Mari Petroleum : Financial Results for the 1st Quarter ended September 30, 2023
October 26, 2023 at 02:55 am EDT
Share
MPCL-CA-23-3685
October 26, 2023
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi
Subject: Financial Results of the 1st Quarter ended on September 30, 2023
Dear Sir,
It is informed that the Board of Directors of Mari Petroleum Company Limited in its meeting held on October 26, 2023 (today) at 10:00 a.m. at Fauji Foundation Head Office, Rawalpindi, has recommended the following:
a.
CASH DIVIDEND
:
NIL
b.
BONUS SHARES
:
NIL
c.
RIGHT SHARES
:
NIL
A copy of the Profit & Loss Account for the 1st Quarter ended on September 30, 2023, as approved by the Board of Directors is enclosed, while major highlights of the quarter are as under:
Highest-everquarterly hydrocarbon volumetric sales of 10 MMBOE, which is 12% higher than that of Q1 2022-23. This is driven by the timely monetization of the development projects.
Highest-everNet Profit of Rs. 19.1 billion, which is 50% higher than that of Q1 2022- 23, with EPS of Rs. 143.50 per share (Q1 2022-23: Rs. 95.31 per share)
New Exploration Efforts:
Appraisal well Mari Ghazij-2 was successfully drilled and tested @ 11.1
MMSCFD with WHFP of 510 psig at 64/64" choke size, soon after the period under review.
Drilling of challenging exploratory well Maiwand X-1(Block-28, Balochistan) and appraisal-cum exploratory well Shewa-2 (Waziristan Block, KP) is in progress.
Progressing under guidance of the Board, MPCL has secured a license for mineral exploration in the Chagai district in Balochistan. The company has also signed an MOU with Barrick Gold for strategic collaboration on mining projects.
For the year 2022-23, MPCL won three prestigious awards for Environmental
Management, Emergency Response, and Health & Safety Risk Assessment & Control, at the 9th International Awards on Environment, Health and Safety.
The quarterly report of the company for the period ended September 30, 2023 will be transmitted through PUCARS and will also be available at the company's website at www.mpcl.com.pkin due course of time.
You may please inform the TRE certificate holders of the exchange, accordingly.
Very truly yours,
Muhammad Sajjad
Acting Company Secretary
Encls: As stated above
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Mari Petroleum Company Limited published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 06:54:43 UTC.
Mari Petroleum Company Limited (MPCL) is an integrated exploration and production company. The Companyâs principal business activities include oil and gas exploration, drilling, field development, production, and sale of hydrocarbons, including natural gas, crude oil, condensate, and liquefied petroleum gas (LPG), as well as provision of exploration and production (E&P) related services on a commercial basis. Its segments include Exploration and Production; Mari Seismic Unit (MSU), and Mari Drilling Unit (MDU). The Company is engaged in managing and operating Pakistan's gas reservoir at Mari Field, District Ghotki, Sindh. It also provides two-dimensional (2D)/three-dimensional (3D) seismic data acquisition, seismic data processing, drilling and mud logging services. The Company holds approximately seven development and production (D&P) leases and over 17 exploration licenses as an operator. The Company also has working interest in Zarghun South D&P and Nareli Block.
MARI PETROLEUM COMPANY LIMITED 
