Pakistan Petroleum Limited (PSX: PPL) alongside its joint venture partners has commenced production at a new Development Well, Adhi South-8, Potohar region.
“We are pleased to disclose that as part of our continuous efforts towards increasing production of oil and gas, production has commenced from Adhi South-8, a new development well drilled in Adhi Mining Lease which is operated by the Company with 39 percent working interest along with its Joint Venture partners, Oil & Gas Development Company Limited (OGDCL) and Pakistan Oilfield Limited (POL) with working interests of 50% and 11% respectively,” the stock filing stated.
Adhi South-8 was successfully drilled to a depth of 3,460 meters and completed as a producer based on encouraging log results.
Subsequent to the tie-in of the well with the plant, production from the well has commenced at the rate of 550 barrels per day (bpd) of oil and 0.8 million standard cubic feet per day (MMscfd) of gas at 36/64″ choke.
This additional indigenous hydrocarbon production will contribute to reducing the energy demand and supply gap and save significant foreign exchange for the country.
The foregoing information is submitted in compliance of Section 96 of the Securities Act, 2015 and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations, for dissemination amongst your members.