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Pakistan Petroleum Limited (PPL) reported of their discovery of hydrocarbons from the exploration well Unarpur-1 ST-1 in the Kotri North Block situated in district Jamshoro, Sindh.
The discovery was made by joint venture partners of the Exploration License of the block; which are United Energy Pakistan Limited, Pakistan Petroleum Limited and Asia Resources Oil Limited holding 50%, 40% and 10% of working interest respectively.
According to the notifications sent to Pakistan Stock Exchange, Unarpur-1 ST-1 was spud on 2nd November 2018 and a total depth of 12,920 feet was drilled to test the potential of hydrocarbon of the Lower Basal Sand of the Lower Goru Formation. Based on drilling results and wireline logs, a Completion Integrity Test was carried out that gave positive results confirming hydrocarbons in the Lower Basal Sand.
Great news as this discovery will resolve the energy crisis of Pakistan
More hydrocarbon reserves will be added, increasing energy supply and reducing energy problems of the country. Pakistan Petroleum limited in a statement on Tuesday issued to Pakistan Stock Exchange said. “After completion of the well, a zone from 12,578 feet to 12,644 feet was perforated in the Lower Basal Sand that flowed approximately 18.5 million cubic feet per day of gas and approximately 54 barrels per day of water with a flowing well head pressure of 1916 psi at 44/64” choke,”
Pakistan petroleum’s script was closed at Rs. 159.30 at the course on Tuesday, downed by Rs. 0.24 with a turnover of 286,300 shares.
Online public resorts to trolling and ridicule showing mistrust
This person took the opportunity to take a jab at the Prime Minister. Incompetent?
The news isn’t great to be happy about according to the user below.
Why the increase in gas prices if the companies are doing well? Asked another.
Finding reserves but not putting it to good use is what this user implies.
Clearly, the excess in prices has left the poor and the middle class shook and with the current PTI government under constant criticism for their decisions and cabinet reshuffles, Pakistanis are not too confident about the near future. The progress above hasn’t convinced them for good times ahead. What are your thoughts on this? Let us know.
