Pakistan Oilfields Limited (POL) on Thursday announced a significant hydrocarbon discovery at the Makori Deep-03 development well, located in the TAL block in Karak district, Khyber Pakhtunkhwa.
The E&P disclosed the development in its notice to the Pakistan Stock Exchange (PSX).
“We are pleased to announce that, as per information received from MOL (the operator of TAL Block), a significant quantity of hydrocarbons has been encountered from the development well, Makori Deep-03 located in the district of Karak, Khyber Pakhtunkhwa,” read the notice.
The pre-commerciality working interest of POL in the TAL block is 25%.
The E&P shared that the drilling of Makori Deep-03 well was commenced on December 12, 2024, and the well was drilled to a total depth of 3,887 meters.
“Post completion, the well flowed 22.08 MMSCF of gas per day and 2,112 barrels of condensate per day along with 15 barrels per day of water at 32/64” fixed choke size at the flowing wellhead pressure of 4,744 psi from Lockhart formation,“ read the notice.
POL said the well will be connected to the production line within two months.
The TAL joint venture comprises OGDCL (30% working interest), MOL Pakistan Oil & Gas Co. B.V. (the Operator) (10%), PPL (30%), POL (25%), and Government Holdings Private Limited (GHPL) (5%).
It is pertinent to mention that MOL Group is a multinational oil and gas company headquartered in Budapest, Hungary.
“We anticipate the aforementioned development to have an annualised EPS impact of ~PkR9.2/0.80/1.3 per share for POL, OGDC and PPL, respectively,” said AKD Securities in its note.
Last year, Pakistan’s E&Ps, including POL, OGDC, and PPL, discovered hydrocarbon reserves at the Razgir-1 exploratory well in the Kawagarh formation, located in the Kohat district of Khyber Pakhtunkhwa.
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