Islamabad January 26 2023: Mari Petroleum Limited (MARI) profitability jump 44 percent in comparison to the period of the previous year to PKR 23.8 billion, according to company filing to the exchange.
Company share price gains PKR 19.09 or 1.34 percent in today trading session at Pakistan Stock Exchange.
The addition of new sales gas from SGPC, better applicable oil and gas prices and higher exchange rate drove the Net Sales to PKR 61 billion.
The Company successfully completed the construction of Sacha I Gas Processing Complex (SGPC) Phase-Il facilities to process the low Btu gas from Goru-B reservoir of Mari Gas Field. Current supply from SGPC to the national grid stands at 47.5 mmscfd, the notification added.
The Company drilled its first ever horizontal well (Mari-122H) in the HRL Reservoir of the Mari Field and successfully commissioned it to aid in mitigating the declining delivery pressure and to sustain production plateau.
A framework agreement was signed with three fertilizer customers for the installation of Pressure Enhancement Facilities at Mari Field to maintain HRL Reservoir gas production plateau at a pressure of 150 psig for sustainable gas
supplies to the fertilizer plants.
Production from Bolan East-l Oil Field and Zarghun South Gas Field was resumed on fast track basis after rehabilitation of pipeline and road network that were damaged in flash floods in Balochistan.
The Company added four new exploration blocks in its portfolio via participation in the bid round held in October 2022 for which legal formalities are underway.
Subsequent to the period end, the Company has announced a good quality gas discovery at its exploratory well Mari Ghazij-l, located in Mari D&PL in Sindh Province. The discovery has added an additional reservoir horizon in the
existing Mari Field and opened a new play concept, especially for infrastructure led exploration in mature basins.
The announced interim dividend of PKR 89 per share will be paid to those shareholders whose names will appear on the Register of Members at the close of business on February 03,2023.