KARACHI: Pakistan Petroleum Limited (PPL) has announced the discovery of oil and gas deposits in exploration well Badeel X-1 located in Sanghar district of Sindh, according to a notification sent to the Pakistan Stock Exchange (PSX).
“Initial testing of the most prospective zone in Massive Sands (Deep) of Lower Goru Formation showed a flow of 23.4 million cubic feet of gas per day along with 91 barrels of condensate (crude oil) per day,” the company said.
The flow confirmed the presence of substantial quantities of hydrocarbon, it said.
PPL is the operator of Gambat South Block (2,568-18) with 65% working interest along with its joint venture partners Government Holdings (Private) Limited and Asia Resources Oil Limited, who have 25% and 10% working interests, respectively.
PPL’s stock price dropped 0.48%, or Rs1.02, to close at Rs210.28 with 1.40 million shares changing hands at the PSX.
“Testing of the zone is in progress at various choke sizes and the well is flowing. However, the actual flow potential of Badeel X-1 will be assessed after completion of the test.
“Moreover, the entire potential of the well will be determined after evaluation and testing of other potential hydrocarbon-bearing zones,” PPL said.
“The discovery will add to hydrocarbon reserves, reduce the supply and demand gap in the country.”
Badeel X-1 was drilled on May 16, 2018 and reached the final depth of 4,150 metres on July 17. Based on the logs, potential hydrocarbon-bearing zones were identified inside the Massive Sands (Deep).
