LAHORE: In a notification sent to the Pakistan Stock Exchange (PSX), Pakistan Petroleum Limited (PPL) notified the bourse that the company has discovered hydrocarbons from the exploratory well “Adhi South X-1 well.
According to the notification, PPL, while conducting drilling to test the hydrocarbon potential of Khewra sandstone formation have found hydrocarbons from the exploratory well. The company also notified that it holds a 39 per cent working interest in the Adhi Mining Lease.
The notification issued under the PSX Rule 5.19.13 (c) read “The company, which has a 39 per cent working interest in the Adhi Mining Lease and operates it, has discovered hydrocarbons from the exploratory well, Adhi South X-1, which is located in the Rawalpindi district.”
The notification further apprised that the well was drilled to test the hydrocarbon potential of Khewra sandstone formation. During testing the well flowed 2.62 MMscfd of gas and 1550 bbl/d of oil at 32/64” choke.
After the notification, PPL’s share price increased 1.36 per cent, or Rs 2.70, to Rs 201 with a volume of 0.22 million shares traded at the PSX. KSE-100 index was trading at 42896.50 points, down 176.24 points from close on Friday at the time of filing of this report.