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MarketScreener Homepage  >  Equities  >  KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED, THE  >  Pakistan Petroleum Ltd.    PPL   PK0081801018

PAKISTAN PETROLEUM LTD.

(PPL)
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Pakistan Petroleum : Stops Offshore Drilling as No Oil and Gas Reserves Found

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05/23/2019 | 09:28am EDT

PTI reported that Pakistan's hopes for the discovery of large reserves of oil and gas off Karachi coast in the Arabian Sea faded as it stopped the much-celebrated offshore drilling after no oil and gas reserves were found. Dawn reported that special assistant to the prime minister on Petroleum, Nadeem Babar, announced that the offshore drilling in Kekra-1 did not yield desired results. The paper said that "The operators of the well have decided to plug it in the coming days. Around 17 attempts have been made in the past, but all remained unsuccessful despite encouraging data from each drilling.

A senior official of the petroleum division said that after drilling more than 5,500 metres reserves were not found. Therefore, he added, it had been decided to plug the well and abandon the project.

The paper added that around USD 100 million has been invested in the project, but the officials of the petroleum division maintain that the data received from the drilling and other seismic studies of the well will be useful for future exploration activities in the region.

At the same time, the officials say, oil and gas E&P is described as a "high risk-high reward" business and the failures should not be taken as a loss.

The drilling was initiated around four months back by ENI, an Italian oil and gas exploration and production (E&P) giant, which is the operator of Kekra-1. The other four partners of the well were ExxonMobil of the US one of the world's largest oil and gas firms Pakistan Petroleum Limited and the Oil and Gas Development Company Limited (OGDCL).

(c) 2019 Bakhtar News Agency. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
OIL & GAS DEVELOPMENT CO., LTD. 1.89% 127 End-of-day quote.-5.22%
PAKISTAN PETROLEUM LTD. 1.95% 134.88 End-of-day quote.-12.98%
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Financials (PKR)
Sales 2019 164 B
EBIT 2019 82 051 M
Net income 2019 59 892 M
Debt 2019 -
Yield 2019 7,41%
P/E ratio 2019 4,98x
P/E ratio 2020 4,96x
Capi. / Sales2019 1,86x
Capi. / Sales2020 1,69x
Capitalization 306 B
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 202,28  PKR
Last Close Price 134,88  PKR
Spread / Highest target 68,2%
Spread / Average Target 50,0%
Spread / Lowest Target 33,5%
EPS Revisions
Managers
NameTitle
Moin Raza Khan Chief Executive Officer & Managing Director
Salman Akhtar Chairman
Syed Ehtesham Ahmad Chief Financial Officer
Mohammad Ahmed Kauser General Manager-Information Technology
Muhammad Sajid Farooqi Independent Non-Executive Director
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