Mari Energies discovers hydrocarbon reserves in KP’s Spinwam-1 well

Mari Energies Limited, formerly known as Mari Petroleum Company Limited (MARI), has discovered hydrocarbon reserves at the Spinwam-1 exploration well in Khyber Pakhtunkhwa.

The listed company, one of Pakistan’s largest energy and exploration companies, disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“Mari Energies Limited has made a gas/condensate discovery at the Spinwam-1, exploration well, drilled in the Waziristan Block, located in North Waziristan District of Khyber Pakhtunkhwa,” read the notice.

MARI operates the Waziristan Block with a 55% working interest, while its joint venture partners, Oil and Gas Development Company Limited (OGDCL) and Orient Petroleum Inc., hold 35% and 10% working interests, respectively.

Mari Energies profit declines 39% in 2QFY25

“Spinwam-1 is the second exploratory well in Waziristan Block, which was spud-in on May 28, 2024, and drilled down to a total depth of 4,400m,” it said.

The company shared that well-testing is currently in progress. “Initial pre-acid testing of the Samanasuk Formation has shown a flow of 12.96 MMSCFD of gas and approx. 20 bbl/day of condensate at 32/64” choke and a wellhead flowing pressure of 2,127 psig.“

It added that further testing is underway, including post-acid job and assessments in the existing formation and additional targeted formations, to fully evaluate the well’s potential.

“This discovery has opened a new play within the block.”

As per the company’s latest financial results, MARI posted a profit-after-tax (PAT) of Rs11.17 billion in the second quarter of fiscal year 2025 (2QFY25), a decline of over 39% year-on-year (YoY) compared to PAT of Rs18.36 billion in the same period of the previous year.

The decline in profit was attributed to lower revenue and higher expenses incurred during the period.