Pakistan Petroleum Commences Oil and Gas Production in Potohar Region

Pakistan Petroleum Limited (PSX: PPL) has started production of oil and gas at the Adhi South-9 well in the Potohar region, the company informed the main bourse on Monday. “As part of our continuous efforts towards increasing production of oil and gas, production has commenced from Adhi South-9, a new development well drilled in Adhi Mining Lease which is operated by the Company with 39% working interest along with its Joint Venture partners,” the stock filing stated. Oil & Gas Development Company Limited (OGDC) and Pakistan Oilfields Limited (POL)  are PPL’s JV partners with working interests of 50 percent and 11 percent, respectively. Adhi South-9 was successfully drilled to a depth of 3,430 meters and completed as a producer based on encouraging log results. Subsequent to the tie-in of the well with the plant, production from the well has commenced at the rate of 530 Barrels per Day (bpd) of oil and 0.6 MMSCFD of gas. PPL’s scrip at the bourse closed at Rs. 130.47, down 0.96 percent or Rs. 1.27 with over 3.4 million shares on Monday.