More Oil Reserves Discovered Near Gujar Khan, Punjab

Mari Petroleum Company Limited (MPCL), along with its Joint Venture Partner, Pakistan Petroleum Limited (PPL) has made an oil discovery near Gujar Khan in Rawalpindi District.

According to the stock filing, this discovery was made at an exploratory well Dharian-l ST-3, drilled in Ghauri Exploration License, near Gujar Khan in Rawalpindi District of Punjab.

Mari is the operator of Ghauri Exploration License with 65% working interest shared with Pakistan Petroleum as 35% interest holder.

It is the second consecutive discovery by the Ghauri Joint Venture in Ghauri Block. The said well was spud-in on December 21 , 2017 and drilled down to the depth of 4,770m MD/4,472m TVD with the objective to test the hydrocarbon potential of Sakessar and Khewra formations as primary targets.

The Drill Stem Tests carried out in Khewra Formation flowed 372 barrels of crude oil @ 64/64″ choke size having API gravity of 29° and WHFP 10-25 psi.

The Ghauri JV is planning to undertake expeditious evaluation of Dharian-l ST-3 discovery by putting it on test production. It is important to mention that first ever discovery in Ghauri Block was made at exploratory well Ghauri X-I in 2014, which is currently on production.

Ghauri JV intends to drill 3rd exploratory well, namely Miraj-l, as part of its continuous efforts for tapping indigenous hydrocarbon resources.

At the time of filing this report, MARI’S shares at the bourse were trading at Rs. 1,199.90, up by Rs. 6.32 or +0.53% with a turnover of 10,940 shares on Friday.

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