Mari Petroleum Company Limited (MPCL) has made a new significant gas discovery resulting from its new exploratory efforts at Tipu -1 Exploration Well, drilled in Mari D&P Lease Area, located in District Ghotki, Sindh Province.
MPCL is the Operator of Mari D&P Lease Area with a 100% working interest share. The said well was spud-in on July 05, 2017 and has been successfully drilled down to the depth of 3,944 meters.
The well was drilled with the objective to test the hydrocarbon potential of Northern Compartment at Lower Goru B Sand level as well as assess the hydrocarbon potential of Sembar as a probable shale/tight gas potential.
The Drill Stem Tests carried out in Lower Goru “B” Sand, flowed gas at a rate of 15.5 MMSCFD at WHFP of 2153 Psi at 40/64 inch choke size and subsequently during Completion Integrity Test, the well produced 21.4 MMSCFD gas @ 40/64 inch choke size.
This is the 3rd consecutive new discovery following its earlier two discoveries at SML/SUL Limestone levels, which have been primarily achieved from the results of the Company’s extensive investment on acquisition of 1,079 sq.km wide-azimuth 3D seismic data, simultaneously imaging all the probable hydrocarbon bearing zones/compartments as well as the presently producing reservoirs followed-up by an equally extensive wells exploration program in the Mari D&P Lease Area.
At the time of filing this report, MARI’s share price increased 3.15%, or Rs. 48.85, to Rs. 1,601.10 with volumes of 2000 shares at the Pakistan Stock Exchange.
The company is highly encouraged with the positive results of said seismic data which has identified additional new prospects at different reservoir levels, which the company plans to drill in the next 2-3 years to chase additional hydrocarbon in the area.
At present the company operates four Development & Production Leases, eight Exploration Licenses and has joint venture interest share in five other Exploration.