South West Pinnacle Exploration Ltd becomes accredited prospecting agency to explore it's own coal block in Jharkhand

In exercise of powers conferred under Mines and Mineral (Development and Regulation) Act 1957, Ministry of Coal, Government vide its notification dated 26th November, 2005 published in Gazette of India, South West Pinnacle Exploration Limited (Company / SWPE) has been notified as accredited prospecting agency for carrying out prospecting operations for the exploration of coal and Lignite.

The company is now able to commence exploration, GR preparation / approval and mining plan preparation / approval etc for early exploration and development of coal block namely Jogeshwar and Khas Jogeshwar (a partially explored coal block) situated in the state of Jharkhand, allocated by Ministry of Coal, Government of India (MOC).

This is a very positive and bold step initiated by MOC which will have far reaching effect for timely completion of coal block development and commencement of coal production thereafter.

Commenting on the development, Mr. Vikas Jain, Chairman & Managing Director said, "This landmark development is a game changer and will give much needed impetus to company's Jharkhand coal block development activities which was long awaited. The rigs and other resources are now being deployed for early start of exploration, other related activities shall follow suit, Mr. Jain added.

Mr. Jain explained that this notification will also help in reducing GR approval time and will pave way for faster development of mine."

He further underlined that "SWPE being listed as a QCI-NABET accredited prospecting agency, confers significant prestige and credibility on it meeting stringent industry standards and best practices in conducting geological surveys and preparing reports. In practical terms, the official Gazette notification by the Ministry of Coal serves as a government endorsement of SWPE's technical qualifications and reliability."

Mr. Jain went on to say that "South West Pinnacle's accreditation as a prospecting agency for coal and lignite is a transformative development which positions it competitively among a handful of elite peers. The recognition opens the door to lucrative contracts and revenue growth, while also imposing a framework of quality that can improve operational efficiency. He expressed his hope that more minerals would also be added in times ahead which will entail further enhancement in exploration opportunities.

Mr. Vikas Jain proudly mentioned that, "Strategically, this milestone embeds SWPE in the nation's endeavor to accelerate resource exploration and reinforces its role as a trusted partner in India's energy sector. By capitalising on the opportunities and meeting the responsibilities that come with the accreditation, SWPE stands to strengthen its business foundation and drive sustainable growth in the years ahead".

Shares of South West Pinnacle Exploration Limited was last trading in BSE at Rs. 224.35 as compared to the previous close of Rs. 211.85. The total number of shares traded during the day was 184732 in over 2578 trades.

The stock hit an intraday high of Rs. 242.55 and intraday low of 218.00. The net turnover during the day was Rs. 42056532.00.

Source : Equity Bulls

Keywords

SouthWestPinnacleExploration INE980Y01015 AcreditedProspectingAgency CoalBlock Jharkhand