Pakistan Petroleum Limited has just announced its 8th discovery of Hydrocarbons this year.
Pakistan Petroleum Limited (PPL), with the joint venture of Digri Exploration License – which comprises of United Energy Pakistan – has discovered hydrocarbons from exploratory well Gulsher-1 in Digri block situated in district Tando Allah Yar, Sindh.
United Energy Pakistan is the operator holding a 75% working interest in the venture while Pakistan Petroleum Limited holds a 25% working interest.
Gulsher-1 was spud on 17th August 2018 and drilled to a total depth of 8,227 feet to test the hydrocarbon potential of the upper and middle sand of the lower Goru formation.
Based on wire line logs and drilling results Modular Dynamic Test (MDT) was carried out against the promising zone which confirmed hydrocarbons on the C interval of the upper sand. After completion of the well, a zone from 5572-5587 feet was perforated in the C interval of the upper sand which flowed, 1056 barrels per day of oil with a flowing well head pressure of 102 psi.
The announcement further added that the discovery will add to the hydrocarbon reserves and will also help increase the energy supply and reduce the energy crisis within the country
PPL’s script at the bourse was trading at Rs 209.85, up by Rs 4.99, with a turnover of 736000 shares.
PPL has been a key player in the E&P sector with a significant share in the gas supply of the country. It has been working aggressively towards hydrocarbon drilling. The sector’s drivers seem back in action as oil prices have started climbing once again.