PPL discovers gas reserves in Sindh

KARACHI: Pakistan Petroleum Limited (PPL) has announced discovery of hydrocarbon reserves from its exploratory well, Zafir X-1 in the Gambat South Block in Sindh. PPL holds 65 percent stakes in the block, a bourse filing said on Thursday.

According to preliminary testing, the well has flowed 29.2mmcfd of gas. Importantly, the gas from the well will be priced as per the lucrative Petroleum Policy 2012. “Our initial estimates suggest an addition of Rs0.51 per share to the bottom line of the company, assuming an oil price of $50/bbl,” Waleed Rahmanin said in a report issued by Arif Habib Limited.  Just to recall, the company discovered eight wells in the said block, including Wafiq, Shahdad, Sharf, Kinza, Faiz (two formations), Kabir and Hatim.