The JV between POGC (Operator, 25% WI), MARI (30%), OGDC (30%), and TPOC (15%) commissioned the Lundali-1 well in the Sukhpur-II Block, Sindh, achieving first gas flows on Sept 6th. The well is currently flowing 10mmcfd of gas, with output supplied to SSGC.

The Sukhpur-II Exploration License became effective in early Dec’25, with JV partners accelerating E&P activity and commissioning it within nine months of the grant date. Based on our FY27E assumptions of crude oil and exchange rate, we estimate the incremental gas flows to contribute an annualized earnings impact of PkR0.11/0.39/0.15 for OGDC, MARI and HUBC (50% JV partner in POGC), respectively.

We reiterate our ‘BUY’ stance on both MARI (Dec’26 TP: PkR935/sh) and OGDC (Dec’26 TP: PkR522/sh).

OGDC- Lundali-1 well commissioned in Sukhpur-II Block (AKD Off the Analyst’s Desk Sep 09, 2026)

Courtesy: AKD Research