PPL Subsidiary Agrees $6 Million Deal With Iraqi Oil Company for Exploratory Well

A subsidiary of Pakistan Petroleum Limited (PSX: PPL) has received $6 million from Iraq’s Midland Oil Company in relation to an exploratory well in Iraq. This follows the successful settlement with Midland Oil Company (MdOC) in respect of the Exploration, Development, and Production Service Contract (EDPSC) for Block-8, Iraq. “We are now pleased to notify that PPL Asia E&P B.V. (PPLA), a wholly-owned subsidiary of the Company, has received the amount of USD 6.0 million on 3rd January 2025 in relation with the closeout of the above referred EDPSC. This receipt marks the successful conclusion of the closeout and settlement,” the filing stated.