Mari Energies Limited (MARI) has signed a farm-out agreement with Hycarbex American Energy Inc. to acquire a 65% working interest and operatorship in the Peshawar block, located in Khyber Pakhtunkhwa.
The listed company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“We are pleased to inform you that Mari Energies Limited and Hycarbex American Energy Inc. have signed farm-out agreement under which Mari Energies will acquire from Hycarbex 65% working interest and the operatorship in the Peshawar block located in KP,” read the notice.
Mari Energies profit declines 39% in 2QFY25
MARI said that the acquisition is subject to requisite regulatory approvals, execution of deeds of assignment with the government, and completion of other related formalities.
“This transaction demonstrates MariEnergies’ commitment towards strengthening its upstream portfolio by expanding into prospective onshore areas across the country, supporting indigenous hydrocarbon exploration & development activities and contributing to Pakistan’s energy security,” the company added.
MARI is the country’s second-largest producer of natural gas. It is an integrated oil and gas E&P company with an exploration success rate of around 70%, which is significantly higher than the industry averages of approximately 30% nationally and 14% internationally.
The company operates Pakistan’s largest gas reservoir at Mari Gas Field, Daharki, Sindh.
