Hindustan Oil Exploration surged 7.59% to Rs 34.75 after the company said total income ballooned up 193%.

By 12:30 IST, the scrip of Hindustan Oil Exploration (HOEC) had registered volumes of 5.37 lakh shares. The scrip had moved between Rs 30.05 and Rs 35.15 (near its 52-week high of Rs 35.90 reached on 20 June 2002) all through morning. HOEC has now risen a solid 138% from Rs 14.60 on 31 March 2003.

For Q4 ended 31 March 2003, the company recorded a massive net profit of Rs 17.94 crore (Rs 4.13 crore) on a 193% increase in total income to Rs 22.20 crore (Rs 7.57 crore).

For FY 2002-03 , the company recorded a net profit of Rs 11.60 crore (Rs 15.47 crore) on total income of Rs 61.08 crore (Rs 54.38 crore). On a consolidated basis, the group registered a net profit of Rs 11.51 crore (Rs 15.54 crore) on a total income of Rs 63.66 crore (Rs 56.06 crore). The company has also recommended an 8% dividend for FY 2002-03.

HOEC's recent strength comes from an oil find by the company at Block CB-ON/7, onshore Cambay basin, near Palej town. Well Pramoda-1 released as exploration step out well to appraise the Palej-4 fault block has encountered oil and associated gas bearing sands. Testing of one of these sand intervals at 1815 metres has resulted in crude oil flow at the rate of 48 cubic meters per day through 5mm bean with a flowing pressure of 43kg/cm2.

The company is currently evaluating data obtained from the well to determine the commercial viability of the Pramoda prospect. HOEC is the operator of the block and the other partner is Gujarat State Petroleum Corporation (GSPC).

As on 31 March 2003, the public, private corporate bodies and institutions held 37.58%, 24.50% and 0.77% stake in the company, respectively.