Oilmax Energy receives LOI for Pakro Vanadium & Graphite Block

Asian Energy Services Limited announced that its holding and amalgamating company, Oilmax Energy Private Limited (OEPL), has received a Letter of Intent (LOI) from the Government of Arunachal Pradesh for a Composite Licence. The LOI pertains to the Pakro Vanadium and Graphite Block in Arunachal Pradesh, covering an area of 155.46 hectares. This LOI is awarded to OEPL directly, not to Asian Energy Services Limited. The company notes the relevance to the ongoing Scheme of Merger by Absorption of OEPL into Asian Energy Services Limited, which is currently awaiting an order from the National Company Law Tribunal (NCLT). Upon the scheme's effectiveness, OEPL's assets, contracts, and licenses will vest in Asian Energy Services Limited.