AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Mari Energies Ltd (MARI), the operator of the Waziristan Block, has announced the discovery of hydrocarbons in the Spinwam-1 exploratory well. The well, located in the Waziristan Block, has demonstrated a flow rate of 12.96 million cubic feet per day (mmcfd) of gas and 20 barrels per day (bpd) of oil. This marks the second exploratory success in the region for MARI and its partner, Oil and Gas Development Company (OGDC), who hold working interests of 55% and 35%, respectively.
According to a statement by AKD Securities Limited, the discovery is expected to have a significant financial impact, contributing an annualized earnings per share (EPS) impact of PkR1.35 for MARI and PkR0.24 for OGDC. The firms have maintained their respective investment ratings, with a ‘Hold’ stance for MARI and a ‘BUY’ recommendation for OGDC. The target price for MARI is set at PkR570 per share by December 2025, with a dividend yield (DY) of 4%. Meanwhile, OGDC has been given a target price of PkR358 per share by the same period, with an expected dividend yield of 7%.
The findings at Spinwam-1 underscore the potential of the Waziristan Block in contributing to the region’s energy resources. Both companies are optimistic about the future prospects following this discovery.