MARI drills appraisal well in Sindh

KARACHI: Mari Petroleum Company Limited (MARI) has successfully completed drilling and testing its third appraisal well in the Mari Ghazij formation, according to a notice sent to the Pakistan Stock Exchange on Thursday.

“MARI has successfully drilled and tested the third appraisal well in the Ghazij formation in the Mari D&PL,” read the notice.“ The well was spudded in on February 15,2024, and drilled down to a depth of 1,483 meters. The post-acid gas flow rate from the well was 10.5 million standard cubic feet per day (MMSCFD) with a wellhead flowing pressure (WHFP) of 490 pounds per square inch (Psi) at 64/64-inch choke size.”

The company, which operates the Mari D&PL with a full stake, plans to bring the well into production after meeting regulatory requirements and is also preparing a field development plan for approval.

“The company is also preparing a field development plan for submission to relevant regulatory authority for approval,” it added. Brokerage house Arif Habib Limited noted that the additional gas flow could increase MARI's annual earnings per share by Rs16.98.

Earlier successes include the commencement of gas production from an appraisal well at Mari Ghazij-l last November and another successful drilling and testing earlier this year.