Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, has acquired a working interest from Spud Energy Pty Ltd (SEPL) in Zarghun South and Nareli Block.
Mari shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“Mari and SEPL have signed agreements today (February 07, 2024) for the acquisition of 40% working interest in Zarghun South D&PL and 27.55% working interest in Nareli Block by Mari from SEPL,” read the notice.
Mari shared the said acquisitions are subject to requisite regulatory approvals and completion of related formalities.
Spud Energy Pty Ltd (SEPL) is a wholly owned subsidiary of Jura Energy Corporation, an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan.
Zarghun South covers an area of 124.22 square kilometres and is located in the western part of the Sulaiman Fold and Thrust Belt of the Middle Indus Basin in Pakistan and is located near the gas demand centre of the city of Quetta, Balochistan.
Meanwhile, Nareli Block covers an area of approximately 2,414.95 square kilometres and is located in the Harnai, Sibi and Loralai districts in Balochistan.
By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, the E&P is the second largest producer of natural gas in the country.
The company is an integrated oil and gas exploration and production company and around 70% exploration success rate, which is much higher than industry averages of around 33% national and 14% international.
Mari’s key customers include fertiliser manufacturers, power generation companies, gas distribution companies; and refineries.
The company posted a profit-after-tax (PAT) of Rs37.51 billion in 1HFY24, up over 57% year-on-year (YoY), compared to PAT of Rs23.87 billion in the same period of the previous year.