Mari Petroleum Company Limited (MPCL) declared a new gas discovery in Ghotki, district of Sindh at the exploratory well Shaheen-I in the Mari lease area on Wednesday.
The well was drilled down to the depth of 1,175 metres to explore and test the hydrocarbon potential of Sui Main Limestone (SML) and Sui Upper Limestone (SUL) on January 5, 2017. The drill stem tests carried out in SML and SUL formations flowed gas at a combined rate of 12.334 million standard cubic feet per day (mmscfd) at wellhead flowing pressure of 1,045 per square inch (psi) at 48/64-inch choke size subsequent to acid job.
Mari Petroleum was the sole owner and operator of the Mari gas field, the largest gas field in the country in terms of balance reserves.
The company’s stock price rose 0.66%, or Rs8.69, and closed at Rs1,305.54 with a volume of 33,720 shares at the stock exchange on Wednesday. The gain was in stark contrast to a significant drop in the broader market, which dived 553.76 points.
