Pakistan Oilfields Limited (POL) on Monday announced that hydrocarbons have been encountered in its exploratory well, Makori East-1, in Tal Block, which is being drilled. In an information sent to Karachi Stock Exchange (KSE), the company said that in the Lockhart Formation, upper 50 meters of the drilled section produced around 3209bbls per day of oil (API gravity 37) and 10.7mmcfd gas during Barefoot DST 32/64 inches fixed choke size at flowing wellhead pressure of 3179 psi.
The discovery is made in the uppermost reservoir and drilling will be continued to penetrate and test the deeper prospective horizons, the company said. The full extent of discovery from the well will be known once the well reaches the planned total depth during next three months. MOL Pakistan is operator while pre-commercially working interest of POL is 25 percent.
"The initial test numbers are far more encouraging with oil and gas flows are tested at 3209 barrels per day (bpd) with gas production flows of 10.7 million cubic feet per day (mmcfd)," Farhan Mahmood, senior analyst at Topline Securities said. He said that POL would be the major beneficiary as this will increase POL's oil production to around 5800 barrels per day, highest level since December 2007.
The company started its Makori East well 01, on August 30, 2010 with a target depth of 4169 meters. The well is situated in Tal block in Khyber Pakhtoonkhwa province in which apart from POL, other listed joint venture partners are OGDC and PPL both having 27.7 percent stake. While drilling the upper section of the well, the discovery is made in the upper most reservoirs and drilling will continue to penetrate test the deeper prospective horizons.
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