Asian Oilfield - Outcome of EGM

Asian Oilfield Services Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 26, 2007, inter alia, have accorded to the following:

1. Increase the Authorised Share Capital of the Company from existing Rs 15,00,00,000 (Rupees Fifteen Crores) divided into 1,50,00,000 (One Crore and Fifty Lacs) Equity Shares of Rs 10/- (Rupees Ten) each to Rs 17,00,00,000 (Rupees Seventeen Crores) divided into 1,70,00,000 (One Crore and Seventy Lacs Only) Equity Shares of Rs 10/- (Rupees Ten) each & consequential amendments in the Memorandum & Articles of Association of the Company.

2. Authority to the Board to issue, offer and allot upto 15,00,000 (Fifteen Lacs Only) Equity Shares and upto 12,00,000 (Twelve Lacs Only) Convertible Warrants (Warrants), to be convertible at the option of Warrant holder in one or more trenches, Within 18 (eighteen) months from its allotment date into 1 fully paid up Equity Share of the Company of face value of Rs 10/- each for cash at an exercise price of Rs 190/- including premium of Rs 180/-) and to issue 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 following persons belonging to Non Promoters group, subject to necessary provisions and approvals:

1. Samara Capital Partners Fund I Ltd

No of Equity Shares : 15,00,000

No of Warrants : 7,50,000

2. Vikram Walia

No of Equity Shares : -

No of Warrants : 2,00,000

3. Purabi Saikia

No of Equity Shares : -

No of Warrants : 1,00,000

4. Ashish Nanda

No of Equity Shares : -

No of Warrants : 1,50,000