Oilmax Energy (OEPL) has been awarded Contract Area GK/OSDSF/GKOSN/2025 under the Government of India’s Discovered Small Field (DSF) Bid Round-IV.
Asian Energy Services (AESL) informed the stock exchanges that it has received a communication from OEPL regarding the award. The award has been formally conveyed by the Directorate General of Hydrocarbons (DGH), Ministry of Petroleum & Natural Gas, through Letter of Award (LoA) No. DGH/DSF IV/LOA/2026/08/276 dated August 31, 2026.
Under the award, OEPL will hold a 50% participating interest in the block and will act as the operator. The award remains subject to the execution of a definitive Revenue Sharing Contract (RSC) between the President of India and OEPL. The bid work programme, commercial terms, contract area, map and geographical coordinates submitted during the bidding process will form part of the final RSC, as communicated by the DGH.
AESL has specifically clarified that the contract has been awarded to Oilmax Energy, its holding and amalgamating company, and not directly to Asian Energy Services.
The development assumes significance in the context of the Scheme of Merger by Absorption of OEPL into AESL, which is currently at the final hearing stage before the Hon’ble National Company Law Tribunal (NCLT). Upon the Scheme becoming effective, the assets, contracts, licences and blocks of OEPL are expected to legally vest in AESL as a going concern.
The award therefore adds a new oil and gas asset to OEPL’s portfolio, with the proposed merger potentially resulting in the block becoming part of Asian Energy Services’ business upon completion of the amalgamation process.
