ISLAMABAD – Pakistan Petroleum Limited (PPL) has announced the discovery ofHydrocarbons from Exploratory Well ‘’Adhi South X-1, Adhi Mining Leasewhich is located in district Rawalpindi, Punjab.
The company has 39% working interest in the Adhi Mining Lease and operatesit. The Adhi South X-1 well was drilled to test hydrocarbon potential ofKhewra sandstone formation.
PPL’s share price increased 1.36%, or Rs 2.70, to Rs 201 with a volume of180,500 shares at the Pakistan Stock Exchange (PSX).
Pakistan Petroleum Limited is the pioneer of the natural gas industry inthe country and has been a frontline player in the energy sector since themid-1950s. PPL contributes over 20 percent of the country’s total naturalgas supplies besides producing crude oil, Natural Gas Liquid and LiquefiedPetroleum Gas.
Pakistan has ramped up work on finding vast deposits of tight gas in thewake of rapid depletion of conventional gas reserves in the country.
PPL and its subsidiaries hold a portfolio of 44 exploration blocks. 26blocks are operated by PPL (including one in Iraq operated by PPLA) and 18are operated by the company’s partners including three offshore blocks inPakistan and two on-shore blocks in Yemen.