KARACHI: Mari Petroleum Company Ltd said on Wednesday it has made a discovery of hydrocarbons at its Bannu West-1 well in the Bannu West Block located in North Waziristan, Khyber-Pakhtunkhwa.

A stock notice said the discovery includes gas and condensate with a flow of 25 million cubic feet per day and 300 barrels per day, respectively.

The company is the operator of Bannu West Block with a working interest of 55 per cent. Oil and Gas Development Company Ltd has a stake of 35pc and Zaver Petroleum Corporation Ltd controls 10pc shares in the block.

According to Topline Securities, the earnings impact on Mari Petroleum Company Ltd will be around Rs25 a share or roughly 6pc of 2022-23 income. For Oil and Gas Development Company Ltd, the impact will be around Rs0.5 a share or about 1oc of 2022-23 bottom line.

The share price of the company rose 2.24pc to Rs1,650.94 apiece on Wednesday.

Published in Dawn, June 2nd, 2022