Asian Energy Services rises upon signing MoU with Russian geological company

As per the MoU, AESL and RosGeo shall engage in long-term cooperation in seismic as well as geophysical surveys in India and other countries.

Asian Energy Services Limited (AESL), a service provider to the energy and minerals sector, announced today that it has signed a Memorandum of Understanding (MoU) with RosGeo, the largest geological exploration holding company in the Russian Federation.  

As per the MoU, AESL and RosGeo shall engage in long-term cooperation in seismic as well as geophysical surveys in India and other countries. Both the companies shall jointly consider offshore, onshore and transit geophysical work opportunities. This includes the work of data acquisition, processing and interpretation.  

Furthermore, the cooperation between both the companies expands to aero-geophysical, gravity and magnetic surveys (wherein the expertise of RosGeo lies) as well and other services including drilling as mutually agreed between AESL and RosGeo.  

This partnership shall provide AESL with both technical strengths as well operation capabilities with access to a very wide resources (equipment and manpower) pool. The company will be able to explore various opportunities in Offshore and Transit zone seismic surveys as well.  

Owing to this development, at the closing bell, the share price of Asian Energy Services Limited (AESL) was trading at Rs 161.85, an increase of 3.06 per cent over the previous day’s closing price of Rs 157.05 on BSE.