Asian Energy shares zoom on order win worth Rs 165 crore

Shares of Asian Energy Services climbed higher on March 22 after the company won an order from UAE-based Svetah Energy Infrastructure FZE for Rs 165 crore.

The order is for operations and maintenance of the Svetah Venetia, a floating production storage and offloading system for oil and gas production off the Puducherry coast.

“The primary term is proposed to be 5 years commencing from the date of readiness of Svetha Venetia to receive hydrocarbons from PY_3 Field,” the exchange filing said.

Shares of the company reacted positively to the news and at 12.55 pm, were trading 6.26 percent higher on the National Stock Exchange at Rs 104.40. The stock has also scaled an intraday high of Rs 108.

Six lakh shares of the company exchanged hands on the bourses so far, as against the one-month daily traded average of four lakh shares.

The order win, a third of this kind will further help Asian Energy standing in this particular segment.

Shares of Asian Energy had rallied on March 21 as well after the company announced plans to acquire stake in oil and gas field situated at Indrora, Gujarat.

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According to an exchange filing by Asian Energy, its parent company Oilmax Energy Private has been awarded a 20-year mining lease for the DSF Block to extract crude oil and natural gas by the Gujarat government’s Energy and Petrochemicals Department. The lease will be effective from April 1, 2023.