Pakistan Petroleum Limited informed the Pakistan Stock Exchange that a gas condensate discovery was made from another zone, Lockhart, at exploratory well Razgir-1 in Tai Block. This joint Venture comprises MOL Pakistan Oil & Gas Co. B.V. (operator), Oil & Gas Development Company Limited (OGDCL), PPL, Pakistan Oilfields Limited (POL), and Government Holdings (Private) Limited (GHPL). Discoveries disclosed previously via our aforesaid letters were from exploratory zones Lumshiwal-1 and Kawagarh-1, respectively.

The exploratory well was spud on 9 January 2024 and reached the target depth of 3,773.98 meters (true vertical depth). Based on wireline log data, the Lockhart Formation (Exploratory Target) was successfully tested (Post Acid Stimulation) at the rate of 17.9 Million Standard Cubic Feet Per Day (MMSCFD) of gas and 153 Barrels Per Day (BPD) of Condensate at 40/64″ Choke against a Wellhead Flowing Pressure (WHFP) of 2,017 Pounds per Square Inch (Psi).

This new discovery has de-risked further exploration in TAL Block, leading to new upside opportunities. The discovery will also help improve the country’s energy security from indigenous resources and add to the hydrocarbon reserves base of PPL, its Joint Venture partners, and the country.