PPL discovers oil deposits in Punjab
'The well is being drilled further to test deeper formations'
The oil and gas exploration company has remained the operator of Karsal block where Talangan X-1 is located with 100% working interest. PHOTO:FILE
KARACHI:
Pakistan Petroleum Limited (PPL) has announced the discovery of fresh oil deposits in exploratory well Talangan X-1 located in Chakwal district, Punjab.
"Initial testing in Sakesar formation showed a flow of 313 barrels per day of hydrocarbons together with a minor immeasurable quantity of gas," PPL Company Secretary Shahana Ahmed Ali said in a notification to the Pakistan Stock Exchange (PSX) on Friday.
"The well is being drilled further to test deeper formations and its complete potential will be determined after evaluating and testing other potential hydrocarbon-bearing zones in the well," the secretary added.
PPL's share price dropped 2.39%, or Rs4.99, to close at Rs203.90 with 961,500 shares changing hands in a bearish session at the PSX where the benchmark KSE-100 index fell 1%, or 411.62 points, to close at 40,854.77 points.
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The oil and gas exploration company has remained the operator of Karsal block where Talangan X-1 is located with 100% working interest.
The well was drilled on May 24, 2018 and a depth of 3,675 metres was reached inside Nammal formation.
Published in The Express Tribune, September 8th, 2018.
Pakistan Petroleum Limited (PPL) has announced the discovery of fresh oil deposits in exploratory well Talangan X-1 located in Chakwal district, Punjab.
"Initial testing in Sakesar formation showed a flow of 313 barrels per day of hydrocarbons together with a minor immeasurable quantity of gas," PPL Company Secretary Shahana Ahmed Ali said in a notification to the Pakistan Stock Exchange (PSX) on Friday.
"The well is being drilled further to test deeper formations and its complete potential will be determined after evaluating and testing other potential hydrocarbon-bearing zones in the well," the secretary added.
PPL's share price dropped 2.39%, or Rs4.99, to close at Rs203.90 with 961,500 shares changing hands in a bearish session at the PSX where the benchmark KSE-100 index fell 1%, or 411.62 points, to close at 40,854.77 points.
Ignoring seniors, PPL appoints board member as acting MD
The oil and gas exploration company has remained the operator of Karsal block where Talangan X-1 is located with 100% working interest.
The well was drilled on May 24, 2018 and a depth of 3,675 metres was reached inside Nammal formation.
Published in The Express Tribune, September 8th, 2018.