Pakistan Petroleum Limited, which is the operator of Block 8 in Iraq, spud the first international exploration well, Madain-1.
This makes it the first Pakistani oil and gas exploration and production company with a footprint as an operator on the international oil and gas map.
The block is located in the Mesopotamian basin and it is surrounded by areas that have several large oil and gas fields.
According to the notification to the Pakistan Stock Exchange, the well is being drilled on an integrated project management basis by a Chinese drilling contractor, ZEPEC, marking a significant milestone in the company’s history as its first exploration well.
The Madain-1 prospect was matured with the help of a 3D seismic survey carried out by the company over a 300 square kilometer area of the block that spans around 6000 square kilometers. There are multiple reservoir targets in Madain-1 that will be drilled through to a depth of approximately 5000 meters.
PPL’s shares at the bourse were trading at Rs. 177.99, up by Rs. 1.18 or +0.67% with a turnover of 106,600 shares on Tuesday.