POL Discovers New Oil & Gas Reserves

In a notification sent to the bourse on Tuesday, MOL Pakistan Ltd, operators of TAL Block, have reported that a Drill Stem Test (DST) conducted at the Hangu and Lamshiwal well has resulted positively with expected output of 1817 barrels per day of condensate and 4.63 MMscf of gas per day at 32/64’’ fixed choke size at the flowing wellhead pressure of 1,594 psi.

According to the company’s press release, hydrocarbons have been encountered in development well Makori East – 06, which has been drilled and is currently in testing phase.

The pre-commercialization working interest of Pakistan Oilfields in the well is 25%. Production in the block is expected to start from February, 2018. POL holds an 80% share, while Attock Oil Company has a 20% share in the Ikhlas Block.

At the time of filing of this report, POL’s script at the bourse was trading at Rs. 650.50 with Rs. +19.80 or +3.41% with an intraday high of Rs. 356 and a turnover of 437,700 shares.

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.

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