Mari Energies Limited, formerly known as Mari Petroleum Company Limited (MARI), has discovered further hydrocarbon reserves at the Spinwam-1 exploration well in Khyber Pakhtunkhwa.
The listed company, one of Pakistan’s largest energy and exploration companies, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“Reference our letter No. CA-25-4414, dated February 25, 2025, communicating the discovery of gas and condensate at exploration well Spinwam-1 in the Waziristan Block, KP from the Samanasuk Formation. We are pleased to announce that a 2nd gas and condensate discovery has been made in the Kawagarh Formation at the Spinwam-1 well,” read the notice.
MARI shared that “the well has flowed 20.485 MMSCFD of gas and approximately 117 bbl/day of condensate at a 32/64” choke with a Well Head Flowing Pressure (WHFP) of 3,431 psig“.
It added that further testing of additional targeted formations is underway to fully evaluate the well’s potential.
“MariEnergies is the operator of the Waziristan Block, holding a 55% working interest, with Oil and Gas Development Company Limited and Orient Petroleum Inc. as joint venture partners, holding 35% and 10% working interests, respectively,” read the notice.
As per the company’s latest financial results, MARI posted a profit-after-tax (PAT) of Rs11.17 billion in the second quarter of fiscal year 2025 (2QFY25), a decline of over 39% year-on-year (YoY) compared to PAT of Rs18.36 billion in the same period of the previous year.
The decline in profit was attributed to lower revenue and higher expenses incurred during the period.
