South West Pinnacle Exploration Limited wins Letter of Award for CBM Production from Reliance Industries Limited
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.