Date: September 1, 2026
Board Meeting Outcomes
- The company received a letter from its holding and amalgamating company, Oilmax Energy Private Limited (OEPL), informing that the Government of India has approved the award of a hydrocarbon Contract Area.
Other Operational / Legal / Strategic Disclosures
Contract Award Details:
- Contract Area: GK/OSDSF/GKOSN/2025
- Award Program: Discovered Small Field (DSF) Bid Round-IV
- Awardee: Oilmax Energy Private Limited (OEPL)
- Awarding Authority: Directorate General of Hydrocarbons (DGH), Ministry of Petroleum & Natural Gas, Government of India
- Formal Communication: Letter of Award (LOA) reference no. DGH/DSF IV/LOA/2026/08/276 dated August 31, 2026
Terms of the Award:
- OEPL will hold a 50% Participating Interest in the Block.
- OEPL will act as the Operator of the Block.
- The award is subject to the execution of a definitive Revenue Sharing Contract (RSC) between the President of India and OEPL.
- The bid work programme, commercial terms, contract area, map, and geographical coordinates submitted as part of the bid will be inscribed into the final version of the RSC.
Relevance to Scheme of Amalgamation:
- A Scheme of Merger by Absorption of OEPL into Asian Energy Services Limited (AESL) is in its final hearing stage before the National Company Law Tribunal (NCLT).
- Upon the Scheme becoming effective, all assets, contracts, licenses, and blocks (including this contract) will legally vest into the Company as a going concern.
Regulatory Context:
- The company clarifies that the contract has been awarded to OEPL (Holding/Amalgamating Company) and not to the company directly.