Asian Oilfield EGM Updates

Asian Oilfield Services Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 29, 2006, inter alia, have accorded to the following:

1. Authority to Board to issue offer and allot upto 16,50,000 equity shares of Rs 10/- each at a price of Rs 20.50/- per Share (Rs 10/- face value + Rs 10.50/- premium) being the price which is in accordance with the SEBI (Disclosure & Investor Protection) Guidelines 2000 (as amended from time to time) to Consolidated Securities Ltd, a non promoter strategic investor having its registered office at New Delhi, subject to necessary provisions and approvals.

2. Authority to Board to issue, offer and, allot upto 12,70,000 convertible warrants (warrants), each warrant convertible at the option of Warrant holder in one or more tranches, within 18 months from its allotment date into 1 fully paid up equity share of the Company of face value of Rs 10/- each at an exercise price of Rs 20.50/- each including premium Rs 10.50/- per warrant and the issue of fresh equity shares on the conversion of the warrants, on such further terms and conditions as may be finalized by the Board of Directors to Consolidated Securities Ltd, a non promoter strategic investor having its registered office at New Delhi, subject to necessary provisions and approvals.

3. Authority to Board to issue, offer and, allot upto 3,00,000 convertible warrants (warrants), each warrant convertible at the option of Warrant holder in one or more tranches, within 18 months from its allotment date into 1 fully paid up equity share of the Company of face value of Rs 10/- each at an exercise price of Rs 20.50/- each including premium Rs 20.50/- per warrant and the issue of fresh equity shares on the conversion of the warrants, on such further terms and conditions as may be finalized by the Board of Directors to Nimit Finance Pvt Ltd, a Promoter group entity of the Company, having its registered office at Baroda, subject to necessary provisions and approvals.