POL, OGDCL announce major hydrocarbon discovery in Khyber Pakhtunkhwa
Makori Deep-03 well yields 22.08 MMSCFD gas and 2,112 barrels of condensate daily; production to begin in two months
Pakistan Oilfield Limited (PSX: POL) has announced to to discover hydrocarbons Makori Deep-3 development well on Friday in Tal block of Distict Karak, Khyber Pakhtunkhwa. This news was recieved by an MOL company of Hungary (Hungarian Oil and Gas Public Limited Company), which operates in Tal block.
POL has 25% commercial working interest in Tal block. Three well drilling started on Dec 12, 2024 and completed at a total depth of 3,887 meters. After testing daily 22.08 million standard cubic foot gas (MMSCF) Lockhart Formation, 2,112 barrel condensate and 15 barrel water production was recorded. These results 32/64 inch of fixed choke size and obtained at flowing wellhead pressure of 4,744 psx.
Oil and Gas Development Company (OJDCL) and POL has sent different notes to Pakistan PSX to inform them about the successful production of hydrocarbons in Makori deep-3 well of Tal block. This announcement is made in accordence with Section 96 of the Securities Act, 2015 and Clause 5.6.1 of the PSX regulations.
In the block of OGDCL, the working interest of development phase is 27.763%. Both companies have confirmed that this well will be connected to production line within two months, which will benefit the production capability of the area.
Tal Joint Venture include OGDCL (30%), MOL Pakistan Oil and Gas Company Operator (10%), PPL (30%), POL (25%), and Government Holdings Private Limited (GHPL, 5%). MOL Hungary Group is a multinational Oil and Gas company and it’s headquater is present in Bodapest, Hungary.
According to AKD securities, this discovery have an annual EPS impact of ~PkR9.2 on POL, PkR0.80 on OGDC and PkR1.3 on PPL per share.
Also in the last year, POL, OGDC, and PPL dicovered the treasures of hydrocarbon at the Razgir-1 exploratory well in Kawagarh formation of District Kohat, Khyber Pakhtunkhwa.
The main business of POLGAS is to find Oil and Gas. The company, incorporated on October 23, 1997, was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961.
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