ANTELOPUS - Antelopus Selan
📢 Recent Corporate Announcements
Antelopus Selan Energy has issued a clarification regarding its proposed transaction with Synergia Energy for the Cambay PSC, stating that no definitive Sale and Purchase Agreement (SPA) has been executed. The 6-month exclusivity period for the deal ended on February 8, 2026, following the initial agreement on July 4, 2025. The company is currently reassessing valuation parameters due to new subsurface data and geopolitical uncertainties affecting commodity prices. Antelopus has formally refuted claims that shareholders refused the deal or that it failed to meet financial commitments like bank guarantees.
- Exclusivity period for the Cambay PSC transaction expired on February 8, 2026, after a 6-month term.
- No binding Sale and Purchase Agreement (SPA) has been signed, only an agreed form was initialed.
- Company is reassessing the deal valuation based on new subsurface data and global commodity price volatility.
- Antelopus denies Synergia's claims regarding shareholder refusal and bank guarantee defaults.
- The company remains engaged with Synergia but has reserved all rights under the Joint Operating Agreement dated July 31, 2024.
Antelopus Selan Energy Limited has announced its participation in the MANTHAN - Systematix India Annual Conference scheduled for February 09, 2026. The management will engage in group meetings with analysts and institutional investors starting from 10:00 AM at Taj Santacruz, Mumbai. The discussions are expected to cover industry trends and company developments that are already in the public domain. This event is part of the company's regular investor relations outreach to maintain transparency with the financial community.
- Participation in MANTHAN - Systematix India Annual Conference on February 09, 2026
- Group meeting format with institutional investors and analysts starting at 10:00 AM
- Venue confirmed as Taj Santacruz, Mumbai
- Discussions restricted to company developments already available in the public domain
Antelopus Selan Energy reported a robust Q3 FY26 with sales volumes reaching 1,498 boepd, a 35% sequential growth driven by new well commissions. Total income rose to ₹73.02 crore, while PAT surged 141% QoQ to ₹28.50 crore, partially aided by a 10-year extension in the amortization period for key fields. The company is maintaining its guidance to reach a production exit rate of 1,800+ boepd by March 2026. Operational highlights include an unexpected light oil discovery at Duarmara and successful gas flow at the Cambay C-78 well.
- Sales volumes grew 35% QoQ to 1,498 boepd, with an exit target of 1,800+ boepd by March 2026.
- Net Profit (PAT) increased significantly to ₹28.50 crore from ₹11.81 crore in the previous quarter.
- EBITDA rose to ₹46.61 crore from ₹31.75 crore QoQ, despite a 9% decline in price realizations.
- Amortization period for Bakrol, Lohar, and Cambay fields extended by 10 years following the Oilfields Amendment Act 2025.
- Successful drilling at Duarmara encountered gas and unexpected light oil (~37° API), requiring further testing for commerciality.
Antelopus Selan Energy reported a strong Q3 FY26 with net profit rising to ₹28.5 crore from ₹11.8 crore in the previous quarter. Revenue from operations (net) grew 29% sequentially to ₹71.1 crore, driven by operational performance and restatements following its merger. A significant boost to the bottom line came from a change in the amortization period for oil and gas assets, which reduced expenses by ₹8.43 crore. The company is also progressing on acquiring the remaining 50% stake in the Cambay Field to consolidate its interest.
- Net Profit increased to ₹28.5 crore in Q3 FY26 compared to ₹11.8 crore in Q2 FY26.
- Revenue from operations (net) stood at ₹71.1 crore, up 29% from ₹55.1 crore in the preceding quarter.
- Amortization charge was lower by ₹8.43 crore due to a revised estimation of the useful life of oil and gas assets following new regulatory rules.
- Company has completed negotiations to acquire the remaining 50% Participating Interest in the Cambay Field.
- Basic EPS improved significantly to ₹8.11 for the quarter from ₹3.36 in the previous quarter.
Antelopus Selan Energy Limited has responded to a surveillance inquiry from the National Stock Exchange regarding significant recent movements in its share price. The company clarified that there are no undisclosed material events or information that could have impacted the stock price. They emphasized that the price action is purely market-driven and that they remain in full compliance with SEBI Listing Obligations and Disclosure Requirements. This clarification aims to provide transparency to investors following a period of high volatility.
- Responded to NSE surveillance inquiry dated January 19, 2026, regarding price volatility
- Confirmed no undisclosed material information exists under Regulation 30 of SEBI LODR
- Attributed recent significant price fluctuations entirely to market-driven factors
- Reiterated commitment to timely future disclosures of all material corporate developments
Antelopus Selan Energy Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The document, issued by MCS Share Transfer Agent Limited, confirms that all share certificates received for dematerialization were processed within the required 15-day window. The filing verifies that physical certificates were mutilated and cancelled, and the depository's name was updated in the records. This is a standard administrative procedure to ensure regulatory compliance regarding electronic shareholding.
- Compliance certificate issued for the quarter ended December 31, 2025.
- Confirmation that dematerialization requests were processed within 15 days of receipt.
- Verification that physical certificates were mutilated and cancelled as per SEBI norms.
- Registrar & Share Transfer Agent (RTA) confirmed the substitution of the depository as the registered owner.
Antelopus Selan Energy Limited, formerly known as Selan Exploration Technology Limited, has updated its official contact information. The company has changed its primary secretarial and investor grievance email addresses to reflect its new corporate identity. The new email for investor grievances is now investors@antelopusenergy.com, effective immediately from January 5, 2026. This is a routine administrative update following the company's rebranding process.
- New investor grievance email ID is investors@antelopusenergy.com
- Company secretarial email changed to secretarial@antelopusenergy.com
- Compliance Officer email updated to yogita@antelopusenergy.com
- Changes are effective immediately as of January 5, 2026
Antelopus Selan Energy Limited has notified the exchanges that its trading window will be closed starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming declaration of financial results. The window will remain shut until 48 hours after the unaudited financial results for the quarter ending December 31, 2025, are made public. This is a standard regulatory procedure for all listed Indian companies to prevent insider trading prior to earnings releases.
- Trading window closure effective from January 01, 2026.
- Closure pertains to the Unaudited Financial Results for the quarter ending December 31, 2025.
- The window will reopen 48 hours after the financial results are officially declared to the exchanges.
- Compliance maintained with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Net Revenue from Operations for Q2 FY26 was INR 55.13 Cr, representing an 8.89% growth compared to Q1 FY26 (INR 50.63 Cr), but a 20.01% decline compared to Q2 FY25 (INR 68.92 Cr) due to lower average sales volumes of 1107 boepd vs 1252 boepd.
Geographic Revenue Split
Not explicitly disclosed by percentage, but operations are concentrated in India with crude oil sales to Indian Oil Corporation Limited and gas operations involving Assam Gas Company Limited (AGCL).
Profitability Margins
Net Profit Ratio increased in FY25 due to higher PAT and net sales. For Q2 FY26, the Net Profit Margin was 21.42% (INR 11.81 Cr profit on INR 55.13 Cr net revenue), compared to 29.22% in Q2 FY25.
EBITDA Margin
EBITDA margin for Q2 FY26 was 57.59% (INR 31.75 Cr), slightly lower than the 58.20% (INR 40.11 Cr) recorded in Q2 FY25. The company maintains high core profitability despite volume fluctuations.
Capital Expenditure
Capital Work-in-Progress (CWIP) was INR 158.43 Cr as of September 30, 2025, with Oil and Gas assets valued at INR 282.18 Cr, reflecting significant investment in infrastructure to extend field life.
Credit Rating & Borrowing
The company has no outstanding debt as of March 31, 2025, resulting in a Debt-Equity Ratio of 0.00. Interest rate sensitivity is minimal, primarily related to lease liabilities of INR 3.79 Cr.
Operational Drivers
Raw Materials
The primary 'cost of production' inputs are Royalty and Cess, which accounted for INR 10.38 Cr (18.83% of net revenue) in Q2 FY26, and Operating Expenses of INR 4.58 Cr (8.31% of net revenue).
Import Sources
Not applicable as an extraction company; however, the company recruits skilled professionals and industry leaders on consulting assignments to address organizational gaps.
Key Suppliers
Not applicable for raw materials; however, the company utilizes Assam Gas Company Limited (AGCL) for gas-related infrastructure/processing and sells crude to Indian Oil Corporation Limited.
Capacity Expansion
Current production capacity is reflected in average sales of 1107 boepd in Q2 FY26. Planned expansion is supported by INR 158.43 Cr in CWIP focused on extending the life of old fields and developing small fields.
Raw Material Costs
Royalty and Cess costs were INR 10.38 Cr in Q2 FY26, a 25.48% decrease from INR 13.93 Cr in Q2 FY25, directly correlating with lower production volumes and revenue.
Manufacturing Efficiency
Average sales increased 4.14% QoQ from 1063 boepd in Q1 FY26 to 1107 boepd in Q2 FY26, indicating successful efforts to curb annual decline rates.
Logistics & Distribution
Handling and processing charges were INR 0.91 Cr in Q2 FY26, representing 1.65% of net revenue, down from INR 1.04 Cr in Q2 FY25.
Strategic Growth
Growth Strategy
Growth is targeted through boosting output from existing fields, curbing decline rates, re-negotiating gas prices, and leveraging the Lead Joint Operator status for new work programmes.
Products & Services
Crude Oil (sold to Indian Oil Corporation Limited) and Natural Gas.
Brand Portfolio
Antelopus, Selan Exploration Technology.
Market Expansion
Focus on extending production of old fields and developing small fields which require access to existing infrastructure.
Strategic Alliances
The company acts as Lead Joint Operator for specific work programmes and maintains a relationship with Indian Oil Corporation Limited for crude sales.
External Factors
Industry Trends
The industry is characterized by high investment, high risk, and long gestation periods. Trends show a focus on enhancing existing reserves and infrastructure to maintain economic viability.
Competitive Landscape
Operates in a high-entry-barrier sector requiring significant capital and technical expertise; competes for resources and infrastructure access.
Competitive Moat
Competitive advantage lies in the technical expertise required to extend the life of mature fields and the 'social license' maintained through community partnerships, which are difficult for new entrants to replicate.
Macro Economic Sensitivity
Highly sensitive to global crude oil and gas prices, which are influenced by macro-economic indicators and geo-political situations.
Geopolitical Risks
Geo-political situations prevailing across the world are cited as a primary driver of volatile commodity prices affecting the company's top line.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013 and SEBI Listing Regulations; royalty and cess are paid to the government as per statutory requirements.
Environmental Compliance
Environmental Impact Assessments are conducted periodically and must be approved by authorities before any project execution.
Taxation Policy Impact
Provision for current tax was INR 1.55 Cr in Q2 FY26 on a PBT of INR 15.77 Cr. Deferred tax liabilities (net) stand at INR 75.71 Cr.
Legal Contingencies
The company has disclosed the impact of pending litigations as of March 31, 2025, in Note 40(B) of the financial statements; no material foreseeable losses on long-term contracts were reported.
Risk Analysis
Key Uncertainties
Resource Risk: Failure to discover new reserves or enhance existing ones could negatively affect prospects. Geological and technical uncertainties are inherent in reserve estimation.
Geographic Concentration Risk
Operations are localized, making the company dependent on support and healthy relationships with specific local communities to maintain its social license to operate.
Third Party Dependencies
Dependency on Indian Oil Corporation Limited for crude oil sales and on government authorities for project approvals and environmental clearances.
Technology Obsolescence Risk
Risk that geological and economic assumptions used for reserve estimation may change significantly as new information becomes available.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio improved 19.40% to 7.40 in FY25, indicating healthy collections; trade receivables stood at INR 34.40 Cr as of Sept 2025.