Karachi: In accordance with Clause (xxiii) of the Listing Relation No.35 under Code of Corporate Governance we are please to convey the following information:
Mari Gas Company Limited (MARI) (MGCL), has made a significant Crude Oil discovery with the additional potential of Associated Gas, during the drilling of Halini Well (near the village Kamar Sar, Tehsil Essa Khell) in its operated Karak Exploration Block. The Block is located at the boundaries of KPK and Punjab Provinces (between the districts of Karak and Mianwali).
The discovery is estimated to accrue huge foreign exchange savings which could range in billion of dollars at the current oil price trend and thus contribute towards the nation’s endeavor to reduce dependence on imported energy.
The Halini Well was spud on January 07, 2011. The well has been drilled upto a depth of 5,350 meters. During the initial short duration tests carried out, the well flowed at the average rate of 1,700 barrels /day Crude Oil of API gravity 26 at 32/54″ choke size.
The flow rates from the Well, Insha-Allah, are expected to increase with further testing and stimulation treatment which is planned to be conducted, shortly. The prospect is estimated to spread over a large area and the Company is planning to drill additional wells to delineate the exact extent, size and reserves potential of this oil discovery.
The Karak Block was granted to MGCL, as operator and 100% interest owner, on April 14, 2005. Subsequently MOL Pakistan Oil and Gas Company B.V. (an E and P Company of Hungary) acquired 40% Interest share in the Block from MGCL.
For more information, contact:
Mari Gas Company Limited
21 Mauve Area, 3rd Road
G-10/4 Islamabad- 44000.Pakistan
P.O. Box No: 1614