Mari Petroleum Ltd awarded provisional exploration blocks after competitive bidding

January 27, 2021 (MLN): Mari Petroleum Company Limited (MPCL) has been awarded provisional new exploration blocks by the Directorate General of Petroleum Concessions (DGPC) after competitive bidding, on the basis of work units committed by different E&P Companies in the Block Bidding Round 2020 arranged by the Government.

According to the notice issued to PSX, MPCL is the operator of two blocks while in the other two blocks, it works as a Joint Venture Partner with other E&P companies.

Formal award of the blocks is subject to:

• Approval of the acquisition by MPCL Board of Directors
• Execution of Petroleum Exploration Licenses/Petroleum Concession Agreements with the Government
• Execution of Joint Operating Agreements among the respective JV Partners
• Completion of related legal/procedural formalities

The likely acquisition of aforesaid blocks is in accordance with the Company's Exploration Business Plan aiming to expand exploration acreage to add new reserves to the Company's hydrocarbon reserve balance, the notice said.

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