/**

Antelopus Selan Energy Q1 FY27: Prices Lifted Earnings, While Bakrol Frac Sets Up Q2 Volumes

Antelopus Selan Energy Limited reported a strong Q1 FY27 on the back of higher realizations and steady operational execution. Total income rose to 132.2 crore compared with 103.7 crore in Q4 FY26, while EBITDA expanded sharply to 93.2 crore from 59.4 crore. Total comprehensive income for the quarter was 53.8 crore, up from 38.0 crore in the previous quarter.

Sales volumes were broadly stable. Average sales were about 1,705 barrels of oil equivalent per day in Q1 FY27 versus 1,758 boepd in Q4 FY26. Management highlighted that a crude inventory build-up affected reported sales volumes this quarter due to custody transfer timing with IOCL, but expected normalization in the next quarter. The company also noted that the product mix was around 80 percent oil and 20 percent gas.

Operating performance: steady volumes, better economics

The quarter’s operating performance was defined by two parallel trends. First, underlying field activity continued with the company maintaining a high drilling cadence at Bakrol and preparing the next drilling phase at Karjisan. Second, higher prices supported a cleaner flow-through from revenue to EBITDA, which management explicitly described as incremental revenue translating directly to EBITDA.

A key operational nuance was custody transfer. The company stated that custody transfer to IOCL ran for only about 86 to 87 days during the quarter. This led to a crude inventory build-up equivalent to about 6,500 bopd during the quarter, which management described as a once-a-year timing issue expected to normalize in the next quarter.

Asset-by-asset: Bakrol execution leads, Karjisan normalizes

Bakrol continued to show visible execution momentum. The company said drilling is ahead of schedule, with 9 of 10 planned Field Development Plan wells drilled so far. A continuous frac campaign is set to commence in early August. Management expects full productivity to flow through in Q2, and indicated a material production uplift once new wells reach full potential. In sales terms, Bakrol reported 701 boepd in Q1 FY27 compared with 596 boepd in Q4 FY26.

Karjisan reported lower sales in Q1 as production settled after Q4 flash production. Q1 FY27 sales were 834 boepd versus 991 boepd in Q4 FY26. The company stated that new wells are performing as per expectations and production is settling in line with plan. It also indicated that a 7 well FDP is in the final stages of approval, with tangibles stocked to support seamless continuation of drilling in the Cambay basin. Drilling is stated to commence by the end of FY27. The company is also scaling up surface facilities, including crude storage and produced water handling, to manage higher production and water expected in Karjisan.

Cambay was described as producing around 140 to 150 boepd, with asset slides showing gross sales of 130 boepd in Q1 FY27 versus 118 boepd in Q4 FY26. The company said it monetized additional gas by laying new MDPE pipelines in western and central areas. It also stated that one new well is planned in H2 FY27, targeting either the western or central area, and separately described targeting the deeper Eocene reservoir in the Western or Central part of the block.

In Assam, Duarmara saw mixed technical outcomes with a clear forward plan. The company stated that DMR 4z flowed light oil up to 37 degree API from the TS 1 reservoir zone. TS 2 and TS 3 showed gas influx but lower than discovery wells. An injectivity test in the quarter pointed to minimal communication between the well bore and TS 1 reservoir, potentially due to near well bore damage. The forward plan is to conduct re-perforation and reservoir potential testing at TS 1 and TS 2 in accessible wells, including DMR 1 and 2, through workovers post monsoon.

Corporate updates: new acreage, improved credit profile, and potential cess refund

Three corporate items stood out in the quarter’s update. First, the company said it won two highly contested onshore licenses in DSF Bid Round IV, in Cambay and Krishna Godavari basin, and is awaiting formal award. Second, in June 2026 it received a credit rating of IND A Stable and IND A1 from India Ratings, which typically supports stronger access to debt markets and improves lender perception.

Third, the Commissioner Appeals allowed the company’s refund claim for excess cess paid in FY21 to FY23 of about 6.56 crore, which had earlier been expensed. The company said it will recognize this upon receipt of the final order.

What to watch next

Management’s near-term operating narrative remains centered on Bakrol. With drilling largely completed for the current campaign and the frac program scheduled to start in early August, Q2 becomes the key quarter for translating execution into sustained volumes. The company reiterated its guidance of reaching 2,500 boepd in FY27, and explicitly stated that the impact from the frac will be seen from Q2 onwards.

At the same time, investors will likely track whether custody transfer timing normalizes and reduces the crude inventory build-up impact on sales reporting. Beyond Q2, the approval and execution of Karjisan’s 7 well FDP, Cambay’s H2 FY27 well, and the formal award of DSF Round IV licenses will collectively shape the company’s medium-term production trajectory.

The Q1 FY27 update shows a company benefiting from commodity strength while continuing to build operational momentum. The next quarter should clarify how much of that momentum converts into sustained production growth, especially at Bakrol. **/