KARACHI: Pakistan Oilfields Limited (POL) has announced that significant quantity of hydrocarbons has been encountered from the Jhandial-03 well drilled in the Ikhlas Block of Pakistan Oilfields Limited located in district Attock.
According to material information sent to Pakistan Stock Exchange on Monday, drilling of Jhandial-03 well was commenced on October 12, 2023 and the well was drilled till the depth of 17,778 feet in base Lockhart Formation.
POL said that Jhandial-03 well was drilled with the objective to appraise the already discovered hydrocarbons in Sakesar Formation (Eocene) and to explore the potential of deeper Lokhart and Patala Formations (Paleocene).
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The well has currently been completed in Sakesar Formation. The well is expected to be connected to the production line within three weeks’ time, it added.
Pakistan Oilfields Limited is the Operator in Ikhlas Block with 80 percent working interest, while The Attock Oil Company (AOC) has a 20 percent working interest.
Hydrocarbon flows from the well are noted around 677-767 bopd and 7.4-10.2 mmcfd of gas.
“The annualised impact on earnings is around Rs 10/share, 7.0 percent of FY25 earnings”, an analyst at Topline Securities said.
Copyright Business Recorder, 2024
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