POL discovers major hydrocarbon reserves in Attock

MG News | July 15, 2024 at 02:48 PM GMT+05:00

0:00

July 15, 2024 (MLN): Pakistan Oilfields Limited (PSX: POL) has discovered a significant quantity of hydrocarbons at the Jhandial-03 well in Attock District.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

"We are pleased to inform you that significant quantity of hydrocarbons has been encountered from the Jhandial-03 well drilled in the Ikhlas Block of Pakistan Oilfields Limited located in Attock District," read the notice.

The drilling, which began on October 12, 2023, reached a depth of 17,778 feet in the base Lockhart Formation.

The well was drilled with the objective to appraise the already discovered hydrocarbons in Sakesar formation (Eocene) and to explore the potential of deeper Lockhart and Patala formations (Paleocene).

The well has currently been completed in Sakesar formation and the company has shared the following details of flow rates at different choke sizes;

Choke Size	Well head Flowing Pressure (WHFP) PSI	Oil Barrels per day (BOPD)	Gas Million Cubic Feet per day (MMSCFD)
28/64"	3,170	714	10.2
24/64"	4,134	701	9.6
20/64"	5,412	677	8.4
16/64"	6,718	767	7.4

The well is expected to be connected to the production line within three weeks' time, the company said.

To note, POL is the operator in Ikhlas Block with 80% working interest, while The Attock Oil Company (AOC) has a 20% working interest.

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