Islamabad, Oct 7: PPL Subsidiary Secures Exploration and Production Contract With Iraqi Oil Company
PPL Asia, a subsidiary of Pakistan Petroleum Limited (PSX: PPL), has successfully reached a settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil company, bringing an end to all matters related to the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq.
According to PPL’s stock filing, this agreement was signed on October 6, 2024, in Baghdad, by Imran Abbasy, Managing Director-A of PPL Asia, and Muhammad Yaseen Hassan, Director General of MdOC.
As part of the settlement, MdOC will facilitate a net payment of $6 million to PPL Asia through a third party, ensuring that the company’s financial interests are secured.
This agreement is a significant outcome of extended negotiations with Iraqi authorities, enabling PPL Asia to successfully conclude their contractual obligations for Block-8.
In compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations, the settlement details were disclosed. Following the announcement, PPL’s stock saw a rise of 2.67% (Rs. 3.17), reaching Rs. 121.77, with over 8.5 million shares traded on Monday.
