Mari Drills Third Appraisal Well in Ghazij’s Formation

Staff Report

MARI has successfully drilled the third appraisal well in Ghazij’s formation in the Mari D&PL.

According to a notice sent to PSX, the gas flows at a rate of 10.5mmcfd with a wellhead flowing pressure of 490Psi at 64/64-inch choke size.

Gas flows from this well would only commence once regulatory approvals are completed.

Additionally, the company is also preparing a field development plan for submission to relevant authorities as the total size of discoveries from this formation increases to 35mmcfd. However, this formation currently records flows of 13.55mmcfd.

The block is operated by MARI with 100% working interest (WI).Mari Petroleum acquires 30% working interests in Margala Block from MOL

Commencement of flows from the new appraisal well would have an annualized EPS impact of ~PKR 8.4. Moreover, a realization of the discovered field potential would have an incremental annualized impact of PKR 17.5 per share on the company’s profitability