Islamabad: Mari Energies Limited has announced a significant milestone in its exploration efforts, revealing its fourth hydrocarbon discovery at the Spinwam-1 exploratory well, located in the Lockhart Formation of the Waziristan Block in Khyber Pakhtunkhwa (KP) province. This discovery, reported in a filing to the Pakistan Stock Exchange (PSX), follows a series of previous successes at the same well.
The discovery at the Spinwam-1 well has yielded substantial results, with gas production recorded at 70.3 million standard cubic feet per day (MMSCFD) and condensate output at 310 barrels per day. The wellhead flowing pressure (WHFP) was noted at 3,264 psi with a choke size of 64/64”. A second choke size of 32/64” also produced promising figures, with gas output at 29.3 MMSCFD and condensate production of 166 barrels per day, achieving a WHFP of 4,993 psi.
Mari Energies, which operates the Waziristan Block with a 55% working interest, made the announcement alongside its joint venture partners, Oil and Gas Development Company Limited (OGDCL) and Orient Petroleum Inc., holding 35% and 10% stakes respectively. This latest discovery adds to Mari’s previous announcements in February, March, and April 2025, bringing the total number of discoveries from the Spinwam-1 well to four, further bolstering the region’s potential for hydrocarbon exploration.
The company’s successful testing program has generated optimism regarding the untapped hydrocarbon resources in the region. Mari Energies is confident that this discovery will make a meaningful contribution to Pakistan’s energy sector and its overall resource base.
Following the announcement, Mari Energies’ stock surged by 5.65%, reaching Rs. 692.00, up by Rs. 36.99 at around noon on April 8, 2025. The spike in the stock price reflected growing investor confidence in the company’s exploration prospects.
Mari Energies continues to lead exploration efforts in KP, with its exploration activities expected to significantly impact Pakistan’s energy landscape in the coming years.
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