MARI acquires 65% stake in Peshawar Block

MG News | September 30, 2025 at 11:00 AM GMT+05:00

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September 30, 2025 (MLN): Mari Energies Limited (PSX: MARI) and Hycarbex American Energy Inc. (Hycarbex) have signed a farm-out agreement under which Mari Energies will acquire from Hycarbex 65% working interest and the Operatorship in the Peshawar Block located in KP.

This acquisition is subject to requisite regulatory approvals, execution of deeds of assignment with the Government, and completion of other related formalities.

"This transaction demonstrates MariEnergies' commitment towards strengthening its upstream portfolio by expanding into prospective onshore areas across the country," the company stated in its disclosure to the stock exchange.

The farm-out agreement with Hycarbex-American Energy Inc. allows the Canadian company to reduce its exposure in the block while bringing in an experienced local operator with established infrastructure and technical capabilities.

Mari Energies, headquartered in Islamabad, has been actively pursuing growth opportunities in Pakistan's exploration and production sector as the country seeks to boost domestic energy output amid ongoing supply challenges.

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