PPL settles with Midland Oil for Block-8, Iraq

By MG News | Category Equity | January 06, 2025 at 03:32 PM GMT+05:00

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January 06, 2024 (MLN): Pakistan Petroleum Limited (PSX: PPL) has successfully reached a settlement with Midland Oil Company (MdOC) concerning the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq, the company's filing on PSX revealed today.

PPL Asia E&P B.V. (PPLA), which is a wholly-owned subsidiary of PPL, received $6.0 million on 3rd January 2025.

This payment is related to the closure of the EDPSC mentioned earlier.

The receipt of this amount signifies the successful conclusion and settlement of the contract.

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