Mari Petroleum Company Limited (MPCL) in a notice sent to the Pakistan Stock Exchange (PSX) has informed that the company has acquired 20 pc working interest and operatorship of 20 pc from Tullow Pakistan Development Limited (TPDC) and 5 pc working interest by OGDCL in Bannu West Block. The deed of assignment has been approved by the director of Mari Petroleum and has been executed by the government of Pakistan.
As a result of the deed, Mari petroleum has become the operator of the Block with the following allocation of interests:
- MPCL (35pc) operator
- OGDCL (35 pc)
- TPDL (20 pc)
- Saif Energy (10 pc)
MPCL will begin exploration activities in the Block shortly.
MPCL is Pakistan’s third largest exploration and production (E&P) company, engaged in oil & gas exploration activities, drilling, field development, production and distribution of natural gas, crude oil, condensate and LPG as well as provision of E&P related services on commercial basis.
The stock for MPCL is currently trading at Rs 1,312.20 registering an increase of Rs 22.18 (1.69pc).
