Muhammad Omar
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Under Construction King Abdullah Campus of the University of Azad Jammu & Kashmir at Chatter Klass
KARACHI: MOL informed joint-venture partners that it has discovered significant reserves of crude oil and gas from a new well in Makori Deep-01, Tal Block, Khyber Pakhtunkhwa, according to a bourse filing on Friday.
“…the well has tested 2,020 barrels per day of crude oil, 5.4 mmscf (million standard cubic feet) of gas per day,” said Pakistan Oilfields Limited (POL) Company Secretary Syed Khalid Nafees in a notification to the Pakistan Stock Exchange (PSX).
The pre-commerciality working interest of POL in the block is 25%, he said.
The well, under the Makori Development & Production Lease, “has been drilled and is currently under testing phase,” he added.
Well simulation through acid wash is also planned and true potential of the well would be known after the conclusion of acid stimulation job. Production from the well would start after the completion of pipeline to the production facility.
IMPACT ON EARNINGS.
In a note after the discovery, Arif Habib Limited said the gas of the well qualifies to be priced according to Petroleum Policy 2012.
Oil and Gas Development Company Limited (OGDC) and Pakistan Petroleum Limited (PPL) have stakes of 27.8% each, while POL has 21.1% stake in the block, it said.
K-P gas theft causing annual loss of Rs8 billion, claims Abbasi
Assuming an oil price of $45/barrel and exchange rate of Rs105/dollar, the annualised earnings impacts of the discovery would be “Rs0.10 per share for OGDC, Rs0.16 per share for PPL and Rs1.23 per share for POL,” the brokerage house added.
KARACHI: MOL informed joint-venture partners that it has discovered significant reserves of crude oil and gas from a new well in Makori Deep-01, Tal Block, Khyber Pakhtunkhwa, according to a bourse filing on Friday.
“…the well has tested 2,020 barrels per day of crude oil, 5.4 mmscf (million standard cubic feet) of gas per day,” said Pakistan Oilfields Limited (POL) Company Secretary Syed Khalid Nafees in a notification to the Pakistan Stock Exchange (PSX).
The pre-commerciality working interest of POL in the block is 25%, he said.
The well, under the Makori Development & Production Lease, “has been drilled and is currently under testing phase,” he added.
Well simulation through acid wash is also planned and true potential of the well would be known after the conclusion of acid stimulation job. Production from the well would start after the completion of pipeline to the production facility.
IMPACT ON EARNINGS.
In a note after the discovery, Arif Habib Limited said the gas of the well qualifies to be priced according to Petroleum Policy 2012.
Oil and Gas Development Company Limited (OGDC) and Pakistan Petroleum Limited (PPL) have stakes of 27.8% each, while POL has 21.1% stake in the block, it said.
K-P gas theft causing annual loss of Rs8 billion, claims Abbasi
Assuming an oil price of $45/barrel and exchange rate of Rs105/dollar, the annualised earnings impacts of the discovery would be “Rs0.10 per share for OGDC, Rs0.16 per share for PPL and Rs1.23 per share for POL,” the brokerage house added.
