Antelopus Selan Energy Navigates Growth and Discovery in Q3 FY'26

Antelopus Selan Energy Limited, a prominent player in India's oil and gas exploration sector, has reported a robust performance for Q3 FY'26, showcasing significant operational momentum and strategic advancements. The company achieved a strong Quarter-on-Quarter volume-driven growth of approximately 35%, which translated into healthy EBITDA growth. This positive trajectory comes despite facing lower price realizations for oil and gas during the period, underscoring the effectiveness of its operational strategies.

The financial highlights for Q3 FY'26 reveal a total income of INR 73.02 Crore, with revenue from operations (net) standing at INR 71.11 Crore. This marks a notable increase compared to Q2 FY'26, which saw a total income of INR 57.45 Crore and net revenue from operations of INR 55.13 Crore. The company's Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) also surged to INR 46.61 Crore in Q3 FY'26, up from INR 31.75 Crore in the previous quarter. Profit After Tax (PAT) for the period was INR 28.50 Crore, demonstrating a substantial improvement from INR 11.81 Crore in Q2 FY'26.

Operational Expansion and Strategic Initiatives

Antelopus Selan Energy's growth narrative is deeply rooted in its aggressive drilling and workover campaigns across its key fields. In the Karjisan field, three out of four new wells have been successfully drilled, with the fourth slated to come onstream in February. The full production impact from these wells is anticipated by mid-Q4 FY'26. Furthermore, the company is actively preparing a new Field Development Plan, with additional wells planned for drilling in H2 FY'27, signaling sustained expansion.

The Bakrol field is also a significant contributor to the company's growth strategy. Two of the ten new wells have been drilled, and production ramp-up is expected from the end of February. The remaining eight wells are scheduled for drilling by mid-FY'27. A crucial frac campaign is set to commence in late FY'26 or early FY'27, which is expected to deliver a substantial volume impact from these new wells.

Navigating Discoveries and Market Dynamics

The Duarmara field presented an interesting development with the unexpected encounter of oil in the upper Tipam sands, alongside gas in the lower sands. As oil was not initially envisaged in this area, the well testing period is likely to be extended. The company is proactively contracting a workover rig to continue testing and establish the commerciality of these oil zones, demonstrating adaptability in its exploration efforts.

In the Cambay field, workover operations on existing wells have already yielded positive results, contributing an incremental oil production of approximately 40-50 barrels of oil per day since December 2025. A new well, C-78, drilled in the eastern part of the field for Oligocene, also flowed gas during clean-up and testing. This well is currently under observation to monitor pressure behavior, which will inform future technical studies and operational planning for gas monetization.

Management Outlook and Regulatory Tailwinds

Management remains optimistic about the company's future trajectory. Antelopus Selan Energy is well-positioned to achieve an exit rate of over 1800 barrels of oil equivalent per day (boepd) by March 2026, with expectations for continued growth and further acceleration into FY'27. This positive outlook is further supported by a significant regulatory development: The Oilfields (Regulation and Development) Amendment Act, 2025, which was notified during the quarter, provides for an extension of tenure for the Production Sharing Contracts. This extension, coupled with ongoing capital investments, has allowed the company to extend the amortization period for its Bakrol, Lohar, and Cambay fields by 10 years, a move fully compliant with Indian Accounting Standards (Ind AS).

Despite a 9% QoQ drop in price realizations and a 17% YoY decline in blended oil and gas realizations, the company's volume-driven growth has been a key highlight. This quarter's performance underscores Antelopus Selan Energy's strategic clarity and disciplined execution in expanding its production capabilities and capitalizing on new discoveries, positioning it for sustained growth in the dynamic energy landscape.