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

Islamabad: Pakistan Petroleum Limited (PPL) has reported a significant discovery of hydrocarbons at the Razgir-1 exploratory well within the Lockhart Formation of the Tal Block. This discovery, confirmed on 29th July 2024 and 6th August 2024 through prior communications, marks the continuation of successful exploration efforts by a consortium including MOL Pakistan Oil & Gas Co. B.V., Oil & Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL), and Government Holdings (Private) Limited (GHPL).

The exploratory well Razgir-1 was spud on 9th January 2024 and achieved the target depth of 3,773.98 meters. The well testing yielded a production rate of 17.9 million standard cubic feet per day (MMSCFD) of gas and 153 barrels per day (BPD) of condensate. The tests, conducted at a choke size of 40/64 inches, resulted in a wellhead flowing pressure of 2,017 pounds per square inch.

According to information available from the Pakistan Stock Exchange (PSX), this new hydrocarbon discovery is crucial for the energy security of the country, as it not only adds to the hydrocarbon reserves of the involved companies but also de-risks further exploration in the Tal Block. This opens new avenues for exploration and potential upside opportunities.

This discovery aligns with the compliance requirements of Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations, ensuring that the findings are shared with stakeholders to bolster market transparency.

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