Mari Energies Limited has officially started gas and condensate production from its Shewa discovery located in the Waziristan Block, Khyber Pakhtunkhwa, according to a filing at the Pakistan Stock Exchange (PSX) on Tuesday.
This milestone follows the completion of the gas transmission pipeline by Sui Northern Gas Pipelines Limited (SNGPL) and is part of the Extended well-testing phase.
“We are pleased to announce that gas and condensate production has commenced from Shewa discovery located in Waziristan Block in KP Province under the Extended Well Testing (EWT) phase, after completion of the gas transmission pipeline by SNGPL,” read the notice sent to the PSX.
The company said that the current average production rates are 26 MMSCFD of gas and 244 BBLs/D of condensate, with the production expected to ramp up as the gas processing plant stabilizes gradually.
Mari Energies, which holds a 55% working interest in the Waziristan Block, is collaborating with the Oil and Gas Development Company Limited (OGDCL) and Orient Petroleum Inc., holding 35% and 10% working interests, respectively.
This achievement is seen as a significant step in improving Pakistan’s energy security and contributing to the socio-economic development of the region.
However, despite the positive announcement, the company’s stock witnessed a slight decline. Mari Energies’ stock price, which had been trading at Rs680 earlier in the day, dropped by 0.28%, reaching Rs674 by 11:30 AM.
