Shares of Aakash Exploration Providers Ltd soared 3% on 14 August after the corporate introduced signing a five-year contract value Rs 50 crore with Oil & Pure Gasoline Company Restricted (ONGC).
Aakash Exploration Providers Restricted has reported that it has gained a Notification of Award from Oil & Pure Gasoline Company Restricted (ONGC) to offer companies for a 50 MT Workover Rig on the Ahmedabad Asset.
The deal will final 5 years and is estimated to be value Rs 50 crore, or round Rs 10 crore per yr. ONGC awarded this home contract as a service order for operational assist. The grant improves AAKASH Exploration’s enterprise portfolio and assures a constant income stream over the following 5 years.
Aakash Exploration Providers Restricted (AESL) was based in 2007 and is headquartered in Ahmedabad, Gujarat, India. The corporate supplies a wide range of oil and gasoline companies, with a focus on subject exploration and manufacturing assist.
Gear and companies provided by the corporate embrace workover rigs (40- and 50-ton), cellular pumping items, cellular air compressors, cellular steaming items, sizzling oil circulation items, sucker rods, and coiled tubing items. AESL primarily works within the manufacturing stage of oil and gasoline exploration, aiding actions as soon as land surveys and drilling are executed.
Aakash Exploration Providers Restricted has a number of contracts for workover rig companies and different oilfield tools provides, together with latest multi-year wins. Notable purchasers embrace ONGC and Vedanta Restricted.
Nonetheless, at 3:30 pm, the shares of Aakash Exploration closed 0.29% decrease at Rs 10.37 on NSE.
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