Ahmedabad, June 23, 2025 — Aakash Exploration Services Limited (NSE: AAKASH), a leading oilfield services provider in India, has announced the receipt of a Letter of Award (LOA) from Oil India Limited for a high-value service contract worth approximately ₹33.70 crore. This order reinforces Aakash Exploration’s strong position in delivering high-quality operational support services to India's key public-sector energy players.

Contract Overview

The service order pertains to the hiring of High Pressure (HP) Mobile Boilers along with all required ancillaries to generate high-quality steam. The steam will be used for cyclic steam stimulation operations, a crucial step in the extraction of heavy oil from Oil India’s operational fields in Rajasthan.

The duration of the contract is two years, during which Aakash Exploration will ensure uninterrupted, reliable, and technically compliant steam generation services in line with Oil India’s field development plans.

"We are proud to partner with Oil India once again. This award reflects our operational expertise, technical capabilities, and trust earned in India's oilfield services ecosystem,” said Hemang N Haria, Whole Time Director & CFO of Aakash Exploration Services Limited.

Key Contract Highlights:

• Client: Oil India Limited (Ministry of Petroleum & Natural Gas)

• Nature of Work: Provision of HP Mobile Boiler Services with full ancillaries

• Scope: Steam generation for cyclic steam stimulation for heavy oil production

• Location: Rajasthan oil blocks

• Contract Value: Approximately ₹33.70 crore

• Duration: 2 years

• Award Type: Service order under SEBI’s Regulation 30 disclosure norms

Strategic Relevance

This project is particularly critical to Oil India’s enhanced oil recovery (EOR) efforts. Cyclic steam stimulation is widely used to improve heavy oil extraction efficiency. Aakash’s role in supplying the high-pressure steam infrastructure is vital to maintaining the project timeline and efficiency.

This win also highlights India's growing emphasis on domestic production of hydrocarbons, especially from complex reservoirs, where innovative thermal recovery techniques are needed.

Regulatory Compliance & Disclosure

This intimation has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July, 2023.

The company confirmed that there is no promoter or related party interest in the awarding entity, and the order does not fall within the ambit of related party transactions.

About Aakash Exploration Services Ltd:

Founded with a vision to support India’s energy infrastructure, Aakash Exploration Services Ltd is a certified oilfield services company providing onshore services, rig operation support, high-pressure pumping, and EOR techniques like steam stimulation. The company serves major national oil companies (NOCs) including ONGC, Oil India, and private sector players, reinforcing its position as a reliable and innovative service partner in India’s oil & gas sector.

The company is listed on the National Stock Exchange (NSE) under the ticker AAKASH and continues to expand its portfolio in line with India's energy needs.

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