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Asian Energy secures first order outside Oil & Gas sector - LOA for 3D seismic & exploration in Raigarh Coal field

Posted On: 2020-10-15 01:57:17


Asian Energy Services Limited (formerly Asian Oilfield Services Limited) ("Asian Energy / the Company") has received a Letter of Acceptance (LOA) from Central Mine Planning & Design Institute Limited for 3D Seismic Survey along with Exploration in the Rajadahi Block, Mand-Raigarh Coal field of Raigarh district in Chhattisgarh valued at approx. Rs. 33.47 crores (inclusive of GST). The Company has accepted the LOA.

Commenting on the same, Mr. Ashutosh Kumar, Whole-time Director & CEO said, "We are excited about the receipt of this order outside the oil & gas sector. This is an important step towards expanding our service offering outside the existing customer base and to realize our growth potential. We are quite confident of success in the new journey we have embarked upon.

As a part of the diversification strategy, the Company has decided to extend its services to minerals and other energy sectors. This LOA is the stepping stone towards the Company's strategic decision and opens up new avenues for growth of business.

We are proud to receive this first LOA in the coal sector and we remain confident of delivering this project within the stipulated timelines and to client satisfaction. At Asian, it is our continuous endeavor to add quality orders from existing and new clients and we are confident on the growing execution capabilities of the Company."

Shares of Asian Energy Services Limited (formerly Asian Oilfield Services Limited) was last trading in BSE at Rs.104.35 as compared to the previous close of Rs. 104.05. The total number of shares traded during the day was 5163 in over 64 trades.

The stock hit an intraday high of Rs. 105.8 and intraday low of 101.9. The net turnover during the day was Rs. 533199.


Source: Equity Bulls

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