Pakistan Petroleum Announces New Hydrocarbon Discovery at Razgir-1 Well in Tal Block

Islamabad: Pakistan Petroleum Limited (PPL) has reported a significant hydrocarbon discovery at the Razgir-1 exploratory well in the Tal Block, according to an official communication with the Pakistan Stock Exchange (PSX). The discovery in the Kawagarh-1 formation was achieved following the previous discovery in the Lumshiwal-1 zone, as detailed in the company’s prior notice dated 29th July 2024.

The Razgir-1 well, which was spud on 9th January 2024, reached its target depth at 3,773.98 meters, marking a pivotal development in the exploration efforts undertaken by the joint venture which includes MOL Pakistan Oil and Gas Co. B.V., Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL), and Government Holdings (Private) Limited (GHPL). The new gas condensate was successfully extracted from the Kawagarh-1 formation, producing 16.4 million standard cubic feet per day of gas and 159 barrels per day of condensate, recorded at a wellhead flowing pressure of 1,874 pounds per square inch.

According to information available from the Pakistan Stock Exchange (PSX), this discovery not only enhances the hydrocarbon reserves of PPL and its partners but also significantly contributes to the national energy security by utilizing indigenous resources. The successful testing of the Kawagarh-1 zone has also opened new avenues for further exploratory success in the Tal Block, indicating potential for additional upstream activities.

This recent find is particularly notable as it de-risks further exploration in the area, promising new opportunities for growth and development in the energy sector of Pakistan. The information regarding this discovery has been disseminated in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations, ensuring that all stakeholders are kept informed of the developments.

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