Back-to-back: PPL makes another gas discovery

Published: December 7, 2018
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PHOTO: Reuters

PHOTO: Reuters

KARACHI: Pakistan Petroleum Limited (PPL) has announced back-to-back gas discoveries as it has now found reserves at exploration well Benari X-1 (ST-2) located in Sujawal district of Sindh, according to a notification sent to the Pakistan Stock Exchange (PSX) on Thursday.

“Drill stem testing in A-Sand unit of Upper Sand, Lower Goru Formation showed a flow of 9.05 million cubic feet of gas per day (mmcfd),” the company notified the stock exchange.

On Wednesday, the firm had found gas and oil deposits of 12.1 mmcfd and 157 barrels per day respectively at exploration well Hadaf X-1 (ST) Sanghar district of Sindh.

PPL’s share price dropped 2.86%, or Rs4.91, and closed at Rs166.58 with trading in 862,600 shares at the PSX.

PPL is the operator of block 2,467-16 (Shah Bandar) with 63% working interest along with joint-venture partners Mari Petroleum Company with 32% working interest and Sindh Energy Holding Company and Government Holdings Private Limited with 2.5% working interest each.

Exploration well Benari X-1 (ST-2) was drilled in May 2018 and it reached a depth of 3,470 metres to test the hydrocarbon potential of the Lower Goru Formation.

Based on wire line logs, potential hydrocarbon-bearing zones were identified inside the target reservoir.

Published in The Express Tribune, December 7th, 2018.

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