Mari Energies Ltd (MARI) has announced a major gas discovery at the exploratory well Shams-1, located in District Ghotki, Sindh. The exploratory well (100% working interest) was successfully tested in the Mari D&PL reservoir, with gas flow reaching 48mmcfd at a 64” choke size, while condensate flow at 64bpd. We anticipate the aforementioned discovery to contribute an annualised EPS impact of ~PkR6.4/sh (11% of FY26E earnings), according to a report by AKD Research.

We have a ‘BUY’ stance on Mari Energies Ltd (MARI), with a Dec’26 TP of PkR935/sh. Our thesis is anchored upon i) significant growth in self-operated production base, ii) less reliance on weakening oil prices, iii) progress on Abu Dhabi Offshore Block-5, and iv) diversification into mineral and AI/data centre.

Full Report

https://research.akdsl.com/639095194801740928.pdf

AKD Research