ISLAMBAD, JULAY 18: Along with its joint venture partners, Pakistan Petroleum Limited (PSX: PPL) has started production at a new Development Well, Adhi South-8, in the Potohar area.
As part of our ongoing efforts to increase oil and gas production, we are happy to announce that production has started from Adhi South-8, a new development well drilled in the Adhi Mining Lease. The Company operates this well with a 39 percent working interest, and its joint venture partners, Oil & Gas Development Company Limited (OGDCL) and Pakistan Oilfield Limited (POL), with working interests of 50% and 11%, respectively.
Based on promising log data, Adhi South-8 was successfully drilled to a depth of 3,460 meters and finished as a producer. Production from the well has started at a rate of 550 barrels per day (bpd) of oil and 0.8 million standard cubic feet per day (MMscfd) of gas at 36/64 choke after the well was tied up to the plant.
By producing more hydrocarbons domestically, the nation will save a substantial amount of foreign cash and close the gap between supply and demand for energy. For distribution among your members, the aforementioned information is provided in accordance with Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations and Section 96 of the Securities Act, 2015.
