a) Rights, preferences and restrictions attaching to equity shares :
The Company has issued only one class of equity shares having par value
of R 10/- per share. Each holder of equity shares is entitled to one
vote per share. The Company declares and pays dividends in Indian
Cash EPS is calculated after adding back Development of Hydrocarbon
Properties written off, deferred tax and depreciation to net profit.
1. Corporate Information :
Selan Exploration Technology Limited (referred to as the Company or
Selan) was incorporated on 05 July 1985, under the Companies Act, 1956.
The Company is engaged in the business of oil & gas exploration and
production. The Company has signed Production Sharing Contracts (PSCs)
with Government of India (GoI) for Bakrol, Indrora, Lohar, Ognaj and
2. Capital Commitments :
Outstanding commitments for capital expenditure (net of advances)
- R3,898,865/- (previous year R6,910,000/-)
3. The Company has taken premises on operating lease. The lease
payments charged during the year in the statement of profit and loss
amounts to R 5,580,807/- (previous year R3,324,012/-). Amount due
within one year R5,600,951/-.
4. In the Arbitration proceedings between the Company and the
Ministry of Petroleum and Natural Gas, Government of India (GoI) with
respect to the Lohar Oilfield, inter alia, the issue is whether Profit
Petroleum is payable to the GoI in a financial year, when the
Investment Multiple in the preceding year is less than 3.5. The Company
had won an Award in its favour in May 2010, from the Arbitral Tribunal,
against which the GoI had appealed to the Hon''ble Delhi High Court. The
Single Bench of the High Court ruled in favour of the GoI. The Company
has appealed against this to the Division Bench of the High Court,
which case is in progress.
5. The Company has not received any information from suppliers or
service providers, whether they are covered under the Micro, Small
and Medium Enterprises (Development) Act, 2006. Disclosure relating
to amount unpaid at the year-end together with interest payable, if
any, as required under the said Act are not ascertainable.
6. In the opinion of the Board and to the best of their knowledge and
belief, the value on realisation of the current assets, loans and
advances in the ordinary course of business will not be less than the
amount stated in the Balance Sheet.
7. The disclosures of Employee Benefits as defined in the Accounting
Standard - 15 are given below :
8. Segment Reporting as per Accounting Standard - 17 :
The Company is primarily engaged in the business of exploration and
production of oil and natural gas. Therefore, it is a single segment
9. Oil and Natural Gas Corporation Ltd., vide letter dated 27.01.2012
has revised retrospectively the charges relating to handling and
processing of crude oil at their terminal. The revision includes
charges relating to the period 2008-09 to 2010-11 aggregating to
10. Previous year figures have been regrouped wherever necessary to
correspond with the current year figures.