Your Directors have pleasure in placing before you the 41^st Annual Report on the business and operations of your
Company along with the audited financial statements, for the financial year ended March 31, 2025.

The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

1. FINANCIAL HIGHLIGHTS

($ in lakhs)

Note: The above figures are extracted from the audited standalone and consolidated financial statements prepared as per
Indian Accounting Standards find AS)

2. BUSINESS PERFORMANCE

During the year on a standalone basis, your Company produced 3.78 BCF of gas and 0.35 million barrels of
oil (previous year: 3.73 BCF of gas and 0.24 million barrels of oil). In oil equivalent term the production for the
current year is 1.06 mmboe (0.94 mmboe in the previous year).

The revenue for the current year has decreased to $ 30,606.90 lakhs from $ 48,836.15 lakhs in the previous
year. and this was because the oil in stock from Block B-80 was not sold during the year. Other income for the
current year is $ 7,891.10 lakhs as against $ 3,287.94 lakhs in the previous year.

The cost towards production expenses has decreased to $ 26,327.94 lakhs compared to $ 27,634.75 lakhs in the
previous year. The total expenses for the current year has decreased to $ 23,650.67 lakhs as compared to
$ 43,623.88 lakhs in the previous year due to increase in stock adjusted in the total cost. This also includes the
non-cash cost of depreciation, depletion and amortization and finance cost towards unwinding of decommissioning
of $ 4,112.59 Lakhs in the current year as against $ 3,855.06 lakhs incurred during the previous year

On a standalone basis, the profit before exceptional items and tax has increased to $ 14,847.33 lakhs as
compared to $ 8,500.21 lakhs in the previous year. The profit after tax is $ 14,747.29 lakhs as against the
profit of $ 8,500.21 lakhs in the previous year.

On a consolidated basis, the cash and cash equivalent in the Company as on March 31, 2025 is $ 1,457.40 lakhs,
compared to $ 1,414.75 lakhs in the previous year.

On a consolidated basis, revenue from operations has decreased from $ 74,913.13 lakhs to $ 42,086.99 lakhs
mainly due to oil in stock and reduction of day rates of operating facilities of Block B-80 and the profit after
tax for the current year is $ 14,720.77 lakhs compared to $ 22,642.98 lakhs in the previous year.

Transfer to reserves

During the year under review no amount was transferred to the capital reserves of the Company. For
FY 2023-24, an amount of $ 203.52 lakhs was transferred to the capital reserves of the Company on account
of assignment of 25% PI in Kharsang Block from Geopetrol International Inc. (GPII) to HOEC. The land and
buildings of the Company are stated at cost and are not being revalued.

Measures taken to improve the operational & financial performance

Your Company has been appropriately addressing the challenges presented by the evolving landscape with
renewed vigor, all while ensuring the well-being of our employees and the communities wherein we operate. We
remain vigilant in monitoring any material changes in future economic conditions and are committed to effectively
managing their impact and associated costs across the organization.

3. OUTLOOK

Your Company has adequate working capital and discretionary capital required for the development of its existing
oil and gas blocks. The capital required for exploration would be met by the Company's internal accruals.
Additionally, the Company is actively seeking inorganic growth opportunities, which will be risk-weighed before
any capital commitments are made, for which the Company may raise additional capital and debt as and when
necessary.

4. DIVIDEND

Your Company is currently on a growth trajectory, actively pursuing exploration opportunities while also focusing on
the appraisal and development of discoveries within its existing portfolio. To support this growth, the Company
requires immediate financial resources. Consequently, your Directors do not recommend any dividend for the year.

The Dividend Distribution Policy framed in accordance with the provisions of the Companies Act, 2013 (“Act”) and
the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) is available
on the Company's website at https://www.hoec.com/policies/.

5. DEPOSITS FROM PUBLIC

Your Company has not accepted any deposits from public and as such, no amount on account of principal or
interest are outstanding as at the Balance Sheet date.

6. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of loans, guarantees and investments covered under Section 186 of the Act, forms part of the Notes
to the Standalone Financial Statements provided in this Annual Report.

7. CHANGE IN THE NATURE OF BUSINESS

Your Company did not undergo any change in the nature of its business during the year.

8. SHARE CAPITAL

There is no change in share capital during the year. The Company has not issued any shares with differential rights
as to voting, dividend or otherwise.

9. SUBSIDIARIES

As on March 31, 2025, we have two (2) wholly-owned subsidiaries viz., Hindage Oilfield Services Limited and
Geopetrol International Inc. and two (2) wholly-owned step-down subsidiaries - Geopetrol Mauritius Ltd. and
Geoenpro Petroleum Limited. There are no associates or joint venture companies within the meaning of
Section 2(6) of the Act.

Hindage Oilfield Services Limited ('Hindage'), an Indian public unlisted company, operates in the Oil Field Equipment
and Services sector. Hindage owns Prem Pride, a Floating Storage Offshore facility with a 900,000 barrel oil
storage capacity, which is currently deployed for storage of oil produced from HOEC's B-80 offshore field.

Geopetrol International Inc. ('GPII'), a Company incorporated in the Republic of Panama is another wholly owned
subsidiary of HOEC which operates through an Indian Project Office. During the year, the Government of India
approved the assignment of 25% participating interest held by GPII in Kharsang field in favour of HOEC - its
holding company and affiliate, pursuant to the provisions of the Production Sharing Contract.

Geopetrol Mauritius Ltd. ('GML'), a company established under the laws of Mauritius holding Category I Global
Business License, is wholly owned by GPII. GML owns Key Gibraltar - Offshore Installation, which is a customized
Mobile Offshore Processing Unit currently deployed in HOEC's B-80 field at Mumbai offshore.

Geoenpro Petroleum Limited ('Geoenpro') is an Indian public unlisted company, which is co-owned by GML (50%)
and Hindage (50%). Geoenpro is an upstream oil and gas company which holds 10% participating interest in
Kharsang Field and is operator to the block.

There has been no material change in the business of the subsidiaries. During the year, Hindage and GPII were
material subsidiaries of HOEC and the Board of Directors of your Company has reviewed the affairs of the
subsidiary companies.

In accordance with section 129(3) of the Act, the Indian Accounting Standards (Ind AS) and relevant provisions
of the Listing Regulations, Consolidated Financial Statements of the Company have been prepared which form
part of this Annual Report.

Also, a statement containing salient features of the Company's subsidiaries is appended as Annexure - I to the
Board's Report in the prescribed Form AOC-1.

Further, as per Section 136 of the Act, the Annual Audited Financial Statements including the Consolidated
Financial Statements and related information of the Company and the Audited Financial Statements of the
subsidiary companies are available on the company's website, at https://hoec.com/annual-reports/.

10. UNINCORPORATED JOINT VENTURES

The financial statements of the Company reflect its share of assets, liabilities, income and expenditure of the
joint venture operations, which are accounted on the basis of available information on a line-by-line basis with
similar items in the Company's Accounts, to the extent of the participating interest of the Company, as per
various "Production Sharing Contracts" (PSCs) and "Revenue Sharing Contracts" (RSCs). The financial statements
of the Unincorporated Joint Ventures are prepared by the respective Operators in accordance with the
requirements prescribed under the respective PSCs and RSCs.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on March 31, 2025, the Company had six (6) Directors including one woman director. The Board comprised
of five (5) Non-Executive Directors, out of which three (3) are Independent Directors.

The Company has received necessary declaration from each Independent Director that he/she meets the criteria
of independence as laid down under Section 149(6) of the Act and Regulation 25 of the Listing Regulations.

In the opinion of the Board, the Independent Directors fulfil the conditions specified in these regulations and
are independent of the management. There has been no change in the circumstances affecting their status as
Independent Directors during the year.

The Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company,
other than sitting fees, commission and reimbursement of expenses incurred by them for the purpose of
attending meetings of the Company.

Changes in Directorate during the year

During the year, Ms. Sharmila Amin retired as Non-Executive Independent Director effective from the closure
of the business hours on December 16, 2024 upon completion of her tenure. The Board places on record its
appreciation for her contribution to the Company.

Consequently, Mrs. Bhavani Balasubramanian was appointed as Non-Executive Independent Director for a period
of five (5) years w.e.f. December 17, 2024.

Changes in Key Managerial Personnel during the year

On May 8, 2024, Mr. S. Muthukrishnan resigned from his role as Company Secretary and
Mrs. G. Josephin Daisy was appointed as the Company Secretary, effective the same date.

As on March 31, 2025, Mr. R. Jeevanandam, Managing Director, Mr. N. Sivalai Senthilnathan, Chief Financial
Officer and Mrs. G. Josephin Daisy, Company Secretary were the Key Managerial Personnel (KMP) of the Company.

12. NUMBER OF MEETINGS OF THE BOARD

The Board met five (5) times during the financial year. The details of meetings are given in the Corporate
Governance Report which forms part of this Annual Report. The intervening gap between the meetings was
within the period prescribed under the Act and Listing Regulations.

13. POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION

The Board of Directors has framed a policy which lays down a framework for the nomination and remuneration
payable to Directors and other Key Managerial Personnel. The details of the policy are stated in the Corporate
Governance Report.

14. DIRECTORS REMUNERATION

Details of the remuneration paid to the Executive and Non-Executive Directors of the Company are given in the
Corporate Governance Report section of this Annual Report.

15. BOARD EVALUATION

Pursuant to the provisions of the Act and the provisions of the Listing Regulations, Board has carried out an
annual evaluation of its own performance, the Committees of the Board and individual directors. The manner
in which the evaluation has been carried out is explained in the Corporate Governance Report.

16. COMMITTEES OF THE BOARD

The Board has five (5) Committees, namely Audit Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee, Corporate Social Responsibility Committee and Risk Management Committee.
The composition of the Board and its Committees are provided in the Corporate Governance Report section of
this Annual Report. During the year, all recommendations made by the respective Committees were approved
by the Board.

17. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the year under review were on an arm's length
basis and in the ordinary course of business. Disclosures relating to the related party transactions are set
out in Note No. 44 of the standalone financial statements and Annexure II of this Report.

18. DISCLOSURE REQUIREMENTS

As per Listing Regulations, the Corporate Governance Report with the Auditors' Certificate thereon and the
Management Discussion and Analysis including the Business Responsibility and Sustainability Report are set out
in separate sections and form part of this Report.

19. ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2025,
is available on the Company's website at https://hoec.com/annual-reports/.

20. MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments which affect the financial position of the Company occurred between
the end of the financial year to which the financial statements relate and the date of this Report.

21. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no material orders passed by the regulators or courts or tribunals impacting the going concern
status and the Company's operations in future.

22. DIRECTORS' RESPONSIBILITY STATEMENT

The financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) under the
historical cost convention on accrual basis except for certain financial instruments that are measured at fair
values, the relevant provisions of the Act and the Rules made thereunder, guidelines issued by SEBI and
guidance note on accounting for oil and gas producing activities (Ind AS) issued by the Institute of Chartered
Accountants of India.

In terms of Section 134(5) of the Act, your Directors, to the best of their knowledge and belief and according
to the information and explanation obtained by them, state that:

(i) in the preparation of annual accounts for the financial year ended March 31, 2025, the applicable
accounting standards have been followed and there are no material departures;

(ii) they have selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the Company for that period;

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis;

(v) they have laid down internal financial controls to be followed by the Company and that such internal financial

controls are adequate and operating effectively; and

(vi) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that
such systems were adequate and operating effectively.

23. AUDIT REPORTS AND AUDITORS

Audit Reports for the financial year ended March 31, 2025:

• The Auditors' Reports on the standalone and consolidated financial statements form part of this Annual
Report and do not contain any qualification, reservation or adverse remark.

• The Secretarial Audit Report for the year is included as Annexure III to this Report and it does not contain

any qualification, reservation or adverse remark. The Company complies with all applicable Secretarial

Standards.

• Your Company has maintained cost records which were duly audited in terms of Section 148 of the Act,

read with the Companies (Cost Records and Audit) Rules, 2014. The cost audit report for the financial

year ended March 31, 2024 was filed with the Central Government within the prescribed timelines.

• The Internal Auditors' findings are discussed, and actions, as required, are taken as per the directions of
the Audit Committee on an ongoing basis to improve efficiency in operations.

• Neither the Statutory Auditors nor the Secretarial Auditors have reported to the Audit Committee under
Section 143(12) of the Act, any instances of fraud committed against the Company by its officers or
employees, the details of which would be required to be mentioned in the Board's Report.

Auditors for the financial year ending March 31, 2026:

Statutory Auditor

At the 36^th AGM of the Company held on September 30, 2020, the Members approved re-appointment of
M/s. Deloitte Haskins & Sells LLP (FRN: 117366W/W100018), Chartered Accountants, as Statutory Auditors
for a second term of five consecutive years to hold office from the conclusion of the 36^th AGM of the Company
until the conclusion of 41^st AGM. The tenure of M/s Deloitte Haskins & Sells LLP, Chartered Accountants, as
Statutory Auditors of the Company comes to an end at the conclusion of the ensuing 41^st AGM of the Company.
M/s BSR & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) have been recommended
by the Board appointment shall be appointed as Statutory Auditors of the Company for a term of five
consecutive years commencing from the conclusion of the 41 ^st Annual General Meeting till the conclusion of
the 46^th Annual General Meeting of the Company, subject to the approval of shareholders at the ensuing Annual
General Meeting.

Secretarial Auditor

In terms of Section 204 of the Act and rules made thereunder, the Board has recommended the appointment
of M/s. S. Sandeep & Associates, Company Secretaries in Practice, as Secretarial Auditors to conduct the
secretarial audit for a term of five consecutive years from FY 2025-26, subject to the approval of shareholders
at the ensuing Annual General Meeting.

Cost Auditor

The Board of Directors have appointed Mr. K. Suryanarayanan, a Cost Accountant in Practice, as Cost Auditor
of the Company at a fee of $ 2,50,000 (Rupees Two Lakhs and Fifty Thousand only) plus applicable taxes and
out of pocket expenses, subject to ratification of the said fees by the shareholders at the ensuing Annual
General Meeting.

Internal Auditor

The Board has engaged M/s. Guru & Ram LLP, Chartered Accountants, as its Internal Auditors. Their scope
of work includes review of internal controls and its adherence, statutory compliances, health, safety and
environment compliance, compliance towards related party transactions and risk assessments.

28. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

Based on the framework of internal financial controls and compliance systems established and maintained by
the Company, the work performed by the internal, statutory and secretarial auditors, including the audit of
internal financial controls over financial reporting by the statutory auditors and the reviews performed by the
Board and Audit Committee, the Company's internal financial controls were adequate and effective during the
year under review.

The details in respect of internal financial control and their adequacy are included in the Management's
Discussion and Analysis section of this Annual Report.

29. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO

Our Company is committed to technological innovation and environmental responsibility, ensuring that our
operations deliver meaningful benefits to all stakeholders, while also advancing both technology and environmental
stewardship, thereby ensuring that our operations benefit all stakeholders.

During the year under review, we implemented several key initiatives aimed at conserving energy and driving
technological progress. A few of these are listed below:

A) Conservation of Energy:

a) Steps taken or impact on conservation of energy:

In an effort to become more energy efficient, the Company has taken the following steps -

1. BEE Star rated equipment: We have procured Bureau of Energy Efficiency (BEE) Star rated equipment
wherever feasible to minimize energy consumption and enhance operational efficiency.

2. Reduction of Greenhouse Gas (GHG) Emissions: In alignment with climate change policies, we are
continually working to reduce our GHG emissions through various effective measures and practices.

3. Energy source optimization: Our in-house power requirements are primarily met using natural
gas-based generators, with diesel-based generators used only in emergencies. Solar lamps have
been installed near the operational areas to optimize energy resource utilization and promote
sustainable energy practices.

4. Air emission monitoring: We regularly monitor air emission sources and ambient air quality to ensure
that emission levels remain below statutory limits stipulated by the Central Pollution Control Board.

5. Automatic lighting controls: Automatic timers have been installed for all lights, except emergency
lighting, to ensure they are turned off during daylight hours, thereby reducing unnecessary energy
consumption.

6. Timer-controlled equipment: Air compressors and fire water jockey pumps are equipped with timers
to minimize runtime and conserve energy.

7. Preventive maintenance: Periodic preventive maintenance and condition monitoring of aging equipment
are conducted to extend asset life, reduce premature replacements, and lower energy consumption.

8. Sustainable design and planning: Our project planning and design processes are focused on minimizing
environmental impact and maximizing resource efficiency throughout the project lifecycle.

9. Solar street lights: We have installed 355 nos. of solar street lights at selected locations within
our operational areas to reduce reliance on traditional power sources.

10. Rainwater harvesting: We have implemented rainwater harvesting systems to recharge groundwater
resources at our operational sites.

11. Groundwater quality monitoring: Regular analysis of groundwater samples in our operational areas
ensures that water quality meets statutory standards as per Central Ground Water Authority
Guidelines.

12. Optimized air conditioning: Air conditioning systems are set to 25°C to optimize power consumption
and improve energy efficiency.

13. Greenhouse Gas emission reporting: We calculate and report our greenhouse gas emissions annually,
using the HOEC Dirok benchmark for GHG emission as a reference.

14. LED lighting conversion: The transition from sodium vapor lamps to LED fittings has been initiated
at the PY-1 site as part of our energy conservation efforts.

15. Employee awareness: We conduct energy conservation awareness programs to encourage responsible
energy use among employees.

b) Steps taken by the Company for utilizing alternate source of energy:

The Company has successfully installed 355 solar street lamps across our operational areas at
Assam. This initiative enhances visibility and safety within these areas while significantly reducing our
dependence on conventional power sources. It directly supports our broader goals of energy conservation
and carbon footprint reduction.

By harnessing solar energy for street lighting, we are not only lowering energy consumption and
operational costs but also reinforcing our commitment to environmental sustainability. This project
exemplifies our dedication to integrating renewable energy solutions into our operations and promoting
responsible resource management.

c) Capital investment on energy conservation equipment:

In order to enhance operational efficiency and reduce environmental impact, we have successfully
replaced the manually operated choke valve with a remote-operated choke valve in one of our
high-producing wells at the Dirok field in Assam.

This upgrade offers several key benefits:

• Reduced travel: The remote operation capability eliminates the need for frequent site visits,
minimizing travel to well sites and associated logistics.

• Fuel savings: By decreasing travel requirements, we also reduce fuel consumption, further
contributing to our sustainability goals.

This initiative not only streamlines operations but also supports our commitment to improving efficiency
and reducing our carbon footprint.

d) Impact of the measures mentioned in (a) and (b) above for reduction of energy consumption and
consequent impact on the cost of production of goods:

Our commitment to energy efficiency has led to notable reductions in both energy consumption and
Greenhouse Gas (GHG) emissions. Key actions contributing to these outcomes include:

• Minimal use of air conditioning: By optimizing air conditioning settings and usage, we have
significantly reduced the overall energy demand for cooling.

• Deployment of energy-efficient systems: The implementation of advanced, energy-efficient systems
across our operations has further decreased power and fuel consumption.

These measures have not only contributed to a substantial decrease in energy use and GHG emissions
but have also resulted in lower operational costs. This aligns with our goal of achieving greater
sustainability and efficiency in our operations.

B) Technology absorption:

(a) Efforts made towards technology absorption, adaptation, and innovation:

The Company is committed to adopting innovative approaches to enhance energy efficiency and
minimize environmental impact. Our key initiatives include:

• Modular Gas Processing Plant: We have implemented an energy-efficient modular approach for
our Gas Processing Plant in Assam. This includes the installation of Variable Frequency Drives
(VFDs) on plant, equipment and machinery to optimize energy use. Additionally, we adhere to a
Leak Detection and Repair (LDAR) program to monitor and address gas leaks, thereby controlling
emissions effectively.

• Elephant corridor protection: To safeguard an Elephant Corridor in Assam, we have laid a 21 km
pipeline 1.5 meters below the ground, connecting our Gas Gathering Station (GGS) to the
Modular Gas Processing Plant (MGPP). This approach has significantly reduced our ecological
footprint in this sensitive area.

• Horizontal flare system: At our MGPP in Assam, we have installed a sonic, natural draft, horizontal
flare system with an enclosure. This system is designed to minimize environmental harm and
ensure that flare operations are conducted with reduced impact on the surrounding environment.

• Carbon footprint reduction: We are actively working to reduce our carbon footprint through a
combination of major and minor process changes. This includes supplying surplus power to the
state grid and local tea factories, creating additional carbon sinks through plantation, and
adopting green energy sources whenever feasible.

• LED lighting conversion: We are transitioning from conventional lighting to energy-efficient LED
lights in a phased manner, which contributes to reduced energy consumption and lower operational
costs.

• Technological advancements: We plan to adopt new technologies, such as surface jet pumps
(ejectors), to enhance well production efficiency and further improve our operational effectiveness.

These efforts underscore our commitment to sustainability and environmental stewardship, aligning
with our goals of energy efficiency and reduced ecological impact.

(b) Technology import made during the last 3 years:

• Details of technology imported: Remote operated choke valve was imported and installed in one
of the high producing well.

• Year of import: 2022 & 2024

• Whether the technology been fully absorbed: Yes

(c) No Research and Development expenditure was incurred during the year.

(d) No benefits like product improvement, product development or import substitution were derived
during the year.

C) Foreign exchange earnings and outgo:

(a) Activities relating to exports; initiatives taken to increase exports; development of new export
markets for products and services; and export plans:

Company is engaged in production of crude oil and natural gas. The existing Government policies and
Production Sharing Contracts (PSCs), to which Company is a party, is subject to domestic market
obligations till self-sufficiency in domestic production of hydrocarbons.

(b) The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange
outgo during the year in terms of actual outflows

30. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has in place a CSR policy which is available on our website at https://hoec.com/policies/. A brief
outline of the CSR policy of the Company and CSR expenditure incurred during the year are set out in
Annexure IV of this Report as per the format prescribed under the Companies (Corporate Social Responsibility
Policy) Rules, 2014. The details of the composition and meetings of the CSR Committee are provided in the
Corporate Governance Report section of this Annual Report.

31. RISK MANAGEMENT

The Company is responsible for reviewing the risk factors and ensuring effective mitigation and management.
The Risk Management Committee identifies and monitors the risks associated with the Company's operations.
In addition, the Audit Committee oversees the areas of financial risks and controls.

The development and implementation of risk management policy has been covered in the Management Discussion
and Analysis Report, which forms part of this Annual Report.

32. HUMAN RESOURCES MANAGEMENT

Your Company continues to pursue the best practices to develop its human capital by hiring and retaining the
best talent. The Company has a transparent performance appraisal system with focus on the organizational

objectives aligned with Key Performance Indicators. An objective performance measurement with an assessment
of potential and identification of training needs for individual growth are being pursued.

The total permanent employee count, as on March 31, 2025, was 119 and the annualized attrition rate for
the year stands at 15.58%.

33. PARTICULARS OF EMPLOYEES

The particulars of employees including their remuneration as required to be reported under the provisions of
Section 197(12) of the Act, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are set out in Annexure V to this Report.

34. PROTECTION TO WOMEN EMPLOYEES

The Company has in place a Corporate Policy on Anti-Sexual Harassment of Employees, in terms of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Internal Complaints
Committee has also been duly constituted and during the year under review no complaints were received.

35. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the provisions of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016 (as amended from time to time), all unpaid or unclaimed dividends are required to be
transferred by the Company to the IEPF, after completion of seven years. Further according to the said Rules,
the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years or
more shall also be transferred to the demat account of the IEPF Authority.

Accordingly, the Company has duly transferred all unclaimed/unpaid dividends and the corresponding shares as
per the above requirements to the IEPF and has filed necessary forms with the Ministry of Corporate Affairs
in this regard. Details of the same are provided in the Shareholder information section of the Corporate
Governance Report and are also available on our website at https://hoec.com/dividend-information/.

36. LISTING ON STOCK EXCHANGES

The Company's shares are listed on BSE Limited and the National Stock Exchange of India Limited and has duly
paid the Annual Listing Fees as applicable.

37. ACKNOWLEDGEMENTS

Your Directors place on record their gratitude for the support and co-operation received from the Ministry of
Petroleum & Natural Gas, Directorate General of Hydrocarbons, Ministry of Defence, Ministry of Environment,
Forests and Climate Change, the State Governments of Assam, Arunachal Pradesh, Gujarat, Maharashtra and
Tamil Nadu and the authorities working under them. Your Directors express their gratitude to the Company's
stakeholders, shareholders, business partners and bankers for their continuous support. Your Directors appreciate
and value the professionalism, dedication and commitment of the HOEC team to overcome any challenges and
to drive growth.

For and on behalf of the Board of Directors

P.K. Borthakur R. Jeevanandam

Date : 28-05-2025 Director Managing Director

Place: Chennai DIN: 06417854 DIN: 07046442