Oil and Gas Company, MOL Pakistan has discovered fresh oil and gas deposits in appraisal well Mardankhel-3 of Tal block in Khyber Pakhtunkhwa (KP).
While making an announcement at Pakistan Stock Exchange (PSX), the company’s statement read:
“The well has tested 195 barrels per day of condensate (oil), 5.6 mmscf (million standard cubic feet) of gas per day and 48 barrels per day of water”
During the test phase of the well, hydrocarbons were found. The statement further read:
“It should be borne in mind that actual production may differ significantly from the test results”
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In addition, the notification further added that MOL Pakistan is the operator of Tal block. It is pertinent to mention that Pakistan Oilfields Limited (POL) has a pre-commercial working interest of 25% in the block.
Findings of Research Report
IGI securities, in its research report stated that being the operator of Tal block, MOL Pakistan held an 8.4% stake. Moreover, they also said that Oil and Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) had 27.8% stake each.
The share details of each of the POL, PPL and OGCDL is as following:
- At the PSX, share price of POL gained 57% or Rs7.73 and it closed at Rs498.31 with a volume of 317,100 shares
- PPL’s share price rose 54% or Rs0.95 and it closed at Rs176.01 with a volume of 313,200 shares at the PSX
- OGDCL registered an upsurge of 14% or Rs1.80, at Rs158.56 with trading in 867,800 shares
In the international oil market, JS Global Research accredited the increase in shares prices of exploration and production companies to a mounting trend.
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In its post-market report, the brokerage house stated:
“Crude oil surged to trade comfortably above $53.5 per barrel for most part of the day”
Discovery of these jewels is not difficult. It’s usage at the right time is what matters. Do you agree with this statement?
Source: Express Tribune