OREANDA-NEWS. The Company has informed the Stock Exchanges as under: "In compliance with Clause 30 and other applicable provisions, if any, of the Listing Agreement entered into with your stock exchange, we hereby inform you that Mr. R. Vasudevan, Non-Executive Independent Director and Chairman, Mr. V. Srinivasa Rangan, Non-Executive Non-Independent Director, Mr. Sunil Behari Mathur, Non-Executive Independent Director and Mr. Manish Maheshwari, Managing Director have vide their respective letters resigned from the Board of the Company with immediate effect."

HOEC was incorporated in 1983 for taking up Exploration and Production (E&P) activities inter-alia by Late Shri. H T Parekh. HOEC was the first private company in India to enter into field of oil and gas exploration. HOEC’s operational activities commenced in 1991 with the Government of India announcing the fourth round of exploration bidding for private sector participation.

The Company has been under professional management since inception consisting of eminent industrialists, professionals and technocrats like Late Shri B.K Nehru, Late Dr. I. G. Patel, Shri Deepak Parekh and the current Chairman Shri R. Vasudevan.

In 2005, Burren Shakti Ltd (BSL) and Burren Energy India Ltd (BEIL), wholly owned subsidiary of Burren Energy plc (Burren), acquired 26% controlling stake in the Company from Unocal. BSL and BEIL declared themselves the promoters of the Company in September 2005. Burren is a London based exploration and production company, having core producing assets in the Caspian state of Turkmenistan, the Republic of Congo and Egypt. In February 2008, Burren was acquired by ENI UK Holding plc (ENI UK) which is a subsidiary of ENI spa, Italy. ENI UK made a mandatory open offer to the shareholders of the Company, thereby acquiring an additional 20% shares taking the combined shareholding of the Promoters to 47.18% of the paid up share capital of the Company.

The Company has a wholly owned subsidiary, HOEC Bardahl India Ltd, engaged in marketing of high performance fuel / engine additives.