Punj Upstream Phase One

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The project is to provide early-stage funding to Punj Lloyd Upstream Limited (Punj Upstream or the company), a newly formed Indian oilfield services company established by Punj Lloyd Limited (PLL) to participate in the opportunities afforded by the Indian exploration and production (E&P) sector, which has benefited from the rise in international oil and gas prices and the Government of India’s (GoI) New Exploration Licensing Policy.The company plans to initially acquire four onshore drilling rigs and cater to private and national oil companies operating in India. Punj Upstream is in the process of assembling a robust technical team and is expected to take delivery of the onshore drilling rigs over the next 6-24 months. The onshore drilling rigs are expected to be utilized in India. The project site for these rigs will depend on the location of the oil or gas fields of the E&P company to which Punj Upstream will provide oilfield services.