KARACHI: Pakistan Petroleum Ltd (PPL) has made a gas and condensate discovery from the exploration well of Shahpur Chakar North X-1 in the Gambat area of Sanghar, Sindh.

The exploration well was drilled to a depth of 3,560 metres to test the hydrocarbon potential. “Based on the wire line logs, potential hydrocarbon-bearing zones were identified inside the target reservoirs,” the company said in a filing to the Pakistan Stock Exchange on Wednesday.

Initial testing showed 15.2 million cubic feet per day of gas along with condensate of 321 barrels per day, it added.

Crescent gets sukuk proceeds

Crescent Steel and Allied Products Ltd announced on Wednesday it received the proceeds of the privately placed, secured and untradeable long-term Sukuk or Islamic bond.

The Rs800 million debt instrument has a tenor of three years, according to a regulatory filing. It’ll be repayable in six semi-annual instalments. The proceeds of the Sukuk will be primarily utilised to fund working capital requirements of the company.

Published in Dawn, October 13th, 2022