POL announces hydrocarbon discovery

KARACHI: Pakistan Oilfields Limited (POL) has announced a sizeable hydrocarbon
discovery from develop- ment well Maramzai-04, Tal Block.

As per the notice issued at the bourse by the company, MOL – operator of the field - has encountered hydrocarbons in development well Maramzai-04, Tal Block. The well has flowed 438bpd oil and 15.7mmcfd gas. Production from the well is expected to start from April 2017, it added.

“We estimate earnings impact of Rs1.2/share for Pakistan Oilfields Limited, Rs0.2/share for Pakistan Petroleum Limited and Rs0.1/share for Oil and Gas Development Company Limited.” However, we believe the size of the discovery is somewhat a disappointment given better numbers witnessed in earlier discoveries in Tal Block,” Syed Atif Zafar at JS Global said. To recall, POL, PPL and OGDCL hold 21.05 percent, 27.76 percent and 27.76 percent post-commerciality stakes in Tal Block.