Mari Petroleum Company Limited (PSX: MPCL) has given a couple of good news recently; it is looking to diversify into power generation, planning a 400MW gas-fired plant in southern Punjab as per media reports. The companys development well, located in Balochistan's Bolan block, has also started pumping gas into the national grid.
Along with this, the company announced a good increase in earnings for 1HFY17. For the first six months of FY17, the exploration and production firm witnessed a 10 percent year-on-year increase in gross sales, while the net sales went up by 36 percent year-on-year. The increase in net sales mainly came from increase in average selling price besides increase in production.
The firms bottomline however, expanded my 125 percent, and apart from increased net revenues, 73 percent year-on-year decrease in exploration and production expenses played a major role in boosting up the earnings for 1HFY17. The earnings for the period were slightly offset by higher royalty and other operating expenses.
Accordign to the firms first quarter report, MPCL has plans to drill seven exploratory wells and three appraisal/development wells a total of 10 wells - in FY17. The company continued its uninterrupted supply of gas from Mari Field during the 1HFY17 to all its customers that including Engro Fertilizer, Fauji Fertilizer Limited, Fatima Fertilizer Limited, Foundation Power Company Dharki Limited, Central Power Generation Company Limited, Sui Norther Gas Pipelines Limited, Sui Southern Gas Company Limited.
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