### **Corporate Identity** Antelopus Selan Energy Limited is the combined entity resulting from the strategic merger between **Selan Exploration Technology Limited** (established 1985, listed on NSE and BSE) and **Antelopus Energy Private Limited** (incorporated 2018), a wholly owned subsidiary of Blackbuck Energy Investments Limited. The merger, first announced in November 2023 and approved in principle, is pending final regulatory clearances as of November 2025. This integration aims to create a leading mid-sized independent exploration and production (E&P) company in India with diversified assets, enhanced reserves, and operational scale. --- ### **Strategic Focus & Sector Position** The company operates exclusively in the **upstream oil and gas sector** in India, focusing on the exploration, development, and production of hydrocarbons across both **onshore and offshore sedimentary basins**. It leverages **technology-driven operations**, **sustainable practices**, and **strategic M&A** to maximize value from discovered and stranded resources. Supported by government policies such as the **Open Acreage Licensing Policy (OALP)**, **Hydrocarbon Exploration and Licensing Policy (HELP)**, and **Discovered Small Fields (DSF) Bid Rounds**, the company benefits from progressive fiscal frameworks and marketing freedom, positioning it for sustained growth in India’s evolving energy landscape. --- ### **Asset Portfolio & Reserves** Antelopus Selan Energy holds interests in **eight core assets**, with geographic diversification across key Indian basins: | Asset | PI & Operatorship | Location | Contract Type | Status | |------|-------------------|--------|---------------|--------| | Bakrol | 100%, Operator | Gujarat (Cambay Basin) | PSC (Pre-NELP) | Production Phase | | Lohar | 100%, Operator | Gujarat | PSC (Pre-NELP) | Production Phase | | Karjisan | 100%, Operator | Gujarat | PSC (Post-2004) | Production Phase | | Elao | 100%, Operator | Gujarat | RSC (DSF Round 1) | Development Initiated | | Cambay | 50%, Joint Operator | Gujarat | RSC / PSC | Monetization via MDPE | | Duarmara | 50%, Joint Operator | Assam | RSC | Development Ongoing | | D-31 | 100%, Operator | Mumbai Offshore | RSC | Development Phase | | Dangeru | 100% (awaiting mining lease) | KG Basin, Andhra Pradesh | RSC | Ramp-Up Phase | **Reserves & Resources (as of Feb 2025):** - **2P Reserves:** 61.2 million barrels of oil equivalent (mmboe) - Mahanadi Offshore: 22.9 mmboe - Assam Onshore (Duarmara): 19.6 mmboe - Mumbai Offshore (D-31): 12.3 mmboe - **2C Contingent Resources:** 30.2 mmboe - Strong potential in Mumbai Offshore (21.9 mmboe) and Mahanadi Offshore (8.3 mmboe) **Antelopus Contribution:** ~55 mmboe of proven and probable (2P) reserves across its four contract areas (D-31, D-11, Duarmara, Dangeru), certified under SPE-PRMS standards. --- ### **Operational Highlights (Nov 2025)** #### **Dangeru Field (KG Basin)** - Focus: Infrastructure-led production ramp-up. - Current constraint: Gas evacuation limitation; collaborating with **ONGC** to de-bottleneck evacuation. - Potential: Post-fracture flow tested at **6 MMSCFD per well**; total un-risked gas resources > **300 BCF**. - Development: Four gas zones identified; only one currently producing. De-risking studies ongoing. #### **Cambay Field** - Challenge: Evacuation constraints due to limited pipeline access. - **Immediate Strategy**: Early monetization using **modular processing units** and **MDPE pipelines** to enable immediate gas sales. - **Medium-Term Plan**: Construct a **20 km pipeline** to connect to the **state gas grid**, significantly boosting evacuation capacity and revenue potential. #### **Drilling & Technology Milestone** - In November 2025, the company achieved a **first in India** by successfully drilling a **3,900-meter well using a 1,000 HP rig**, demonstrating advanced drilling capability and technological maturity in deep-well operations. --- ### **Technology & Innovation** The company is a technology pioneer in India’s upstream sector: - **Subsurface Imaging & AI Analytics**: Advanced seismic imaging and **machine learning integration** of wireline logs and seismic data improve sweet spot identification, leading to **high drilling success rates**. - **Digital Operations**: Cloud-based subsurface data platforms enable real-time monitoring, rapid decision-making, and dynamic strategy adjustments. - **Hydraulic Fracturing Optimization**: Geomechanics and fluid engineering simulations refine fracture parameters; real-time proppant monitoring and **immediate flowback** techniques reduce damage and increase recovery—**key driver behind Bakrol’s sustained output of ~650 boepd**. - **Modular Surface Facilities**: Enable rapid deployment post-drilling to capture early production. - **Eco-Friendly Drilling Fluids**: Non-damaging fluids enhance borehole stability and reduce environmental footprint. In FY2024–25, these technologies contributed to a **61% YoY increase in sales volumes** and de-risked appraisal activities. --- ### **Production & Financial Performance (FY25 – May 2025 Data)** - **Average Production (FY25):** **1,193 barrels of oil equivalent per day (boepd)** - Bakrol: ~650 boepd (core asset) - FY24 average: 740 boepd (+45% YoY) - Q4 FY24: 981 boepd — target is to sustain and exceed this level - **Sales Growth (FY24–25):** 61% YoY increase driven by drilling success and improved recovery. - **Financials (FY25):** - EBITDA: **₹150 crore** - PAT (Post-Tax Profit): **₹74 crore** - Despite lower price realizations, robust margins reflect operational efficiency and cost control. Future Outlook: First production from **Dangeru** and **Duarmara** fields expected in **Q3 FY26**, with Antelopus assets contributing incrementally. --- ### **Merger Impact & Growth Strategy** The integration with Antelopus Energy has: - **Diversified asset base** across onshore and offshore India. - **More than doubled proven reserves** and **increased production by over 2.5x** from legacy Selan assets. - Created **operational synergies** through shared infrastructure, technical expertise, and centralized project execution. - Expanded capability in rapid development of low-risk, high-return discoveries. **Upcoming Drilling Campaigns (FY26):** - Planned wells in **Bakrol, Karjisan, and Elao** fields. - Continued appraisal and development in **Dangeru** and **D-31**. --- ### **Development Projects & Market Access** - **D-31 Offshore (Mumbai Basin):** - Five discoveries, with **Phase 1 focus on D-12**. - Shallow water, low-risk project to be executed on **turnkey EPC basis**. - 2P Reserves: 2.5 MMbbls oil, 58.7 BCF gas. - Planned tie-in with **existing ONGC infrastructure** under tolling agreements. - Market-linked pricing for oil and gas. - **D-11 Offshore (Bengal-Purnea Basin):** - Six proven gas discoveries; total test production: **80 MMSCFD gas + 220 bbl/day condensate**. - Exploring tie-ins with LNG and pipeline networks for monetization. - Favorable fiscal regime: Government take <40%. - **Duarmara (Assam):** - 50% PI with Selan as joint operator. - 2P Reserves (50% net): 9.9 MMbbls oil, 175.1 BCF gas. - Gas sold at **APM + $0.7/mmBtu** via e-auction; fiscal take <50%. --- ### **Key Challenges** - **Infrastructure Gaps**: Persistent evacuation bottlenecks (e.g., Dangeru, Cambay) require partnership and capital investment. - **Regulatory Delays**: Pending **mining lease for Dangeru** (Andhra Pradesh) and approvals for operatorship transfer in Elao. - **Aging Infrastructure & Rig Scarcity**: Maintenance costs and scheduling delays due to limited service availability. - **Environmental Clearances**: Delays in obtaining permits affect project timelines.