Punj Lloyd Upstream Ltd, a subsidiary of Indian engineering, procurement and construction major Punj Lloyd Ltd, has informed that it has received a Letter of Intent (LoI) from Waha Oil Company, Libya.

Under the arrangement, the company will execute a contract, which is valued at approx US$ 42 million, for drilling exploratory wells in the Gialo oilfield of the prolific Sirte Basin.

Waha Oil Co. is a joint venture between State-owned National Oil Company, Conoco Philips, Amerada Hess Corp. and Marathon Corp, which is the second largest crude oil producer in Libya.

Technical analyst, Rajish Dhall of Observe Securities has advised investors to remain invested in the scrip. His view regarding the Punj Lloyd is very good as the company has diversified into various projects in the global market. Therefore, investors can hold the stock with a long-term perspective to reap good profits.