Antelopus Selan Energy Q1 FY27 Results: EBITDA Jumps 57% QoQ, Company Maintains 2,500 BOEPD FY27 Production Guidance

What Happened ?

Antelopus Selan Energy reported improved quarterly earnings as stronger oil prices translated into higher realizations and profitability. Although average production remained largely stable at 1,705 BOEPD, the company generated significantly higher EBITDA due to favourable pricing and disciplined cost management.

Management indicated that the quarter included a temporary inventory build-up because custody transfer to Indian Oil Corporation (IOCL) operated for only around 86–87 days during the period. This timing-related issue is expected to normalize in the next quarter.

Operational execution also remained ahead of schedule, with nine of the ten planned development wells already drilled and hydraulic fracturing scheduled to begin in early August, positioning the company for higher production during the remainder of FY27.

key details

Operational Highlights:

• Nine out of ten planned Field Development Plan (FDP) wells have already been drilled ahead of schedule.
• Hydraulic fracturing campaign is scheduled to commence in early August, with production benefits expected from Q2 FY27.
• Seven additional development wells are in the final stages of regulatory approval.
• All drilling materials and equipment have been secured to support uninterrupted drilling activities in the Cambay Basin.
• The company won two highly contested onshore exploration licences under DSF Bid Round IV in the Cambay and Krishna-Godavari (KG) basins and is awaiting formal award.
• Production at the Cambay field continues at approximately 140–150 BOEPD, supported by recently commissioned wells.
• Additional gas monetisation has been achieved through new MDPE pipeline infrastructure.
• India Ratings assigned the company an IND A / Stable / IND A1 credit rating during June 2026.
• The Commissioner (Appeals) allowed the company’s refund claim of approximately ₹6.56 crore relating to excess cess paid during FY21–FY23, which will be recognised upon receipt of the final order. 

Note:

• The company expects the current drilling programme and upcoming hydraulic fracturing activities to materially improve production during the remaining quarters of FY27 while expanding development across its producing assets.

Risk Analysis

Summary:

• While operational execution remains strong, production growth continues to depend on timely completion of hydraulic fracturing, regulatory approvals for future drilling programmes and commodity price movements.

Key Risks:

• Production uplift depends on successful completion of the upcoming frac campaign.
• Crude oil price volatility may affect future realizations.
• Regulatory approvals are still pending for seven additional development wells.
• Exploration and development projects remain subject to reservoir performance risk.
• Inventory normalization may affect quarter-to-quarter reported sales volumes. 

Worst Case:

• Delays in hydraulic fracturing, lower-than-expected well productivity or weaker crude oil prices could postpone the anticipated production ramp-up and moderate earnings growth during FY27.

Risk Level: Medium

Company Commentary

Management highlighted the following during the quarter:

• FY27 production guidance of 2,500 BOEPD remains unchanged.
• The current drilling programme is progressing ahead of schedule.
• Production is expected to improve significantly after hydraulic fracturing activities commence in Q2.
• Incremental revenue continues to translate into strong EBITDA generation.
• The company remains focused on expanding production across the Bakrol, Karjisan and Cambay assets while pursuing additional exploration opportunities through newly secured licences.