Antelopus Selan Energy Ltd Management Discussions

a. Industry Structure and Developments

India continued to demonstrate remarkable economic resilience during FY 2025 26, supported by strong domestic consumption, sustained public capital expenditure, robust infrastructure development and continued policy reforms. The countrys GDP grew by approximately 7.7% during the year, reinforcing its position as one of the fastest-growing major economies globally. Growth was driven by continued expansion in manufacturing, construction, services and private investments, while stable macroeconomic fundamentals and easing inflation supported overall economic activity.

The Government of Indias continued emphasis on energy security, infrastructure expansion and industrial growth has reinforced the strategic importance of the domestic oil and gas sector. As India advances towards becoming a developed economy while balancing its energy transition objectives, hydrocarbons continue to play a vital role in meeting the nations growing energy requirements.

Global energy markets remained influenced by evolving geopolitical developments, production policies of major oil-producing nations and changing demand patterns across key economies. Brent crude prices witnessed moderate volatility during FY 2025 26, trading within a range of approximately US$ 60 82 per barrel, reflecting the combined impact of geopolitical uncertainties, OPEC+ production decisions, global inventory levels and macroeconomic conditions. Despite short-term fluctuations, crude prices largely remained supportive for upstream producers.

Indias petroleum consumption continued its upward trajectory during the year, underpinned by sustained economic activity, expanding transportation demand, increasing industrial production and rising aviation traffic. Domestic consumption of petroleum products increased to approximately 241.61 million metric tonnes (MMT), highlighting the countrys growing energy requirements.

Domestic crude oil production remained relatively stable at approximately 27.95 MMT, with incremental contributions from enhanced recovery initiatives, redevelopment of mature fields and increased participation by private operators. At the same time, natural gas continued to strengthen its position within Indias energy mix as the Government accelerated its vision of increasing the share of natural gas in the countrys primary energy basket.

Liquefied Natural Gas (LNG) imports continued to grow during FY2025 26, supported by increasing demand from the City Gas Distribution (CGD), fertiliser, power and industrial sectors.

Total natural gas consumption also registered healthy growth, aided by expanding pipeline infrastructure, improved gas availability and favourable policy initiatives promoting cleaner fuels.

The Government continued to undertake reforms aimed at improving the ease of doing business in the upstream sector. Policy measures focused on enhancing exploration and production activity, encouraging private sector participation, simplifying regulatory processes and accelerating monetisation of domestic hydrocarbon resources. These initiatives are expected to improve investment attractiveness and support long-term production growth. Against this backdrop, Antelopus Selan Energy

Limited is well positioned to capitalise on emerging opportunities within Indias upstream oil and gas sector. Following the successful implementation of the Scheme of Arrangement and the Companys expanded asset portfolio, the Company has significantly strengthened its operational capabilities and resource base. Its diversified portfolio of producing assets across the Cambay Basin, combined with a disciplined capital allocation strategy, focus on production optimisation, reservoir management and operational excellence, provides a strong platform for sustainable long-term growth.

As India continues to prioritise energy security while progressing towards a lower-carbon future, the Company remains committed to maximising value from its existing producing assets, investing in field development opportunities, deploying advanced technologies to enhance recovery and maintaining the highest standards of health, safety, environmental stewardship and corporate governance. b.Opportunities and Threats Opportunities Antelopus Selan Energy Limited operates in Indias upstream oil and gas sector, which continues to offer significant long-term growth potential driven by rising energy demand, policy support for domestic hydrocarbon production and increasing participation of private sector operators.

India remains one of the worlds fastest-growing energy markets. Rapid urbanisation, expanding industrial activity, increasing transportation demand and rising per capita energy consumption are expected to drive sustained growth in oil and natural gas requirements over the coming decades. As the country seeks to enhance energy security and reduce dependence on imported hydrocarbons, the development of domestic resources has assumed strategic importance.

The Government of Indias policy initiatives, including the Hydrocarbon Exploration and Licensing Policy (HELP), Open Acreage Licensing Policy (OALP) and measures aimed at improving ease of doing business in the upstream sector, continue to create a supportive framework for investment in exploration and production activities. These reforms are expected to facilitate faster monetisation of discovered resources, encourage technological adoption and improve the overall investment attractiveness of the sector.

The Companys expanded asset portfolio following the implementation of the Scheme of Arrangement provides a strong platform for future growth. The integration of producing assets across the Cambay Basin offers opportunities for operational synergies, optimisation of infrastructure, improved reservoir management and enhanced recovery initiatives. The Companys position as an operator in key assets enables greater control over field development planning, capital allocation and execution of production enhancement programmes.

In addition, the growing role of natural gas in

Indias energy transition presents a significant opportunity for the Company. Increased gas demand from the City Gas Distribution (CGD), fertiliser, power and industrial sectors, coupled with expanding pipeline infrastructure, is expected to support long-term demand fundamentals for domestic gas producers.

Threats

While the sector presents substantial opportunities, it is also exposed to several inherent risks and challenges.

The upstream oil and gas business is highly sensitive to fluctuations in global crude oil and natural gas prices. Commodity prices are influenced by geopolitical developments, OPEC+ production policies, global economic conditions, currency movements and changes in demand patterns across major consuming economies. Significant adverse movements in prices can impact revenues, profitability and investment returns.

The industry is also characterised by regulatory and approval-related complexities. Exploration, drilling, field development and production activities require multiple statutory approvals from various government authorities.

Delays in obtaining approvals may affect project timelines, increase costs and impact operational efficiency.

Mature field operations present technical challenges related to declining reservoir pressure, water handling, production optimisation and enhanced recovery requirements. Sustaining production from ageing assets requires continuous investment in reservoir studies, work overs, artificial lift systems and other production enhancement technologies.

Infrastructure constraints, including access to pipelines, evacuation facilities, processing infrastructure and storage capacity, may affect the commercialisation of hydrocarbon production, particularly in certain operating areas.

Environmental, health and safety expectations are becoming increasingly stringent.

The industry remains subject to evolving environmental regulations, climate-related disclosures and stakeholder scrutiny regarding sustainable operating practices. Compliance with these requirements may result in additional operational and capital expenditures. Furthermore, increasing urbanisation around certain operating areas can create challenges related to land access, community engagement, infrastructure expansion and execution of development activities.

Despite these challenges, the Company believes that its diversified producing asset base, experienced technical team, disciplined capital allocation framework, strong balance sheet and focus on operational excellence position it well to navigate industry uncertainties and pursue sustainable long-term value creation for all stakeholders. c.Segment-wise Performance

The Company operates in a single business segment of Oil and Gas Exploration and Production (E&P), encompassing the exploration, development and production of crude oil and natural gas. Its producing asset portfolio comprises the Bakrol, Lohar, Karjisan and Cambay fields located in Gujarat, along with interests in exploration assets across multiple hydrocarbon basins.

During FY2025 26, the Company continued to strengthen its operational performance through focused reservoir management, production optimisation initiatives and disciplined field development activities.

Leveraging its expanded asset portfolio following the implementation of the Scheme of Arrangement, the Company remained focused on enhancing production efficiencies, improving asset reliability and maximising recovery from its producing fields.

Average sales during the year stood at approximately 1355 boepd of oil equivalent per day (boepd) as compared to 1,193 boepd in FY 2024 25. The Companys crude oil production continued to be marketed to domestic refiners while natural gas production catered to industrial consumers in the vicinity of its operating fields. Revenue realisation remained linked to prevailing international crude oil benchmarks and Government-notified domestic natural gas prices.

The Company continued to execute production enhancement programmes across its operated fields, including well interventions, artificial lift optimisation, flow assurance measures, facility upgrades and reservoir surveillance, with the objective of sustaining production from mature assets while improving operational efficiencies. The Cambay asset also continued to progress under the approved development programme, contributing to the Companys long-term production growth strategy. The Company remains committed to disciplined capital allocation, operational excellence and the deployment of appropriate technologies to enhance hydrocarbon recovery, optimise field economics and create sustainable value for stakeholders. d.Outlook

Antelopus Selan Energy Limited is well positioned to capitalise on Indias growing energy demand and the increasing emphasis on enhancing domestic hydrocarbon production. Supported by a diversified portfolio of producing and exploration assets, strong technical capabilities and a disciplined approach to capital allocation, the Company remains focused on creating sustainable long-term value through operational excellence and prudent resource development.

The successful implementation of the Scheme of Arrangement during FY 2025 26 marked a significant milestone in the Companys growth journey, strengthening its asset portfolio and expanding its presence across key hydrocarbon basins in India. With interests in nine contract areas across five hydrocarbon basins, the Company is strategically positioned to pursue production optimisation, reserve enhancement and future exploration opportunities. The Companys immediate priorities remain centred on maximising production from its existing producing assets through targeted field development activities, reservoir optimisation, well interventions and the application of advanced technologies to improve hydrocarbon recovery. Continued investments in operational efficiency, infrastructure enhancement and production reliability are expected to support sustainable production growth while optimising operating costs.

The Company also remains focused on progressing development activities across its expanded portfolio, including the Cambay asset, while evaluating opportunities to enhance reserves and unlock additional value from existing acreage. Its integrated operating model and strengthened technical capabilities are expected to improve execution efficiencies and create operational synergies across the portfolio.

Indias continued focus on energy security, increasing demand for oil and natural gas and supportive policy initiatives for the upstream sector provide a favourable long-term operating environment. While commodity price volatility and geopolitical developments may continue to influence the operating landscape, the structural demand outlook for hydrocarbons in

India remains robust.

Going forward, the Company will continue to focus on disciplined capital allocation, prudent financial management, operational excellence and responsible business practices. Through a balanced approach towards production growth, reserve development, sustainability and stakeholder value creation, Antelopus Selan Energy Limited remains well positioned to strengthen its role as a leading independent upstream oil and gas company in India.

e. Risks and Concerns

The oil and gas exploration and production industry is inherently exposed to a range of operational, financial, regulatory and market risks. Antelopus Selan Energy Limited has established a robust risk management framework to proactively identify, assess and mitigate risks that could impact its strategic objectives and long-term value creation. The Companys risk management approach is integrated with its business planning and decision-making processes, enabling it to respond effectively to evolving business and market conditions.

1.Resource and Reservoir Risk

The exploration and production business is dependent on the successful discovery, development and commercial recovery of hydrocarbon reserves. Reserve estimates are based on geological, geophysical and engineering interpretations that are subject to inherent uncertainties. Variations in reservoir performance, recovery factors or reserve estimates may impact future production and financial performance.

Mitigation Measures

The Company continuously evaluates its producing assets through advanced reservoir studies, geological modelling and production surveillance to optimise hydrocarbon recovery.

Reservoir performance is regularly monitored using modern interpretation tools and technical reviews, while field development plans are periodically reassessed to maximise resource recovery and improve production efficiency.

2. Commodity Price Risk

The Companys revenues are directly influenced by international crude oil prices and Government-notified domestic natural gas prices. Commodity prices are inherently volatile and are affected by global supply-demand dynamics, geopolitical developments, OPEC+ production policies, currency fluctuations and macroeconomic conditions.

Mitigation Measures

The Company maintains a disciplined capital allocation framework and prudent cost management practices to enhance resilience across commodity price cycles. Continuous focus on operational efficiencies, production optimisation and cost control enables the Company to manage the impact of price volatility while maintaining financial flexibility.

3. Operational and Project Execution Risk

The Companys operations involve technically complex drilling, production and field development activities. Delays in project execution, equipment failures, contractor performance, infrastructure constraints or unforeseen subsurface conditions may impact production targets and project economics.

Mitigation Measures

The Company adopts structured project planning and monitoring processes, supported by experienced technical teams and established operating procedures. Regular asset integrity assessments, preventive maintenance programmes and engagement with qualified contractors help minimise operational disruptions and ensure efficient project execution.

4.Regulatory and Compliance Risk

The up stream oil and gas sector operates with in a comprehensive regulatory framework requiring multiple statutory approvals, environmental clearances and ongoing compliance with applicable laws and contractual obligations. Changes in regulatory requirements or delays in obtaining approvals may impact business operations and development timelines.

Mitigation Measures

The Company maintains regular engagement with regulatory authorities and industry bodies while ensuring robust internal compliance systems to monitor regulatory developments and facilitate timely compliance with applicable statutory requirements.

5.Health, Safety and Environmental (HSE) Risk

Oil and gas operations involve inherent health, safety and environmental risks. Failure to effectively manage these risks could result in operational disruptions, environmental incidents, reputational impact and financial liabilities.

Mitigation Measures

The Company is committed to maintaining the highest standards of health, safety and environmental management across its operations. Comprehensive HSE policies, regular training programmes, emergency preparedness initiatives, safety audits and continuous monitoring of operational practices are integral to its risk management framework. The Company also maintains appropriate insurance coverage for its operated assets in line with industry practices.

6. Stakeholder and Community Relations Risk

The Companys operations are located in areas where maintaining constructive relationships with local communities, landowners and other stakeholders is essential for sustainable operations.

Social or community-related issues may affect project execution and operational continuity.

Mitigation Measures

The Company actively engages with local communities through structured stakeholder engagement programmes, transparent communication and community development initiatives. Building long-term relationships based on trust and mutual benefit remains central to its operating philosophy.

7. Technology and Cybersecurity Risk

Increasing reliance on digital technologies, operational systems and information infrastructure exposes the Company to cybersecurity threats, data security risks and potential business disruptions.

Mitigation Measures

The Company continues to strengthen its information technology infrastructure through appropriate cybersecurity controls, periodic system assessments, access management protocols, data backup mechanisms and employee awareness programmes to safeguard critical information assets and ensure business continuity.

8. Climate Change and Sustainability Risk

The global transition towards lower-carbon energy sources, evolving climate-related regulations and increasing stakeholder expectations regarding environmental performance may influence the long-term operating environment for the upstream oil and gas industry.

Mitigation Measures

The Company remains committed to responsible resource development and continuously evaluates opportunities to improve operational efficiency, reduce emissions, optimise energy consumption and strengthen environmental stewardship while supporting Indias energy security objectives.

9. Customer Concentration Risk:

The Company is exposed to customer concentration risk as Indian Oil Corporation Limited (IOCL) is our anchor buyer, with a majority of the crude oil produced being sold to IOCL. Any adverse change in IOCLs purchasing pattern, pricing terms, or offtake volumes could materially impact our revenue and operations.

Mitigation Measures

To mitigate this risk, the Company has diversified customer base by selling select volumes of crude oil to private refineries, on a single buyer, while IOCL continues to remain our core anchor buyer given its strategic importance and reliability as a long-term offtake partner. f. Internal Control Systems and Their Adequacy

The Company has established a robust internal control framework designed to provide reasonable assurance regarding the effectiveness and of operations, reliability of financial reporting, safeguarding of assets, compliance with applicable laws and regulations, and adherence to internal policies and procedures. The internal control systems are commensurate with the size, scale and complexity of the Companys operations and are subject to continuous review and enhancement to address evolving business requirements. The Companys internal control framework encompasses well-defined documented policies and procedures, delegation of authority, standard operating procedures, risk management processes and financial controls. These systems facilitate efficient conduct of business operations, promote accountability and support informed decision-making across the organisation. The Company has appointed M/s J.A. Martins (FRN: 010860N), Chartered Accountants, as its Internal Auditors to independently evaluate the adequacy and effectiveness of internal financial controls, operational processes, governance practices and compliance mechanisms. The Internal Auditors adopt a risk-based audit approach and submit their observations and recommendations to the Audit Committee on a periodic basis.

The Audit Committee regularly reviews the internal audit findings, monitors the implementation of corrective actions and provides strategic guidance for strengthening the internal control environment. The Board of Directors, through the Audit Committee, oversees the adequacy and effectiveness of the Companys internal control systems and risk management framework.

The Company has also implemented appropriate internal financial controls over financial reporting to ensure the accuracy and completeness of accounting records, timely preparation of reliable financial statements and compliance with the applicable provisions of the Companies Act, 2013, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable statutory requirements.

Transactions with related parties are undertaken in accordance with the Companys governance framework and are subject to prior review and approval by the Audit Committee and the Board of Directors, wherever applicable. Such transactions are conducted on an arms length basis and are appropriately disclosed in the financial statements in accordance with the applicable accounting standards and regulatory requirements. The Company remains committed to maintaining high standards of corporate governance, ethical business practices and transparency. Its internal control framework is periodically reviewed and strengthened to address emerging risks, technological developments and changes in the regulatory environment, thereby supporting sustainable business growth and long-term value creation. g. Discussion on Financial Performance with Respect to Operational Performance Operational Performance

FY 2025 26 was a Selan Energy Limited as the Company continued to strengthen its operational capabilities following the successful implementation of the Scheme of Arrangement and expansion of its asset portfolio. The Company remained focused on enhancing production optimising field performance through disciplined reservoir management and targeted production enhancement initiatives.

During the year, the Company recorded an average sales of approximately 1355 boepd of oil equivalent per day (boepd) compared with 1,193 boepd in the previous year. Production was supported by sustained operations across the Bakrol, Lohar, Karjisan and Cambay efforts towards well optimisation, artificial improvements, flow assurance measures, facility upgrades and preventive maintenance programmes. The Company continued to implement various production optimisation initiatives, including workovers, well interventions, reservoir surveillance and infrastructure enhancement programmes aimed at improving recovery from mature fields while ensuring safe and reliable operations. Operational efficiencies remained a key focus area, enabling the Company to maximise production while maintaining cost discipline.

The Companys crude oil continued to be marketed to domestic refiners catered primarily to industrial consumers in the vicinity of its operating assets. Revenue realisation remained linked to prevailing international crude oil benchmarks and Government-notified domestic natural gas prices.

Financial Performance

The Company delivered a resilient financial performance during FY2025 26, supported by stable operational performance, prudent cost management and a disciplined approach to capital allocation. Revenue from operations stood at 27,887.82 lakhs crore during FY2025 26 as compared to 25,807.78 lakhs in the previous year. Despite lower prices the performance was primarily driven by higher production volumes.

The Company continued to maintain a strong focus on operational efficiencies and cost optimisation, enabling it to effectively manage operating expenses while investing in production enhancement and field development activities. Consequently, EBITDA for the year stood at 16749.79 lakhs, reflecting the Companys ability to generate healthy operating cash flows. year for Antelopus Profit After Tax (PAT) for FY2025 26 stood at 8,961.36 lakhs, compared to 7057.45 lakhs in FY2024 25. The improvement in profitability was attributable to higher production, improved operating efficiencies, better price realisation and disciplined cost management. improving asset reliability and The Company continues to maintain a healthy financial position with a strong balance sheet and remains committed to prudent capital allocation, financial discipline and sustainable long-term value creation. The strengthened financial profile the flexibility to pursue future growth opportunities while continuing to invest in production optimisation, reserve development and operational excellence.

Field-wise Operational Highlights Bakrol Field

During the year, the Company continued to focus on production optimisation at the Bakrol field through preventive maintenance, artificial lift optimisation, flow assurance initiatives and continuous reservoir monitoring. Average sales for the field boepd.

Lohar Field

Operations at the Lohar field remained focused on maintaining production through regular well interventions, production surveillance and optimisation of existing facilities. Average sales during the year stood at 58 boepd.

Karjisan Field

The Company continued to enhance ant emphasis on health, production performance at the Karjisan field through focused reservoir management and operational improvements. Average sales during the year stood at 684 boepd.

Cambay Field

Development activities at the Cambay field progressed in accordance with the approved work programme. The Company continued to execute production enhancement and field initiatives aimed at unlocking the long-term potential of the asset. Average sales during the year stood at 22 boepd. h. Material Developments in Human Resources /

Industrial Relations, including the Number of People Employed

People remain at the core of Antelopus Selan

Energy Limiteds continued growth and success. The Company believes that a motivated, skilled and engaged workforce is fundamental to achieving operational excellence and delivering sustainable long-term value. It remains committed to fostering a safe, inclusive and performance-driven work environment that encourages collaboration, innovation and continuous learning.

During FY2025 26, the Company continued to strengthen its human capital by attracting, developing and retaining talent across key functional and technical areas. As the organisation progressed through its post-merger integration, emphasis was placed on building a unified enhancing cross-functional collaboration and aligning employees with the Companys strategic objectives and core values.

The Company promotes a merit-based and performance-oriented culture where equal opportunities are provided for learning, career progression and professional development.

Employees are encouraged to enhance their technical and leadership capabilities through continuous learning, knowledge sharing and exposure to evolving industry practices.

Maintaining harmonious industrial relations continues to be one of the Companys key priorities. During the year, industrial relations across all operating locations remained cordial and constructive. The Company continued to engage proactively with employees, contractors and other stakeholders, fostering a culture of mutual trust, transparency and respect.

Recognising the inherently high-risk nature of the upstream oil and gas industry, the Company continuestoplace safety and employee well-being. Regular safety awareness programmes, technical training sessions and competency development initiatives are conducted to strengthen operational capabilities while reinforcing a strong safety culture across all locations.

The Company also remains committed to promoting diversity, inclusion and employee engagement by providing a workplace that values integrity, development teamwork, accountability and ethical conduct. Its lean organisational structure enables agile decision-making, faster execution and effective collaboration across business functions.

As on 31 March 2026, the Company had 99 employees on its rolls (31 March 2025: 78 employees). The Company remains focused on building a future-ready workforce capable of supporting its long-term growth ambitions while maintaining the highest standards of professionalism and operational excellence.

2. Disclosure of Accounting Treatment The Financial Statements of the Company have been prepared in accordance with the

Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and presentation requirements of Division II of

Schedule III as prescribed under Section 133 of the Companies Act, 2013 (the Act), other relevant provisions of the Act and guidelines issued by the

Securities and Exchange Board of India (SEBI), as applicable.

The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous financial year, except for changes, if any, arising from the adoption of new or amended accounting standards, which have been appropriately disclosed in the notes forming part of the financial statements. 3. Details of significant changes or more as compared to the immediately previous financial year) in key financial detailed explanations therefor, including:

S. No. Particulars	Formula	As at 31 March 2026	As at 31 March 2025	Variation (%)
a. Current Ratio	(Current Assets / Current Liabilities)	2.75	7.15	-61.45%
b. Debt-Equity Ratio (in times)	(Debt / Equity)	Not Applicable as there is no debt outstanding
c. Debt Service Coverage Ratio (in times)	(Net Operating Income / Total Debt Service)	Not Applicable as there is no debt outstanding
d. Return on Equity Ratio	(Net Profit after Tax / Average shareholders equity)	14.71%	13.39%	-9.82%
e. Inventory Turnover Ratio (in times)	(Cost of Goods Sold / Average value of Finished Goods Inventory)	49.59	34.38	-44.25%
f. Trade Receivables Turnover Ratio (in times)	(Credit Sales / Average Trade Receivable)	5.55	7.57	-26.63%
g. Trade Payables Turnover Ratio (in times)	(Total purchases / Average Trade payable)	6.42	3.47	85.29%
h. Net Capital Turnover Ratio (in times)	(Total Sales/ Working Capital Employed)	2.43	1.38	76.65%
i. Net Profit Ratio	(Net Profit / Total Sales)	31.53%	26.73%	17.95%
j. Return on Capital Employed	(Earning before interest and tax / Capital Employed)	15.97%	15.10%	5.73%
k. Return on Investment	(Income from Investment incl. FDs and Loan / Average Investments incl. FDs and Loan)	7.61%	6.61%	15.17%

Explanation for change in the ratio by more than 25% as compared to the preceding year a. Current Ratio:

Mainly on account of decrease in current investments and increase in other financial liabilities as compared to preceding year, current ratio is lower. e. Inventory Turnover Ratio (in times)

Due to increase in sales quantity of crude oil and gas as compared to preceding year and decrease in the closing inventory, Inventory turnover ratio is higher for current year. f. Trade Receivables Turnover Ratio (in times)

Due to increase in average trade receivables as compared to preceding year, trade receivables turnover ratio is lower. g. Trade Payables Turnover Ratio

Due to decrease in average trade payables as compared to preceding year, trade payable turnover ratio is higher.

h. Net Capital Turnover Ratio (in times)

Due to increase in sales and decrease in working capital employed as compared to preceding year, net capital turnover ratio is higher.

Strategic Priorities

The Companys strategy is centred on delivering sustainable growth through disciplined capital allocation, operational excellence and responsible resource development. Following the successful implementation of the Scheme of Arrangement, Antelopus Selan Energy Limited is focused on leveraging its expanded asset portfolio to strengthen production, enhance reserves and maximise long-term stakeholder value.

The Companys key strategic priorities include:

- Production Optimisation Improving production performance across existing producing assets through reservoir management, well interventions and enhanced recovery techniques.

- Reserve Enhancement Unlocking additional hydrocarbon potential through field development activities, exploration opportunities and continuous technical evaluation of assets.

- Operational Excellence Driving efficiencies through technology adoption, infrastructure optimisation, cost discipline and safe operating practices.

- Portfolio Growth Evaluating strategic opportunities that complement the Companys existing asset base - and create long-term value.

- Financial Discipline Maintaining a strong balance sheet, prudent capital allocation and healthy cash generation to support sustainable growth.

- Health, Safety and Sustainability Upholding the highest standards of HSE, environmental stewardship and corporate governance while contributing towards Indias energy security.