Pakistan Oilfields Limited (POL), has successfully tested hydrocarbon at development well Pindori-10.
POL is the operator of Pindori D&P lease with 35 percent stake whereas OGDC and Attock Oil Company hold 50 percent and 15 percent stake, respectively.
According to the latest notice sent to Pakistan Stock Exchange (PSX), drilling of Pindori-10 started in January 2019 and achieved target depth of 4,176 meters. As a result of drill stem test (DST), the well tested on an average 832bpd (barrels per day) of oil and 2.76mmcfd of gas from Lockhart formation.
"As per our calculation, the annualized earnings impact for POL is around Rs 2.1 per share," Aftab Awan, an analyst at Sherman Securities said.
"Due to sharp decline in international crude oil price amid rising concern of a possible global slowdown, we have revised down our long term oil price assumption to $60/bbl from $70/bbl. Thus, our FY20 and FY21 EPS is revised down to Rs 62 and Rs 69, respectively while dividend yield for respective years is now 13 percent and 16 percent," he added.
Comments
Comments are closed.