Selan Exploration Technology Limited is a pioneering private sector company incorporated in 1985, engaged in oil and gas exploration and production (E&P) in India. The company has established itself as a leading private sector listed entity with a legacy of three decades in the Oil and Gas Exploration and Production business. As one of the pioneers in the Indian E&P sector, the company was among the first private sector entities to obtain rights for developing discovered oilfields in Gujarat after the Government of India opened the sector to private players in 1992.
The company's operations are nestled within the onshore expanse of the Cambay Basin in Gujarat, where it extends across the Bakrol, Lohar, and Karjisan fields, holding 100% operatorship and participating interest. Selan was amongst the first companies to secure development rights for three discovered oilfields in Gujarat: Bakrol, Lohar, and Karjisan, all with proven oil and gas reserves. The company has signed Production Sharing Contracts (PSCs) with the Government of India for all these fields.
The Bakrol oil and gas field is located in the onshore Cambay Basin in Ahmedabad District of Gujarat State, India, and is a small-sized discovered onshore field having an area of approximately 36 square kilometers. The Lohar oil and gas field is situated in the onshore Cambay Basin in Mehsana District of Gujarat State, India. The company holds rights to develop oilfields located in Bakrol, Indrora, and Lohar in Gujarat, along with Ognaj and Karjisan oil and gas fields in the same state.
Selan operates in the segment of Crude Oil and Natural Gas, with its crude oil sold to refineries and natural gas consumed by local industry located around the vicinity of its fields. The crude oil prices are benchmarked to global markets and the gas prices are benchmarked to the Government of India notified domestic gas price.
As of June 19, 2025, Selan Exploration Technology Limited has a market capitalisation of ₹1,080 crore. The company's revenue stands at ₹258 crore with a profit of ₹74 crore, and as per Value Research classification, it is categorized as a Small Cap company.
The company's recent financial metrics show strong performance indicators:
• TTM Profit After Tax: ₹74 crore
• Trailing 12-Month Revenue: $30.5 million (as of March 31, 2025)
• P/B Ratio: 2.30 times (as of June 19, 2025), representing a 49% premium to its peers' median range of 1.54 times.
• P/E Ratio: 14.59 times (as of June 19, 2025), at a 30% discount to its peers' median range of 20.71 times.
The promoter of Selan Exploration Technology Limited is Blackbuck Energy Investments Limited, which owns 30.46 percent of the total equity. The company is led by Suniti Kumar Bhat, who serves as both the chairman and managing director. The promoter holding is relatively low at 30.5%.
• June 11, 2025: NCLT sanctioned a Composite Scheme of Arrangement between Antelopus Energy and Selan Exploration.
• June 5, 2025: The company published a postal ballot notice with e-voting details for shareholder voting scheduled until July 4, 2025.
The company started seismic data acquisition work for Oil and Natural Gas Corporation (ONGC) in the Cauvery Basin in south India in 1991 and has covered 1,666 ground line kilometers till 1995. Selan obtained physical possession of the oil fields and commenced oil production in January 1996. From 1991 to 1995, the company covered 1,666 ground line kilometers in seismic data acquisition work, with a second two-year phase commencing in August 1994.
The company maintains a strong balance sheet and is almost debt-free. Selan Exploration Technology Limited has delivered a return of 55.33% over the last 3 years. However, the company has shown a low return on equity of 11.9% over the last 3 years, and despite reporting repeated profits, it is not paying out dividends to shareholders.
The company's stock performance has shown volatility with a 52-week high of ₹1,099.80 and a 52-week low of ₹490.00. The company employs 60 total employees and continues to focus on its core operations in the Gujarat region while exploring opportunities for growth and expansion in the Indian oil and gas sector.
