Pakistan

New Oil, Gas field discovered by POL in Khyber Pakhtunkhwa

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KARACHI: A leading state-owned exploration firm, Pakistan Oilfields Limited (POL) announced on Thursday that it had discovered new oil and gas deposits in Makori Deep-02 (a development well) located in Tal block in Khyber-Pakhtunkhwa.

In a notification sent to the Pakistan Stock Exchange (PSX), POL Company Secretary Khalid Nafees said, “Well test shows the flow of 1,844 barrels of oil per day and 18.25 mmscf (million standard cubic feet) of gas per day.”

He added, “While production from the well is expected to start from December 2019, actual production may differ significantly from the test results.”

As a result, POL’s share price hit its upper limit of 5% and increased by Rs. 18.66 to close at Rs. 391.96 with trading in 989,800 shares at the PSX.

POL holds the pre-commercial working interest of 25 % in the Tal block. The Tal block well is operated by Hungarian oil and gas firm MOL. The development well has remained under the testing phase.

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