ISLAMABAD: Pakistan Oilfields Limited (POL) has announced the discovery of significant hydrocarbon reserves at its Razgir-1 exploratory well in Kohat district, Khyber Pakhtunkhwa.
POL, a subsidiary of Attock Oil Company Limited, shared the news with the Pakistan Stock Exchange (PSX) on Monday. The Razgir-1 well, part of the TAL block operated by MOL Group, was spudded on January 9, 2024, and drilled to a depth of 3,950 meters.
The Drill Stem Test (DST) of the Lumshiwal formation revealed the well’s potential, producing 20 MMscf of gas per day and 250 barrels per day of condensate at a flowing wellhead pressure of 2,348 psi. POL noted that testing operations are ongoing to determine the well’s true potential.
Stakeholders in the TAL block include Oil and Gas Development Company Limited (OGDC), Pakistan Petroleum Limited (PPL), and POL with stakes of 27.8%, 27.8%, and 21.1% respectively. According to Arif Habib Limited (AHL), the discovery is expected to impact annualized earnings by Rs3.13/share for POL, Re0.43/share for PPL, and Re0.27/share for OGDC.
POL, a public limited company, is engaged in the exploration, drilling, and production of crude oil and gas in Pakistan, and also markets liquefied petroleum gas under the brand name POLGAS.
