Pakistan Petroleum, in a Joint Venture with the Ziarat Exploration License which comprises of Mari Petroleum Limited, has discovered hydrocarbons from its exploratory well, Bolan East-1 ST-1, which is located in the Kachhi district of Balochistan.
Mari Petroleum Company Limited owns a 60% working interest and is the operator of the Ziarat Block, while Pakistan Petroleum Limited (PPL) is a wholly owned subsidiary PPL E&P and owns a 40% working interest in the block.
The notification read that the drill stem tests were carried out in Chiltan and Moro/Mughal Kot Formations wherein the Chiltan Formation flowed 810 barrels per day of 15.6 API gravity oil with WHFP of 134-167 psi at the rate of 32/64 inch choke size.
Whereas Moro/Mughal Kot Formation flowed 69- barrels per day of 15.6 API gravity oil with WHFP of 142-158 psi at the rate of 32/64 inch choke size during pre-acid well test operations.
Furthermore, it is expected that the oil flow rate from Moro/Mughal Kot Formation will increase after the acid stimulation job, it stated.
The discovery is being further evaluated from a commercial perspective.
PPL’s script at the bourse was trading at Rs 210, up by Rs 2.78 with a turnover of 189,000 shares.