Mari Energies Ltd (MARI), the operator of Waziristan Block, has discovered hydrocarbons in the exploratory well i.e. Spinwam-1, having a flow rate of 12.96mmcfd/20bpd of gas and oil, respectively. This was the second exploratory well in the region, with MARI and OGDC  having working interests of 55% and 35%, respectively. In summary, the following discovery is expected to contribute an annualized EPS impact of PkR1.35/0.24 per sh for MARI and OGDC.

We reiterate our ’Hold’ stance for MARI, with a Dec’25 TP of PkR570/sh alongside a DY of 4% during the same period. For OGDC, we reiterate our ‘BUY’ stance for the country’s largest E&P, with a Dec’25 TP of PkR358/sh alongside a DY of 7% from the last close.

Courtesy – AKD Research