Pakistan Oilfields Limited (POL), an oil and gas exploration company, has discovered hydrocarbon reserves at its Jhandial-03 well located in Attock district.
The listed company, which is a subsidiary of Attock Oil Company Limited, UK and its ultimate parent is Coral Holding Limited, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“We are pleased to inform you that significant quantity of hydrocarbons has been encountered from the Jhandial-03 well drilled in the Ikhlas block of Pakistan Oilfields Limited located in Attock District,” read the notice.
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The company informed that the drilling of Jhandial-03 well was commenced on October 12, 2023 and the well was drilled till the depth of 17,778 feet in base Lockhart Formation.
“Jhandial-03 well was drilled with the objective to appraise the already discovered hydrocarbons in Sakesar formation (Eocene) and to explore the potential of deeper Lockhart and Patala formations (Paleocene),“read the statement.
It shared that the well has currently been completed in Sakesar formation, while sharing the details of flow rates at different choke sizes.
Hydrocarbon flows from the well were noted around 677-767 barrels of oil per day (bopd) and 7.4-10.2 million cubic feet per day (mmcfd) of gas.
“The well is expected to be connected to the production line within three weeks’ time,” it added.
Pakistan Oilfields Limited is the operator in Ikhlas block with 80% working interest, while the Attock Oil Company (AOC) has a 20% working interest.
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“The annualised impact on earnings is around Rs10 per share, 7% of FY25 earnings,” said Topline Securities in a note.
Incorporated in Pakistan as a public limited company, POL is principally engaged in exploration, drilling and production of crude oil and gas in Pakistan. Its activities also include marketing of liquefied petroleum gas under the brand name POLGAS and transmission of petroleum.
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