Small Cap Oil Stock Receives LOA Worth Rs. 78.24 Cr From ONGC, Stock Hit 52-Week High

Asian Energy Services Limited (AESL) today, Tuesday, June 20, 2023, informed the exchange that the company has received (Letter of Award) LOA from Oil & Natural Gas Corporation Ltd (ONGC) for Seismic Data Acquisition Services In Gujarat.

AESL in an exchange filing has said, "Asian Energy Services Limited ("AESL") has received LOA from ONGC for 3D Seismic Data Acquisition services in Gujarat. The value of LOA is INR 78.24 crores. The contract duration is 11 months."

Mr. Kapil Garg, Managing Director, Asian Energy Services Ltd., speaking about the order win said, Following a period of muted activity on seismic contract award, this LOA signals the commencement of inflow of seismic services contracts. The majority work under this LOA will be completed in current financial year and will boost company's revenue from Seismic services which was subdued in the previous financial year. Company is expecting few more awards in coming months for Seismic services which will strengthen the company's order book. With this order, ASIAN now has a healthy order book of apprx over INR 900 crores (including this order) spread across Seismic Services, Operations & Maintenance Services and Infrastructure Services."

According to the exchange filing, With this order, ASIAN now has a healthy order book of apprx over INR 900 crores (including this order) spread across Seismic Services, Operations & Maintenance Services and Infrastructure Services.

On NSE, the share of AESL closed at Rs. 130.15 apiece, up 1.36% from its previous close. The stock hit the new 52 week high at Rs. 132 apiece today i.e. 20 June 2022, while the 52 week low on 02 May 2023 at Rs. 51.50 apiece.

It jumped 10.86% in 1 week, 26.48% in 1 month, and 45.66% in 3 months, respectively. It has given 60.58% positive return in 1 year, 40.29% in 3 years and 10.27% in 5 years, respectively.
AESL is a small-cap company operating in the Oil sector. It has a market capitalisation of Rs. 495.54 crore.