Pakistan Oil Field finds significant reserves at Makori Deep-2

The Mint PK

Comprehensive source of Business, Lifestyle and Technology news from Pakistan

Business

Pakistan Oil Field finds significant reserves at Makori Deep-2

As per the notification issued to PSX by Pakistan Oil Field (POL), MOL the operator of TAL Block has found hydrocarbon reserves during testing of Makori Deep-2 well. The well has been drilled and currently under testing phase.

POL announced that during Drill testing, the potential of Lockhart formation flows of 1,844 barrels per day of oil and 18 mmcfd of gas was found.

POL expects the Hydrocarbon flows from this well to start from December-2019.

This is expected to increase the production flows of TAL Block. Presently, the TAL block is producing roughly 19,500 barrels per day of Oil and 63 mmcfd of gas.

Makori Deep-2 well is situated in Karak District of Khyber Pakthunkwa Province, some 200km south-west of Capital Islamabad.

The flows from Makora Deep-2 well are expected to increase Full Year Net profit for POL by Rs. 1.05 billion. POL has 25% working Interest in the well. Along with POL, PPL and OGDC are also expected to accrue gain from this well, details of which are mentioned below.

Symbol Company Name Impact on Net Profit EPS impact
POL Pakistan Oil Fields  Rs. 1.05 Billion 3.7
PPL Pakistan Petroleum Ltd  Rs. 1.36 billion 0.6
OGDC Oil & Gas Develop Ltd  Rs. 1.26 billion 0.3

EPS= Earnings per share

Comment here