KARACHI: Mari Petroleum Company Limited (MPCL), along with its joint-venture partner Pakistan Petroleum Limited (PPL), found oil reserves at Dharian-l ST-3 well located near Gujar Khan, Rawalpindi district in Punjab.
According to a bourse filing on Friday, the well was drilled in December 2017 and reached the depth of 4,770 metres with the objective of testing the hydrocarbon potential of Sakessar and Khewra formations as primary targets.
“The drill stem tests carried out in Khewra formation showed a flow of 372 barrels per day of crude oil,” MPCL Company Secretary Assad Rabbani said in a notification to the Pakistan Stock Exchange (PSX).
The joint venture is planning to undertake expeditious evaluation of Dharian-l ST-3 discovery by placing it on test production. “It is second consecutive discovery by the Ghauri joint venture in Ghauri block since 2014,” he said.
MPCL’s share price dropped 1.2%, or Rs14.62, and closed at Rs1,178.96 with trading in 93,380 shares at the PSX.
The first discovery in Ghauri block was made at exploratory well Ghauri X-I in 2014, which is currently producing hydrocarbon, he said.
“Ghauri JV intends to drill third exploratory well namely Miraj-l as part of its continuous efforts for tapping hydrocarbon resources,” he said.
MPCL is the operator of Ghauri exploration licence having 65% working interest with PPL as 35% interest holder.
Profit surges 55.5%
MPCL, in its financial results, announced that its profit surged 55.5% to Rs16.8 billion in nine months ended March 31, 2019 mainly due to robust sales.
The oil and gas exploration firm had recorded a profit of Rs10.8 billion in the same period of last year, according to a notification sent to the PSX.
Accordingly, the earnings per share surged to Rs138.61 in the period under review compared to Rs88.92 in the corresponding period of last year.
Net sales surged 52% to Rs43.5 billion compared to Rs18.6 billion last year.
Exploration and prospecting expenditures increased to Rs3.6 billion compared to Rs1.6 billion. Finance income increased to Rs1.1 billion compared to Rs489 million.
Published in The Express Tribune, April 20th, 2019.