Antelopus Selan Energy Ltd(ANTELOPUS)

NSE: ANTELOPUSBSE: 530075

₹ 1,136.45+13.03%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 4,010 crNext results: 26 Oct 2026Website: www.selanoil.com/Updated: 24 Oct 2026

About

Antelopus Selan Energy Limited (ASEL) is an India-focused upstream oil and gas company operating nine contract areas across five hydrocarbon basins, following the completion of its merger with Antelopus Energy Private Limited in Q1 FY26. The company produces crude oil and natural gas from onshore fields in Gujarat's Cambay Basin and the KG Basin, with FY26 revenue from operations of ₹278.88 Cr and average sales of 1,355 boepd. It holds IND A/Stable long-term and IND A1 short-term credit ratings from India Ratings & Research.^[1][2][3]

Key operating volumes

FY26 average sales grew 13.6% YoY to 1,355 boepd from 1,193 boepd in FY25, with meaningful production uplift felt from Q3 FY26 as new wells were progressively commissioned.^[3]
Q4 FY26 average sales reached ~1,760 boepd; March 2026 exit rate was c.1,880 boepd, surpassing the guided 1,800+ boepd target.^[3]
Q3 FY26 average sales were ~1,497 boepd, up ~35% QoQ from 1,107 boepd in Q2 FY26, driven by new Karjisan wells.^[4]

Fields and production assets

Karjisan Field covers 5 sq. km in the Cambay Basin and is divided by faulting into 6 discrete fault blocks, each with compartmentalised hydrocarbon volumes.^[1]
Lohar Field covers 5 sq. km and is the smallest of ASEL's four Cambay Basin onshore fields; it has been operated continuously since October 1995 and produces from the Kalol III sand at 1,200 - 1,400 m depth.^[1]
Dangeru field in the KG Basin commenced production in Q1 FY26; post-frac results show expected single-well flow potential of ~6 mmscfd (~1,000 boepd); total un-risked resource potential exceeds 300 Bcf of gas.^[5]
Duarmara well (Assam) confirmed a 2-zone hydrocarbon column of crude oil and natural gas; commercialisation is under evaluation with re-perforation planned to unlock reservoir deliverability.^[3]

Field-level production detail

Karjisan averaged 684 boepd in FY26 following 4 new wells drilled; February and March 2026 monthly sales exceeded 1,000 boepd.^[3]
Bakrol Q4 FY26 sales averaged c.596 boepd after 2 of 10 new campaign wells came online from end-February 2026; the third well was brought online in mid-April 2026.^[3]
Cambay western flank produced over 200 boepd gross in March 2026, driven by one new well and workovers of shut-in wells.^[3]
Dangeru Mukkamala well contributed 37 boepd in Q2 FY26; production ramp-up is constrained by ONGC gas pipeline capacity, with discussions ongoing.^[6]

Customers and revenue realisation

Indian Oil Corporation Limited (IOCL) is the anchor buyer for a majority of crude oil produced; the company has diversified by selling select volumes to private refineries to reduce single-buyer dependence.^[1]
Natural gas production caters primarily to industrial consumers in the vicinity of operating assets.^[1]
Revenue realisation is linked to international crude oil benchmarks for oil and Government-notified domestic natural gas prices for gas; the company does not use hedging instruments.^[1][7]

Technology and reservoir management

ASEL is among the few companies in India using AI and Machine Learning for subsurface imaging and optimal well placement, integrating ML algorithms with seismic data and wireline logs to identify sweet spots.^[1]
Hydraulic fracturing at Bakrol was optimised through geomechanics and fluid engineering; re-fracturing of previously stimulated wells delivered a multi-fold increase in production.^[1]
Water injection pilot at Bakrol has been running for over a year with encouraging early results, aimed at sustaining reservoir pressure and improving long-term recovery factors.^[3]
Karjisan new well capex is typically recovered in under 12 months due to shallow, low-cost Cambay Basin drilling economics and a favourable fiscal regime.^[1]

Expansion and drilling programmes

Bakrol 10-well drilling campaign: 8 remaining wells targeted for completion by H1 CY2026 (mid-FY27); additional surface facilities and tankage are also planned.^[3]
Karjisan new Field Development Plan submitted to government envisages 7 additional wells with drilling commencing end FY27; the next development phase targets Fault Block 2 (6 - 7 wells) and will begin de-risking Fault Blocks 3 and 4.^[3][1]
Cambay: second new well planned for H2 FY27; medium-term gas evacuation capacity ramp-up planned via a 20 km pipeline and state gas grid tie-in.^[3][6]
Dangeru: new well drilling targeted in early FY28; short-term plan to de-bottleneck ONGC evacuation constraints and medium-term plan to connect to a common carrier pipeline linking to the GAIL network.^[3]
Company targets production of 2,500+ boepd in FY27, entirely self-funded.^[3]

Recent corporate developments

Scheme of Arrangement (merger with Antelopus Energy Private Limited) completed in Q1 FY26; the merged entity was renamed Antelopus Selan Energy Limited and now holds interests in nine contract areas across five hydrocarbon basins.^[5][1]
Acquisition of the remaining 50% participating interest in the Cambay Block announced in Q1 FY26; SPA finalisation was near complete as of Q2 FY26.^[5][6]
Oilfields (Regulation and Development) Amendment Act, 2025, notified in Q3 FY26, extends PSC tenure; amortisation period for Bakrol, Lohar and Cambay fields extended by 10 years.^[4]
India Ratings & Research assigned IND A/Stable long-term and IND A1 short-term credit ratings to the company.^[1]
Named among the Fastest Growing Companies 2026 by TIME in collaboration with Statista.^[1]

Market Cap

₹4,010 Cr

High / Low

₹1,288 / 357

Stock P/E

28.1

Price / Book

5.7

Book Value

₹186

EPS

₹25.5

No. of Shares

3.52 Cr

ROCE

21.2%

ROE

15.9%

OPM

41.8%

Debt / Equity

0.00

Sales

₹279 Cr

Net Profit

₹90 Cr

Promoter holding

69.7%

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