Mari Petroleum Company Limited (MPCL) announced on Friday that it discovered new oil and gas reserves from Aqeeq-1 well in Sujawal District, Sindh.According to a statement from the company, the discovery was made during testing in the region.
“During testing in the upper sands, the well showed five MMS CFD (million standard cubic feet per day) gas and 21 barrels per day condensate, thus confirming the presence of natural gas with condensate,” it said.
MPCL currently holds 100% working interest and is the operator of the Sujawal Block. The aforementioned well was spud in on March 9, 2017, and successfully drilled down to the depth of 2,320 meters into Upper Shale of Lower Goru Formation.
Meanwhile, a separate announcement at the Pakistan Stock Exchange (PSX) added that the newly-discovered gas qualifies for 2012 Petroleum Policy price. During trading on Friday, MPCL’s share price fell 1.42% or Rs23.12 to Rs1,600.14 with a volume of 130,860.
Report By: Engr. Shahid Mahmood
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