South West Pinnacle Exploration Secures Three New Drilling and Exploration Orders Valued Over ₹21.50 Crores

South West Pinnacle Exploration Limited (SWPE) has announced the receipt of three new domestic work orders and Letters of Award (LOA) for exploration, drilling, and related support services. The combined value of these contracts exceeds ₹21.50 crores, including Goods and Services Tax (GST). Two of the orders were won directly by the parent company, while the third was secured through its wholly owned subsidiary, South West Resources Private Limited (SWRPL).

Major Coal Exploration Contract from CMPDI

The largest single contract comes from the Central Mine Planning & Design Institute Limited (CMPDI), a wholly owned subsidiary of Coal India Limited. Valued at approximately ₹14.04 crores inclusive of GST, this Letter of Award tasks South West Pinnacle Exploration with executing Detailed Exploration (G-1) within a designated coal block in the state of Chhattisgarh.

According to the operational terms, CMPDI will be responsible for providing the primary exploration scheme, suggesting and approving specific borehole locations, and managing all statutory clearances within forest areas. SWPE is scheduled to complete this domestic project over an execution timeline of 560 days.

Strategic Entry into Gold Exploration with Geomysore Services

The remaining two work orders were awarded by Geomysore Services (India) Private Limited (GSIPL), a domestic player known for precious metal discoveries. Securing GSIPL as a client marks a new addition to the company's order book, bringing project opportunities in the highly specialized field of gold exploration in Andhra Pradesh.

The first contract with GSIPL involves Reverse Circulation (RC) drilling at a gold mining project site. This particular domain represents a specialized wing of resource exploration where only a limited number of drilling firms operate. Valued at roughly ₹1.13 crores (including GST), the short-duration project requires SWPE to drill borewells ranging from 10 to 50 meters in depth while maintaining all equipment in working condition.

The second contract from GSIPL is a diamond core mineral drilling order assigned to the company's subsidiary, South West Resources Private Limited. Valued at ₹6.36 crores inclusive of GST, this project has a target timeline of approximately 210 days. Most of the associated revenue is projected to be recognized within the current financial year.

Shares of South West Pinnacle Exploration Limited was last trading in BSE at Rs. 261.70 as compared to the previous close of Rs. 264.50. The total number of shares traded during the day was 19644 in over 244 trades.

The stock hit an intraday high of Rs. 272.00 and intraday low of 260.20. The net turnover during the day was Rs. 5212463.00.

Source : Equity Bulls

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