POL discovers oil and gas Wells in Punjab

POL discovers oil and gas Wells in Punjab

*KARACHI: Pakistan Oilfields Limited (POL) has lucratively discovered oil in Khaur, North of Punjab, revealed on Thursday by a notice of Pakistan Stock Exchange (PSX).*

According to details, the well is drilled at the depth of 14,586ft in Amb construction which will keep it a moderately trivial well, which will flow at the force of 776psi to 1090psi.

The preliminary examination recommends the flow of oil and gas to be 502bpd & 1.4mmcfd respectively. Meanwhile, the well was tested with water flow of 277bpd but it can result in negative effect for crude oil production.

The data reveals the annual revenue generation to be of Rs2.88/share at $70/bbl of crude oil and PKR/USD parity of 129.

In the notice it is already stated clearly, that the authentic flow of the oil may be different than the projected, therefore precautionary measures shall be taken in the initial days by testing it at lower flow in the major oil detection area of Jhandial well