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Pakistani Petroleum Company (MARI), one of Pakistan’s largest energy and exploration companies, has successfully drilled and tested the appraisal well Mari Ghazij-l, located in Mari D&PL, Sindh.
The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
Back in January, the E&P company discovered gas at its exploratory well Mari Ghazij-l, located in Mari D&PL.
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“As part of the appraisal plan of the discovery, MARI has successfully drilled and tested the appraisal well Mari Ghazij-2 in Mari D&PL area,” the company shared in its notice.
“The well was spud in on September 11, 2023, and successfully drilled down to a depth of 1,016 meters. The post-acid gas flow rate was 11.1 million standard cubic feet per day with wellhead flowing pressure of 519 pounds per square inch at 64/64 inch choke size,” the company said.
MARI said that Ghazij-2 is the first well in a series of planned appraisal wells to evaluate the Ghazij-l discovery and determine its extent. “The well will be put on extended well testing in due course for the supply of gas to government designated buyer, after completion of requisite regulatory formalities,” the company shared.
The company back then said that the grant was in line with its strategy to “diversify into near core areas and its commitment to contributing to the growth of the mineral mining sector of Pakistan”.
The net profit would have been Rs64.7 billion without the provision of a 10% super tax. Growth in net profit was reflected in EPS, which also reached the historically highest level of Rs420.75 per share from Rs247.8 per share of the previous year.
