Pakistan Petroleum which is the pursuant to the Hub Exploration License No. 2566-4, has together with its joint venture partner, Sindh Energy Holding Company limited discovered hydrocarbons from well Hub X-1, which is located in Lasbela District, Balochistan.
Pakistan Petroleum Limited (PPL) announced on Friday that during testing the well flowed 0.08 MMscfd gas at 16/64’’ choke from a 2730 to 2760 meter interval while continuous gas from the zone between 2550 to 2375 meters was observed at the surface at a rate of 0.02 MMscfd at 8/64’’ choke but which rate may be uncertain due to very low flow rate.
However this discovery is too meagre to have any commercial significance but it has academic significance said the filing. It may also have a favorable impact on the future of exploration in the area but its true extent will only be known substantial appraisal.
Hub X-1 was spud on September 9, 2017 and drilled down to the depth of 4,555 metres to test the potential of Cretaceous and Jurassic reservoirs.
Earlier in March 2018, Pakistan Petroleum Limited (PPL) had announced a hydrocarbons discovery at Adhi South X-1, an exploratory well in Rawalpindi.
The discovery had been made with its joint venture partners Oil and Gas Devleopment Company Limited and Pakistan Oil fields Limited.
The Hub X-1 discovery is too meager to have any commercial significance. However, it has academic significance and may cast the favorable impact on the future of exploration in the area. The true extent of the discovery will only be known after substantial appraisal work.
PPL’s share price was down by 2.13%, or Rs-4.53, to close at Rs207.73 with a volume of 840,800 shares at the Pakistan Stock Exchange (PSX).