Islamabad: Mari Petroleum Company Limited (MARI), one of Pakistan’s foremost energy and exploration enterprises, has achieved a significant milestone with the successful drilling and testing of the Mari Ghazij-2 appraisal well situated in Mari D&PL, Sindh. This noteworthy development was officially disclosed by the company through a communication to the Pakistan Stock Exchange (PSX) on Monday.
Notably, in January, this exploration and production (E&P) company struck gas at its initial exploratory well, Mari Ghazij-1, also located in Mari D&PL. As a strategic step in the wake of this discovery, MARI initiated the drilling and testing of the Mari Ghazij-2 appraisal well, in line with their appraisal plan.
It is essential to emphasize that appraisal wells are instrumental in assessing the attributes of a proven petroleum reserve, specifically its flow rate. In this venture, MARI holds the exclusive role of operator for Mari D&PL, with a 100% working interest.
The process commenced on September 11, 2023, with the drilling operation reaching a depth of 1,016 meters. Remarkably, the post-acid gas flow rate achieved a substantial 11.1 million standard cubic feet per day, with a wellhead flowing pressure of 519 pounds per square inch, operating at a 64/64 inch choke size.
Mari Petroleum Company Limited has articulated its intention to make Mari Ghazij-2 the inaugural installment in a series of planned appraisal wells. These wells aim to comprehensively evaluate the Mari Ghazij-1 discovery and gauge the extent of its reserves. Subsequently, once the requisite regulatory formalities are satisfied, the well will enter an extended well testing phase, supplying gas to a government-designated buyer.
In a related development, the Directorate General Mines & Minerals Balochistan granted an Exploration License (EL-186) to MARI, allotting an area spanning 501 square kilometers near Dalbandin, District Chagai, Balochistan. This strategic move aligns with MARI’s diversification strategy and its commitment to fostering the growth of Pakistan’s mineral mining sector.
In a testament to its financial prowess, Mari Petroleum Company Limited reported impressive year-on-year growth in net sales and net profit, boasting historic highs of Rs145.7 billion and Rs56.1 billion, respectively, during the fiscal year 2022-23. Notably, the net profit would have reached Rs64.7 billion if not for the 10% super tax provision. This substantial growth in net profit is also reflected in the earnings per share (EPS), which surged to a historical high of Rs420.75 per share from the previous year’s Rs247.8 per share.