New oil and gas reserves discovered in Punjab: PPL

New oil and gas reserves discovered in Punjab: PPL
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ISLAMABAD - Pakistan Petroleum Limited has announced another discovery of hydrocarbons from exploration well Talagang X-1 situated in district Chakwal Punjab, according to a notification sent to the Pakistan Stock Exchange (PSX) on Friday.

The company owns 100% working interest and is the operator of the Karsal block, which is a village in district Chakwal, Punjab.

In initial testing in the Eocene carbonates of Chorgali, Sakesar formations, 313 barrels per day of hydrocarbons flowed together with a minor immeasurable quantity of gas at FWHP of 77 psi on 32/64’’ choke.

Pakistan Petroleum informed that the well is being drilled further to test the deeper formations. The well’s entire potential will be determined after evaluating and testing of the other potential hydrocarbon bearing zones in the well.

PPL’s stock price dropped 0.43%, or Rs 0.89, to trade at Rs208 with 40,900 shares changing hands at the PSX.

Pakistan Petroleum Limited is a key supplier of natural gas in the country. The company is engaged in conducting exploration, prospecting, development and production of oil and natural gas resources. PPL has been working aggressively towards hydrocarbons drilling.

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