business on Febraury 23, 1984. It was promoted by Shri H.T. Parekh. The objects and activities of the Comp. is exploration of oil & gas in on-shore and off-shore areas & organise production, processing & marketing oil & gas.

- The oil exploration & production involves the Analysis of available geological information & employing low cost exploration methods to identify areas of detailed study; Detailed seismic survey to identify structures with the possibility of bearing hydrocarbon; Exploratory drilling; Production of the field at optimum level. However, the use of latest techniques involving computers & other electronic instruments have enabled to map the underground structures & to predict presence of hydrocarbon more accurately.

- Since incorporation, the Comp. did some exploration related services for long digitisation job of oil wells in Southern North Sea project & Duliajan field [Oil India, Ltd.s] along with Robertson Research International limited of U.K.

- To further strengthen its technical capability, the Company entered into collaboration with Prakla-Seismos AG of Germany and formed a joint venture company. Hindustan Prakla Geophysical Company, limited [HPGCs] to undertake all aspects of geophysical data acquisition & interpretation in India.

- The Comp. also reached an understanding with Asia Foundations & constructions, limited [AFCONSs], to undertake drilling & other oilfield services.

- Crew Energy, Canada a small independent oil Comp. in consultation with the Comp. & Asia Foundation and Construction limited [AFCONSs] had made proposals to ONGC & OIL for oil exporation technique involving aeromagnetic survey, processing & interpretation of data.

- The Comp. signed a letter of intent with International Petroleum, limited [IPLs] to take 10% of share in Krishna-Godavari Offshore block KG-OS-IV with equal share in the benefits.

- As per the production sharing agreement entered into between ONGC and IPL, ONGC had an option to appropriate 40% of oil produced at international price.

- The Comp. submitted an application to the commerce ministry for necessary approvals.

1988 - The Oil India limited [IOLs] signed a Memorandum of Understanding for a joint exploration programme.

1989 - Contract between OIL & Hindustan Oil Exploration Co. limited for joint exploration programme was submitted to OIL. Date was set for signing of MOU between OIL, HOEC.

- It had decided to participate with OIL in their new petroleum exploration licence area of Indo-Gangetic Basin or Saurashtra off-shore with a share of 40%.

- The Comp. intends to build infrastructural facilities for carrying out seismic data analysis & its interpretation from the computer centre.

- The Comp. also applied to the Government of Gujarat for petroleum exploration licence in the Kutch Basin. The Company awaited necessary Government approvals.

- Government of India awarded 9 offshore blocks to 5 multinational companies for oil exploration. The Comp. signed a letter of intent with one of them viz., International Petroleum Corporation [IPCs] of Canada for 10% share in the exploration programme. Necessary Government approvals were awaited.

- The balance 1,12,000 shares out of earlier issue taken up. Equity shares subdivided in Dec. 1989. 100,00,000 shares then issued at par of which 25,00,000 shares were reserved and allotted to Indian resident directors, their friends etc. Out of the remaining 75,00,000 shares, the following were reserved for preferential allotment: [is] 25,00,000 shares to NRIs on repatriation basis [all were taken ups] & [iis] 5,00,000 shares to employees [including Indian working directorss] of Company [Only 1,500 shares were taken ups]. The balance 45,00,000 shares, along with 4,98,500 shares not taken up by employees were offered for public subscription during Feb. 1990. All were taken up. [Allotment of 1,00,000 shares to directors/relatives etc. was pendings].

1990 - The Comp. submitted feasibility studies to the Government of Gujarat & Government of India for natural gas utilisation including bringing flared offshore gas to landfall point at Pipavav, development of natural gas reserves from mid-Tapti and South Tapti fields & natural gas distribution activities through equity participation in Gujarat Gas Co., Ltd.

1991 - A Memorandum of Understanding was signed with Petronas Carigali of Malaysia to conduct joint studies on basins/blocks of mutual interest. Three blocks were chosen for joint study by Carigali & the Company. The Comp. decided to submit bids for five blocks for fourth round - three onshore blocks & two offshore blocks.

- An understanding was reached with an American Comp. Albion International Resources to bid as a consortium for one of the offshore blocks with Albion as the operator.

- Hindage Oilfield Services Private limited became a subsidiary of the Company.

1992 - The Comp. submitted a bid for offshore block in the Cauvery basin.

- 150,00,750 rights equity shares issued [prem. Rs 10 per share; prop. 1:1s] [all were taken ups]. 17,508 NRI shares pending allotment. Another 7,50,100 shares [prem. Rs 10 per shares] offered to employees [only 4,400 shares taken ups].

1993 - On 29th March, the Comp. with Mafatlal Industries limited [MILs] as partner signed the first ever oil exploration contract for an on shore area.

- On February 19th, Albion [Indias] Inc. of USA as an operator signed a production sharing contract with the Ministry of Petroleum & ONGC for an offshore block off AP coast.

1994 - On December 30, PY-3 block was signed by Comp. with Vaalco Energy as an operator.

- In August, Cauvery Offshore block-CY-OS-2 was awarded to the consortium comprising Vaalco Energy on the operator, Mosbacher Energy Inc. USA.

- PY-1 block was awarded in February to consortium comprising of Mosbacher Energy Inc., U.S.A. as the operator, Petrodyne Inc. USA & the Comp. with 30% share in the said block. The Company submitted bids in partnership with Indian & International oil Companies for development of several medium & small sized discovered oil fields.

- The Comp. entered into a joint venture agreement with Bardahl Manufacturing Corporation Inc. USA for marketing of Bardahl range of high performance engine additives in India.

- 7,185 shares kept in abeyance were allotted.

1995 - The PSC for Asjol Onshore Oil field was signed, with the Company as an operator with 35% share in the said block.

- On October, the PSC for cauvery offshore block was signed with the company production sharing ratio of 30%.

- The Comp. had also submitted several bids in partnership with Indian & International oil companies for exploration of blocks in the sixth & eights rounds of exploration bidding & for development of blocks in the second round of development.

1996 - Six small sized fields in North Gujarat & Cambay basin were awarded to the consortium consisting of Company, GSPC and Amec-Heritage in September. Tarapur & Palej blocks were awarded to the consortium consisting of Samson, GSPC & Company in September.

- The Comp. submitted a proposal for an exploration block in Sultanate of Oman along with M/s. Khimji Ramdas of Oman.

- On 19th November, the Comp. signed PSC with Tata Petrodyne and Vaalco Energy Inc. for Gulf of Cambay offshore block & cauvery offshore basin block with Vaalco Energy Inc. & Tata Petrodyne.

- Hindustan Prakla Geophysical Co., limited [HPGCs] is a subsidiary of the Company.

2003

-Appoints Mr Rakesh Jain as the Managing Director of company.

-Exercises its preferencial purchase right under the respective production sharing contracts to acquire 53.85% participating interest.

-Company equity shares gets listed & admitted to deal in National Stock Exchange of India.

-Acquires its partners Mosbacher India Ltd equity holding in two oil blocks under development in the cauveri basin for a consideration of $14 million.

2005

-Delists equity shares from the Bangalore Stock Exchange Ltd w.e.f. January 10, 2005.

-Delists equity shares from Madras Stock Exchange Ltd [MSEs] with effect from February 16, 2005.

-Delists equity shares from The Calcutta Stock Exchange Association Ltd [CSEs] with effect from April 25, 2005.

2007

-The Comp. has issued rights in the ratio of 2:3 at a premium of Rs.107/- Per Share.