In a notification sent to the bourse on Wednesday, Pakistan Oilfields Limited announced that they have made a significant oil and gas discovery in Ikhlas Block located in Attock District.
The Jhandial -1 well was drilled to base Paleocene, with a total depth of 18,497 ft.
During the production testing, significant amounts of hydrocarbons were encountered in Sakessar, Nammal and Patala formations.
The well will be connected to the production line within two weeks and would gradually attain full potential. Jhandial-1 structure has a closed area of about 15 sq.kms, most likely with a thick net reservoir column from top Chorgali Formation to base Paleocene.
POL holds 80% share, while Attock Oil Company has 20% share in the Ikhlas Block.
At the time of filing of this report, POL’s script at the bourse is trading at Rs. 524 with Rs. +2.13 or +0.41% with an intraday high of Rs. 535 with a turnover of 1.43 million shares.
Pakistan Oilfields Limited (POL) recently announced its financial result that its consolidated net profit surged 17.62%to Rs. 11.90 billion in this fiscal year. The company had booked Rs. 10.12-billion profit in the same period last year.
Pakistan Oilfields Limited (POL) is a leading oil and gas exploration and production company listed on Pakistan Stock Exchange. It maintains a highly diversified exploration and production portfolio. POL is presently operating nine Development and Production leases i.e. Pariwali, Meyal, Joyamair, Minwal, Dhulian, Khaur, Pindori, Turkwal and Balkassar.
Its exploration team is also evaluating exploration and exploitation opportunities within and outside Pakistan with an ultimate aim to sustain long-term production goals.