Mari Energies Limited has discovered additional hydrocarbon reserves at the Spinwam-1 exploration well in Khyber Pakhtunkhwa’s Waziristan Block. This marks the second gas and condensate discovery at the site after an earlier find in February 2025. The listed company, previously known as Mari Petroleum, announced the breakthrough in a notice to the Pakistan Stock Exchange (PSX) on Monday.
According to the company, the well is producing 20.485 million standard cubic feet per day (MMSCFD) of gas and 117 barrels per day of condensate. The flow was recorded at a 32/64” choke with a Well Head Flowing Pressure (WHFP) of 3,431 psig. Mari Energies operates the Waziristan Block with a 55% working interest, while joint venture partners Oil and Gas Development Company Limited (OGDCL) and Orient Petroleum Inc. hold 35% and 10%, respectively. Further testing is ongoing to evaluate the well’s full potential.
Despite this promising discovery, Mari Energies reported a sharp 39% drop in profit after tax for the second quarter of the fiscal year 2025. The company posted earnings of Rs11.17 billion, a steep decline from Rs18.36 billion in the same period last year. The decrease was mainly due to lower revenue and rising operational costs, which have impacted overall profitability despite the new gas find.
The latest discovery is expected to strengthen Pakistan’s energy sector by boosting domestic gas production. As testing continues, experts believe these reserves could help reduce the country’s dependence on costly imported gas, potentially easing pressure on Pakistan’s energy crisis.