Shares of Aakash Exploration Services Ltd soared 3% on 14 August after the company announced signing a five-year contract worth Rs 50 crore with Oil & Natural Gas Corporation Limited (ONGC).

Aakash Exploration Services Limited has reported that it has won a Notification of Award from Oil & Natural Gas Corporation Limited (ONGC) to provide services for a 50 MT Workover Rig at the Ahmedabad Asset. 

The deal will last five years and is estimated to be worth Rs 50 crore, or around Rs 10 crore per year. ONGC awarded this domestic contract as a service order for operational support. The grant improves AAKASH Exploration’s business portfolio and assures a consistent revenue stream over the next five years.

Aakash Exploration Services Limited (AESL) was founded in 2007 and is headquartered in Ahmedabad, Gujarat, India. The company provides a variety of oil and gas services, with a concentration on field exploration and production support. 

Equipment and services offered by the company include workover rigs (40- and 50-ton), mobile pumping units, mobile air compressors, mobile steaming units, hot oil circulation units, sucker rods, and coiled tubing units. AESL primarily works in the production stage of oil and gas exploration, assisting activities once land surveys and drilling are done.

Aakash Exploration Services Limited has several contracts for workover rig services and other oilfield equipment supplies, including recent multi-year wins. Notable clients include ONGC and Vedanta Limited.

However, at 3:30 pm, the shares of Aakash Exploration closed 0.29% lower at Rs 10.37 on NSE.

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