Mumbai, 20th March 2023: South West Pinnacle Exploration Limited (SWPE), an integrated service provider, providing end-to-end drilling & Exploration of natural Resources, has recently won a Letter of Award (LOA) from Reliance Industries Ltd (RIL), one of the most prestigious private sector company in India, for production hole drilling for Coal Bed Methane (CBM) in the State of Madhya Pradesh.
Aggregate Value of LOA is Rs.84 Crores approx. with a provision to extend it further thus having potential to get the order value enhanced significantly.
SWPE has successfully completed two projects of RIL in the same domain, hence this extension clause opens ample opportunities for SWPE in getting requisite enhancements in captioned order value in future.
Commenting on this development, Mr. Vikas Jain, Chairman & Managing Director said, “I am very pleased to announce that we have received an LOA from Reliance Industries Ltd. (RIL) for production hole drilling for CBM with a provision of further extensions. Such as LOA strengthens the long term sustainability of the Company and fits-in well with the vision of the Company. CBM production is a non-conventional Oil and Gas source of energy and very few companies in India are imparting such services.” Mr. Jain added.
Mr. Piyush Jain, the Jt. Managing director, who was deeply involved into the affairs in bagging this LOA, is confident of completing the project successfully based on his past experience with RIL and added that the contract shall start generating revenue for the company from third quarter of FY 2023 -24. He thanked the entire team of SWPE for their dedication and hard work, and also other stakeholders for their support in pushing the Company forward.
About South West Pinnacle Exploration (SWPE):
South West Pinnacle Exploration Limited (SWPE) is an integrated Service Provider providing end-to-end Drilling exploration of Natural resources (Ferrous, Non-Ferrous Atomic Minerals, and Convention Unconventional Oil Gas). SWPE has successfully completed more than 110 projects during 15 years’ journey since its inception in 2006, for all leading Government and Private Organizations.
Our clientele boasts of Fortune 500 companies and major Government institutions such as Oil India, ONGC, ONGC Energy Centre Trust, CMPDI (100% Subsidiary of Coal India), Hindustan Copper, Atomic Minerals Directorate for Exploration and Research (AMD), and Private institutions viz. Reliance Industries Limited, Mumbai; Tata Iron & Steel (TISCO), Jamshedpur; Hindustan Zinc, Ajmer, Vedanta Group, JSW Steel, Arcelor Millal Group, Ultratech Cement Group, and HINDALCO Industries Ltd to name a few.
SWPE currently owns 38 Top drive Hydrostatic Drillings Rigs equipped with state-of-the-art technologies with capacities to drill up to a depth of 2,500 meters in all domains. Besides, we also have 7 Vibrosis, 3 Seismic crews with 8,500 Channels for 2D/ 3D seismic surveys, and 3 geo-logging units etc. Presently, SWPE has 18 running projects in varied geographical locations across India.
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