Mari Petroleum Company Limited (MARI), a prominent energy and exploration company in Pakistan, has achieved another milestone by successfully drilling and testing an appraisal well in the Mari Ghazij formation located in Mari Development and Production Lease (D&PL), Sindh.
In a notice to the Pakistan Stock Exchange (PSX) on Thursday, MARI announced the successful drilling and testing of the third appraisal well in the Ghazij formation within the Mari D&PL. The well, spudded in on February 15, 2024, reached a depth of 1,483 meters. It recorded a post-acid gas flow rate of 10.5 million standard cubic feet per day (MMSCFD) with a wellhead flowing pressure (WHFP) of 490 pounds per square inch (Psi) at a 64/64-inch choke size.
MARI plans to put the well into production after fulfilling necessary regulatory requirements and is preparing a field development plan for regulatory approval.
Arif Habib Limited (AHL), a brokerage house, estimates that the additional gas flow from this development will have an annualized earnings impact of Rs16.98/share on MARI.
This achievement follows MARI’s successful drilling and testing of the Mari Ghazij-l appraisal well earlier this year, demonstrating the company’s consistent progress in the exploration and production sector. MARI operates the largest gas reservoir in Pakistan at Mari Gas Field, Daharki, making it the second-largest natural gas producer in the country.
With a high exploration success rate of around 70%, MARI serves key customers in various sectors including fertilizer manufacturing, power generation, gas distribution, and refineries.
