Asian Energy Services Ltd Announces New Oil Discovery at Mevad Field with Potential Production Rate Up to 130 bopd

Asian Energy Services Limited (AESL) has announced the discovery of oil at the onshore Mevad field in Gujarat. The new well, NM-01, was drilled to a total depth of 1,650 metres and encountered three hydrocarbon-bearing sand intervals. The well is currently producing approximately 100 bopd in the testing phase from Sobhasan sand, with potential production rates of 125-130 bopd. The Kalol-lll reservoir has also shown hydrocarbon indications. The discovery is expected to add incremental cash flow and increase recoverable reserves. The oil produced from the Mevad well will be supplied to domestic refineries under offtake arrangements, with crude pricing linked to the Brent benchmark. The discovery coincides with AESL’s ongoing merger process with Oilmax and is expected to enhance operational visibility during the consolidation period.