Mari Energies Limited has announced its fourth hydrocarbon discovery at the Spinwam-1 exploratory well in the Lockhart Formation of the Waziristan Block, located in Khyber Pakhtunkhwa (KP). The company shared the development in a filing to the Pakistan Stock Exchange (PSX) on Tuesday.
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According to the statement, the Spinwam-1 well has produced gas at an impressive rate of 70.3 million standard cubic feet per day (MMSCFD), along with condensate production of 310 barrels per day. The well recorded a wellhead flowing pressure (WHFP) of 3,264 psi. In addition, testing at a smaller choke size yielded gas production of 29.3 MMSCFD and 166 barrels of condensate per day.
Mari Energies operates the Waziristan Block with a 55% working interest, while its joint venture partners include Oil and Gas Development Company Limited (OGDCL) with a 35% share and Orient Petroleum Inc. holding the remaining 10%.
This latest discovery adds to previous hydrocarbon finds in the Samanasuk, Kawagarh, and Hangu formations from the same well, bringing the total to four successful discoveries at Spinwam-1.
The successful results from the testing program highlight the promising potential for further hydrocarbon exploration in the region. Following the announcement, Mari Energies’ stock price surged by 5.65%, closing at Rs. 692.00, reflecting growing investor confidence. The company’s market capitalization now stands at Rs. 830.83 billion, with 1.2 billion shares in circulation, reinforcing its position as a key player in Pakistan’s energy sector.
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