Mari Petroleum acquires entire working interest of PEL (Pvt) in Sukkur

Sept 7, 2018 (MLN): Mari Petroleum Company Limited (MPCL) has acquired the entire working interest of Petroleum Exploration (Pvt) Limited (PEL) in Block 2768-9 (Sukkur) as part of its efforts to expand its exploration portfolio.

Previously, Mari Petroleum and Petroleum Exploration had been Joint Venture Partners in the Block with the Mari having a working interest of 58.8235%, with the remainder 41.1765% belonging to Petroleum Exploration.

According to an announcement on the Pakistan Stock Exchange, on Friday, September 7, 2018, MPCL has signed a Farm-in/Farm-out Agreement with PEL to acquire their entire 41.1765% working interest in the Block, which will make MPCL the 100% working interest owner in the Block.

The agreement would however come into affect after the approval of the Assignment Agreement by the government authorities, namely the Directorate General Petroleum Concessions (DGPC) as well as the completion of all the codal/legal formalities.

According to the Company Secretary Assad Rabbani, “the acquisition is part of MPCL’s efforts to expand its exploration portfolio for enhancing its reserves base through an exploration-led growth strategy.”

Copyright Mettis Link News