Asian Energy Services Discovers Oil in Gujarat's Mevad Field
Asian Energy Services Limited discovered oil in its NM-01 well in Gujarat's Mevad Area. The well is producing 100 bopd during testing, with potential for 125-130 bopd. The company holds a 50% interest and will sell oil to domestic refineries.
The discovery of oil is significant, but the impact is medium as the full potential and development plans are still under evaluation, and the current production volume is moderate.
The announcement details a new oil discovery, which is a positive development for the company's future revenue and operations.
Asian Energy Services Limited has announced the discovery of oil in its newly drilled well NM-01, located in the Mevad Area of Mehsana district, Gujarat. During the testing phase, the well is currently producing 100 barrels of oil per day (bopd). Preliminary data suggests a potential production rate of approximately 125–130 bopd, pending further evaluation.
The company holds a 50% participating interest in the block, with Oilmax Energy Private Limited holding a 10% interest. The crude oil produced is intended for sale to domestic refineries, with pricing aligned to prevailing Brent crude benchmarks as per industry standards.
Further assessments are in progress to fully determine the potential of this discovery and its subsequent development. Asian Energy Services Limited will provide updates on any material developments as required by applicable regulations.
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Asian Energy Services Limited filed this with the NSE as a statutory disclosure, categorised under new orders. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Asian Energy Services Limited. Read the original for the full detail.