Mari Energies discovers hydrocarbons in KP

KARACHI: Mari Energies Limited, formerly Mari Petroleum Company Limited (MARI), has discovered hydrocarbon reserves at the Spinwam-1 exploration well in Khyber Pakhtunkhwa.

The listed energy firm disclosed the discovery in a regulatory filing to the Pakistan Stock Exchange (PSX) on Tuesday. “Mari Energies Limited has made a gas/condensate discovery at the Spinwam-1 exploration well, drilled in the Waziristan Block, located in North Waziristan District of Khyber Pakhtunkhwa,” the company stated.

MARI operates the Waziristan Block with a 55 per cent working interest, while Oil and Gas Development Company Limited (OGDCL) and Orient Petroleum Inc hold 35 per cent and 10 per cent stakes, respectively.

Spinwam-1, the second exploratory well in the block, was spudded on May 28, 2024, and drilled to a total depth of 4,400 meters. Initial pre-acid testing of the Samanasuk Formation yielded a gas flow of 12.96 million standard cubic feet per day (MMSCFD) and approximately 20 barrels per day (bbl/d) of condensate at a 32/64” choke, with a wellhead flowing pressure of 2,127 psig.

Further testing, including post-acid stimulation and assessments of additional formations, is underway to determine the well’s full potential. “This discovery has opened a new play within the block,” the company noted.

The announcement comes as Mari Energies reported a 39 per cent year-on-year decline in profit-after-tax (PAT) to Rs11.17 billion in the second quarter of FY25, down from Rs18.36 billion a year earlier, citing lower revenue and higher costs.