MOL Group Makes New Hydrocarbon Discovery in TAL Block

MOL operates TAL block with 8.4% stake while Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company (OGDC) hold 21%, 28% and 28% stake in the company, respectively.

Drilling for the Mamikhel South-1 exploratory well began in October 2019 and reached a total depth of 4939 meters on May 23, 2020 before hydrocarbons were detected. The well flowed 3,240bpd (barrels daily) of condensate and 16.12mmcfd (million cubic feet daily) of gas from Lockhart and Hangu formation as a result of the testing.

“The annualized EPS effect for POL, PPL and OGDC is around Rs 4.5, Rs 0.6 and Rs 0.4, respectively, according to our estimate,” “In our estimate we took the present Arab Light crude oil price at $42 / bbl” The main impact of this discovery is for POL, and if oil prices rise from the current level by $10 / bbl, we assume the annualized effect of POL’s EPS in FY21 would be Rs 5.3.

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