Pakistan Petroleum Limited (PPL) has announced a new oil and gas discovery at the Rahi X-1 exploratory well in the Shah Bandar Exploration License, located in Sujawal district, Sindh.
According to the company, production testing at the well yielded 12 barrels of oil per day (bopd) and 0.493 million standard cubic feet of gas per day (mmscfd) at a 32/64-inch choke size.
PPL is the operator of the Shah Bandar Exploration License with a 63 percent working interest, while Mari Energies Limited holds a 32 percent participating interest in the joint venture.
Brokerage estimates by Arif Habib Limited suggest the discovery could add approximately Rs. 0.036 per share annually to PPL’s earnings and around Rs. 0.042 per share to Mari Energies’ earnings, based on the tested production rate.
The discovery is expected to support Pakistan’s efforts to increase indigenous oil and gas production, although the field will require further appraisal and development before commercial production can be established.
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