Mari energies announces fourth hydrocarbon discovery in Waziristan Block
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Mari Energies Limited has made a significant announcement regarding its fourth hydrocarbon discovery. The discovery was made at the Spinwam-1 exploratory well, located in the Lockhart Formation of the Waziristan Block in Khyber Pakhtunkhwa (KP). The company shared this news in a filing to the Pakistan Stock Exchange (PSX) on Tuesday.
This latest discovery has yielded impressive results. The Spinwam-1 exploratory well produced gas at 70.3 million standard cubic feet per day (MMSCFD) along with condensate output of 310 barrels per day. The well also registered a wellhead flowing pressure (WHFP) of 3,264 psi. Additionally, a smaller choke size produced gas at 29.3 MMSCFD and 166 barrels of condensate per day.
Mari Energies operates the Waziristan Block with a 55% working interest. Its partners include Oil and Gas Development Company Limited and Orient Petroleum Inc., holding 35% and 10% interests, respectively. This discovery follows previous announcements about hydrocarbon finds in the Samanasuk, Kawagarh, and Hangu formations, bringing the total to four discoveries from this well.
The successful testing program highlights the potential for further hydrocarbon exploration in the region. Following the announcement, Mari Energies’ stock price rose by 5.65%, reaching Rs. 692.00, reflecting heightened investor confidence. With a market capitalization of Rs. 830.83 billion and 1.2 billion shares in circulation, the company continues to attract interest in its exploration efforts.
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