POL discovers hydrocarbon in Attock

KARACHI: Pakistan Oilfields Limited (POL) has discovered hydrocarbon in its development and production lease area in Khaur, situated in Attock district of Punjab, where it holds a 100% stake, said Taurus Securities while quoting a notification sent to the Pakistan Stock Exchange. The well was drilled to its target depth of 14,586 feet, making it relatively shallow, where pressure was measured at 776-1,090 pounds per square inch (psi). Initial tests showed flow of 502 barrels per day (bpd) of oil and 1.4 million cubic feet per day (mmcfd) of gas. However, the tests also showed flow of 277 bpd of water, which could affect crude oil production. “For POL, we estimate the production flows to have an annualised earnings of Rs2.88 for $70 per barrel of crude oil and the rupee valued at Rs129 against the dollar,” Taurus Securities said in a report. It also pointed out that actual flows may be different from the initial results as the company had experienced lower-than-expected flows in its major discovery in the Jhandial well.

Published in The Express Tribune, July 27^th, 2018.

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