Gas deposits discovered in Sui – Alfalah Securities Limited

Karachi, July 10, 2012 (PPI-OT): Heavy gas deposits have been confirmed in the Sui area of Dera Bugti which was reported after completion of 2-dimension survey to explore new natural gas reservoirs in Sui area.

According to Alfalah Securities Limited, the survey was delayed for the last 15 years due to poor law and order situation in the area. The production of natural gas at Sui in Balochistan is declining from 4 to 5% every year which requires exploration on fast track to avert the gas shortage that is likely to aggravate with the passage of time. In this regard, Surveys in Kharan desert and Barkhan has also been completed and exploration of newly discovered natural resources in these areas would be launched soon. With any additional production from Sui field would add to the profitability of PPL which has 100% working interest in the Sui field. Alfalah Securities Limited recommends a Buy on PPL with target price of PkR 246 per share.