Corporate Alert: Mari Petroleum acquires Tullow Pakistan’s working interests in Bannu West (Block 28 & Kalchas Block)

In a notice issued by Mari Petroleum (MARI), it has been informed that Mari Petroleum has acquired Tullow's working interests in Bannu West, Block 28 & Kalchas block.

Mari Petroleum Company Limited (MPCL) and Tullow Pakistan (Development) Ltd. (Tullow) have signed Heads of Terms (HoT) for proposed acquisition by MPCL of following working interests in different blocks from Tullow:

1. 20% Working Interest in Bannu West Block, KPK & FATA
2. 95 % Working Interest in Block 28, Balochistan
3. 30% Working Interest in Kalchas Block, Balochistan & Punjab

The above referred acquisitions are subject to:

1. Approvals by the Boards of MPCL and Tullow.
2. Execution of a binding Sale and Purchase Agreement by the Parties; and
3. Approval of the Government of Pakistan in terms of respective Petroleum Concession Agreements and Petroleum Rules applicable to these blocks.

Signing of HoT for acquisition of Tullow's entire working interests in Bannu West, Block-28 and Kalchas Block is a substantive step by MPCL towards enhancement of its exploration portfolio for reserves led growth strategy.

The notice can be read here.