Asian Energy Services stock gains on signing long term MoU with RosGeo

AESL and RosGeo will jointly consider opportunities in offshore, onshore and transit geophysical work including data acquisition, processing and interpretation.

Oct 14, 2021 09:10 IST India Infoline News Service

Asian Energy Services Limited (“AESL”), specializing in servicing energy sector has announced signing of MOU with RosGeo.

AESL has signed an MOU with Russian Joint Stock Company Rosgeologia (RosGeo) for long-term cooperation in seismic and geophysical surveys in India and other countries.

Under this MOU both AESL and RosGeo will jointly consider opportunities in offshore, onshore and transit geophysical work including data acquisition, processing and interpretation. The cooperation between both parties expands to aero-geophysical, gravity & magnetic surveys as well and other services including drilling as mutually agreed between AESL and RosGeo.

RosGeo is the largest geological exploration holding company in the Russian Federation with a developed production and technical capabilities, high professional competences and a unique scope of accumulated geological information.

Ashutosh Kumar, Whole time Director and CEO, said, “We are excited and pleased to partner with RosGeo for long term cooperation. AESL has been focusing mainly on onshore seismic surveys in India and with this MOU, AESL will be able to explore various opportunities in Offshore and Transit zone seismic surveys as well.

Further, expertise of RosGeo in aero-geophysical, gravity & magnetic surveys will also help us in exploring opportunities in other minerals segment. This partnership with RosGeo provides us both technical strength as well operation capabilities with access to very wide resources (equipment and manpower) pool.

This long term cooperation will be a stepping stone in AESL journey to expand its services portfolio to different type of geophysical surveys in all terrains be it onshore, offshore and transit.”

On Thursday morning trade, Asian Energy Servies was trading at Rs163 per piece higher by 0.71% on Sensex.

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