Asian Energy Services Limited has received an order from Oil & Natural Gas Corporation (ONGC) putting the company on holiday for a period of two years from 20.9.2024 during which period the company shall not participate in any tender with ONGC. This, however, has no bearing on any ongoing contracts which the company is executing.

This order relates to two seismic data acquisition contracts awarded to the Company in 2017 and 2018 which have been successfully completed by the Company. The monies and completion certificates for these contracts were received in due course of time. The action taken by ONGC is after a long period of time on certain technical grounds. The Company, as advised by its legal counsels is taking appropriate steps to protect its interest.

The company has assessed that the above order has no bearing whatsoever on the Company business operations, guidance provided by the Company for FY25 and the business plans of the company in future.