Exciting News! Discovery of substantial quantity of Hydrocarbons by Pakistan Oilfields Limited (POL) in Attock District

Exciting News! Discovery of substantial quantity of Hydrocarbons by Pakistan Oilfields Limited (POL) in Attock District

By: Communicators - Business Team (July 15, 2024)

The discovery of significant hydrocarbons by Pakistan Oilfields Limited (POL) in the Attock District could have substantial implications for Pakistan's energy sector. Discoveries like this can potentially boost local energy production, reduce dependency on imports, and contribute positively to the economy.

This is a significant development in the exploration activities in Pakistan's Ikhlas Block. The notice to the Pakistan Stock Exchange (PSX) mentions that a substantial quantity of hydrocarbons has been encountered from the Jhandial-03 well, which is located in the Attock District. Here are some key details from the notice:

• Start Date of Drilling: October 12, 2023
• Depth of Drilling: 17,778 feet
• Target Formations:
  • Primary: Sakesar formation (Eocene)
  • Secondary: Lockhart and Patala formations (Paleocene)

The drilling in the Jhandial-03 well aimed to both appraise previously discovered hydrocarbons in the Sakesar formation and explore the potential of deeper formations. This discovery could have positive implications for the region's energy sector and the stakeholders involved.

The well has currently been completed in Sakesar formation.by POL in the Ikhlas Block The expected connection to the production line within three weeks is a positive development for the company. With POL holding an 80% working interest and Attock Oil Company (AOC) holding the remaining 20%, the collaboration between the two companies is noteworthy.

Analysts indicates that the annualized impact on earnings could be around Rs. 10/share, which represents about 7% of the projected earnings for FY25. This suggests a considerable boost to the company's financial performance due to the new production from the Sakesar formation.