Shares of South West Pinnacle Exploration Limited (SWPEL) jumped 9% today, reaching ₹163.96, following the announcement of a ₹158 crore contract extension from Reliance Industries Limited (RIL). The extended contract involves Coal Bed Methane (CBM) production drilling in Madhya Pradesh.
The Phase 2 contract extension will double SWPEL’s current operations, requiring additional rigs, equipment, and manpower. The agreement also includes provisions for three additional six-month extensions, solidifying the company’s robust ₹495 crore order book.
Chairman & Managing Director Vikas Jain highlighted the strategic significance of the project, emphasizing SWPEL’s leadership in CBM production, a crucial non-conventional energy source. Revenue from the project is expected by Q2 FY26, enhancing the company’s growth trajectory.
SWPEL continues to simultaneously operate across all its service verticals for the first time in its history, reflecting its expanding role in the energy sector and its strategic growth initiatives.
