AIRLINK 175.65 Decreased By ▼ -1.91 (-1.08%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.33 Increased By ▲ 0.16 (1.96%)
FCCL 47.10 Decreased By ▼ -0.22 (-0.46%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.02 Decreased By ▼ -0.33 (-1.21%)
HUBC 142.45 Decreased By ▼ -4.46 (-3.04%)
HUMNL 13.37 Decreased By ▼ -0.14 (-1.04%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 5.91 No Change ▼ 0.00 (0%)
MLCF 61.50 Decreased By ▼ -0.52 (-0.84%)
OGDC 226.31 Decreased By ▼ -8.37 (-3.57%)
PACE 5.80 No Change ▼ 0.00 (0%)
PAEL 44.79 Decreased By ▼ -1.62 (-3.49%)
PIAHCLA 17.93 Decreased By ▼ -0.19 (-1.05%)
PIBTL 10.45 Decreased By ▼ -0.12 (-1.14%)
POWER 12.10 Increased By ▲ 0.11 (0.92%)
PPL 185.99 Decreased By ▼ -5.81 (-3.03%)
PRL 37.25 Decreased By ▼ -0.07 (-0.19%)
PTC 24.14 Increased By ▲ 0.94 (4.05%)
SEARL 99.95 Decreased By ▼ -0.94 (-0.93%)
SSGC 38.40 Decreased By ▼ -1.31 (-3.3%)
SYM 14.89 Decreased By ▼ -0.14 (-0.93%)
TELE 7.75 Decreased By ▼ -0.09 (-1.15%)
TPLP 11.10 Decreased By ▼ -0.01 (-0.09%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 11.00 Decreased By ▼ -0.35 (-3.08%)
WTL 1.36 No Change ▼ 0.00 (0%)
YOUW 3.82 Increased By ▲ 0.05 (1.33%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

PPL Asia E&P B.V. (PPL Asia), a subsidiary of Pakistan Petroleum Limited (PPL), has reached a settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil entity, for Block-8 in Iraq.

PPL, one of Pakistan’s largest exploration and production (E&P) companies, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“The company is pleased to announce that its subsidiary, PPL Asia E&P B.V. (PPL Asia), has reached a mutually favourable settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil company,” said PPL in a statement.

“The settlement successfully concludes all matters relating to the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq,” it added.

As per the notice, the settlement agreement was officially signed on October 6, 2024, in Baghdad, Iraq, by Imran Abbasy, Managing Director-A of PPL Asia, and Muhammad Yaseen Hassan, Director General of MdOC.

“Under the terms of the settlement agreement, MdOC, through a third party, will make a net payment of $6 million to PPL Asia,” PPL informed.

The company said the settlement is a result “of sustained negotiations with Iraqi authorities, marks a significant milestone for PPL Asia and the company, in successfully concluding their contract in Block-8 while securing and safeguarding their financial interests”.

As per PPL’s latest financial results, the company saw its profit-after-tax (PAT) jump by nearly 19% to clock in at Rs115.48 billion for the fiscal year ended June 30, 2024.

Earnings per share (EPS) were recorded at Rs42.44 in FY24, compared to Rs35.73 in the same period last year (SPLY). Experts said the earnings were lower than market expectations.

PPL was incorporated in Pakistan in 1950 with the main objectives of exploring, prospecting, developing, and producing oil and natural gas resources.

Comments

200 characters