Asian Oilfield Services jumps after receiving contract

Asian Oilfield Services rose 7.83% to Rs 185.15 at 14:57 IST on BSE after the company said its subsidiary received a letter of intent for a contract worth $20 million from Stratum Energy Romania LLC.

The announcement was made during trading hours today, 7 August 2017.

Meanwhile, the S&P BSE Sensex was up 4.58 points, or 0.01% to 32,329.99.

On the BSE, 1.38 lakh shares were traded in the counter so far, compared with average daily volumes of 40,965 shares in the past one quarter. The stock had hit a high of Rs 193.80 and a low of Rs 170 so far during the day. The stock hit a 52-week high of Rs 249.60 on 27 March 2017. The stock hit a 52-week low of Rs 53 on 9 August 2016.

The stock had underperformed the market over the past one month till 4 August 2017, falling 15% compared with 3.05% rise in the Sensex. The scrip had underperformed the market in past one quarter, falling 14.21% as against Sensex's 8.26% rise. The scrip had outperformed the market in past one year, rising 211.62% as against Sensex's 15.13% rise.

The small-cap company has equity capital of Rs 26.07 crore. Face value per share is Rs 10.

Asian Oilfield Services said its wholly-owned subsidiary, Asian Oilfield & Energy Services DMCC, Dubai has received a letter of intent (LoI) for a contract of $20 million from Stratum Energy Romania, LLC for acquiring 3D seismic data on a 730-square-km stretch of Stratum Energy's Moinesti Block in onshore Romania. This LoI is subject to the parties concluding a contract with mutually acceptable terms.

On a consolidated basis, net profit of Asian Oilfield Services declined 68.41% to Rs 1.39 crore on 1344.24% rise in net sales to Rs 95.32 crore in Q4 March 2017 over Q4 March 2016.

Asian Oilfield Services is a reservoir imaging company, offering a suite of geophysical services specializing in land and well seismic services. Th company's mission is to help its clients in the onshore oil & gas and mining industries make quicker and more informed decisions on where to explore drill.

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