Asian Energy Reports New Oil Discovery at Mevad Field
Filing Summary
Asian Energy Services Limited announced an oil discovery at the Mevad field in Gujarat. The new well, NM-01, was drilled to a depth of 1,650 meters and is currently producing approximately 100 barrels of oil per day (bopd) during testing. The potential production rate is estimated at 125-130 bopd. Asian Energy holds a 50% interest in the project, with Oilmax Energy Private Ltd holding 10%. The discovery is part of a Revenue Sharing Contract and aligns with Asian Energy’s ongoing merger process with Oilmax.
Asian Energy Services Limited has announced a new oil discovery at the onshore Mevad field in Gujarat. The discovery follows the drilling and testing of a new well, NM-01, which reached a total depth of 1,650 meters. The well is currently producing approximately 100 barrels of oil per day (bopd) during the testing phase, with potential production rates estimated between 125-130 bopd.
Under the Revenue Sharing Contract, Asian Energy holds a 50% participating interest in the project. Oilmax Energy Private Ltd holds a 10% interest, with the remaining interest held by other partners. The oil produced from the Mevad well will be supplied to domestic refineries under offtake arrangements, with crude pricing linked to the Brent benchmark. This ensures market-aligned realizations for the company.
The well NM-01 encountered three hydrocarbon-bearing sand intervals: Mandhali, Sobhasan, and Kalol. These zones are being evaluated sequentially. Currently, the well is producing from the Sobhasan sand. The Kalol-III reservoir has shown hydrocarbon indications based on logs and cuttings, and testing of this interval will be undertaken at an appropriate stage. Field partners plan to drill additional wells to evaluate the extent of the oil pool and assess the reservoir’s development potential.
The discovery is part of Asian Energy’s ongoing merger process with Oilmax Energy Private Ltd. The merger is expected to enhance operational visibility during the consolidation period by adding incremental production capacity. The project is expected to add incremental cash flow and underscores the company’s focus on disciplined, low-cost resource development. The discovery provides incremental domestic production exposure with pricing linked to international benchmarks.
The implementation of the project involves drilling additional wells to further evaluate the oil pool. The testing phase is ongoing, and further developments will be undertaken at appropriate stages. Asian Energy and its partners are focused on assessing the reservoir’s development potential to maximize the field’s output.
Oilmax Energy Private Limited is engaged in the exploration, development, and production of oil and gas assets. It focuses on developing oil and gas blocks in India with discovered and proven existing reserves. Oilmax has a diversified portfolio of onshore oil and gas assets and has expanded its business into the mineral sector.
Asian Energy Services Limited offers end-to-end services across the upstream value chain. Its services include integrated oil and gas services, operations and maintenance of onshore and offshore production facilities, and production enhancement services. Since its acquisition by Oilmax Energy Private Limited, Asian Energy has diversified its business verticals to capture more value across the energy and upstream oil and gas value chains.