Hindustan Oil Exploration Company Ltd (HOEC) has informed BSE that the Arbitral Tribunal has passed Final Award in the Arbitration Proceedings between GAIL India Ltd. (”GAIL”) v. Hindustan Oil Exploration Company Ltd (”HOEC”) concerning the Gas Sale and Transportation Agreement (”GSTA”) dated July 01, 2003 executed between GAIL and HOEC in relation to the PY-1 field.

In the said proceedings GAIL had sought specific performance of the GSTA. By way of the majority award the Arbitral Tribunal has granted the relief of specific performance of GSTA in favour of GAIL. The minority award, decided in favour of HOEC, has rejected the claim of GAIL.

The Company is in process of initiating appropriate legal proceedings for setting aside of the majority award.