South West Pinnacle Exploration climbs on signing agreement for exploration & mining of block 22B
South West Pinnacle Exploration is currently trading at Rs. 138.30, up by 4.55 points or 3.40% from its previous closing of Rs. 133.75 on the BSE.
The scrip opened at Rs. 139.95 and has touched a high and low of Rs. 140.50 and Rs. 133.40 respectively. So far 14502 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 183.95 on 05-Feb-2024 and a 52 week low of Rs. 97.30 on 30-May-2024.
Last one week high and low of the scrip stood at Rs. 143.55 and Rs. 127.95 respectively. The current market cap of the company is Rs. 389.24 crore.
The promoters holding in the company stood at 73.61%, while Institutions and Non-Institutions held 0.08% and 26.31% respectively.
South West Pinnacle Exploration through its’ Joint Venture Company namely M/s Al Hadeetha Mining LLC (AHML), Oman, has been awarded an exploration & Mining block 22B, in IZKI Town of Oman for exploration and mining of Minerals viz; Copper, Gold, Silver & Chromite and Basalt. The block is spread across 1452 KM2.
The company has signed concession agreement of Block 22B with the Ministry of Energy and Minerals (MEM), Sultanate of Oman on January 22, 2025.
As per Concession Agreement, the exploration and mining is to be carried out in two phases: first phase -Exploration to be done in initial three years with a provision to get two more extensions of three years each with prior approval by Ministry of Energy & Minerals (MEM), Sultanate of Oman, if the situation so warrants. Second Phase -Exploitation once the exploration is done and declaration of commerciality of minerals is approved by MEM, Sultanate of Oman.
South West Pinnacle Exploration is an integrated Service Provider providing end-to-end Drilling & exploration of Natural resources.
