MPCL to acquire 100% working interest

Currently holds working interest of 58.8235% and 41.1765% respectively

KARACHI: Mari Petroleum Company Limited (MPCL) announced on Friday its intention to acquire 100% working interest in an exploratory and production well located at Sukkur, Sindh. MPCL and Petroleum Exploration (Private) Limited (PEL) are joint venture partners in block 2,768-9 (Sukkur). They are currently holding working interest of 58.8235% and 41.1765% respectively, MPCL Company Secretary Assad Rabbani said in a notification to the Pakistan Stock Exchange (PSX). “Subsequent to the approval by MPCL board of directors, it has signed a farm-in/farm out agreement with PEL to acquire its entire 41.1765% working interest in block 2,768-9 (Sukkur),” he said. “Accordingly, MPCL will become 100% working interest owner of the block.” Mari’s share price decreased 1.31%, or Rs19.86, to close at Rs1,500.07 with 5,720 shares changing hands at the PSX.

Published in The Express Tribune, September 8^th, 2018.

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