The board of directors of Hindustan Oil Exploration Company Limited at their meeting held on August 14, 2023, noted/approved of the following: Mr. Pandarinathan Elango (DIN: 06475821), Managing Director of the company, will be retiring from his position of Managing Director with effect from the closure of the business hours on September 30, 2023, on completion of his current term. The Board of Directors place on record their sincere appreciation and gratitude to the dedicated support & diligent performance of Mr. Pandarinathan Elango during his tenure with the Company, ever since 2015. Mr. Ramasamy Jeevanandam (DIN: 07046442) is appointed as the Managing Director of the Company with effect from October 01, 2023, for a period of three years, subject to the approval of the shareholders at the upcoming annual general meeting.

Brief of his profile as follows: Ramasamy Jeevanandam has over 40 years of experience in upstream oil and gas industry. He started his career in Mumbai Offshore Project of ONGC and continued there for 15 years. His close interaction with the technical team and also as a member of the task forces appointed by the Chairman, enhanced his knowledge on exploration, development and production of oil and gas in offshore fields.

During his tenure in Hardy Exploration as Director and CFO, he was involved in the development of PY3 oil field which commenced production with subsea completion of four wells with an FPU and FSO in a record time of 18 months. He was instrumental in listing Hardy in the AIM and Main market of London Stock Exchange. His knowledge in finance and technical understanding of oil and gas, equipped him with the skills to drive financial growth and mitigate risks.

His experience in cost effective development of marginal oil and gas fields is impeccable. In HOEC as Executive Director & CFO, resolved the direct taxes of the company that was pending for over two decades, which resulted in substantial amount of tax refunds. He demonstrated a profound understanding of the company's challenges and leveraged his financial expertise to engineer a successful turnaround.

He restored financial stability that played a pivotal role in steering the company towards a path of renewed success. He is instrumental in drilling the Dirok- 3 well which was not in the initial development plan that contributed to the revised reserve estimation to unlock substantial value of the block. His valuation and bidding strategy helped to secure the B-80 block in the DSF bidding.

He played a key role in acquiring the Kharsang Block, a move that creates an operating synergy in northeastern region and the upside potential of the block could be realized. He is a Certified Public Accountant (USA), Chartered Global Management Accountant (USA), Cost Accountant, Chartered Financial Analyst, Company Secretary and a Lawyer.