Mari Gas Company Limited (MGCL) recorded an after tax profit of Rs 189 million in the year ended June 30, 2006. This was stated by the Chairman, MGCL Ltd General Syed Arif Hasan (retd) at the Annual General Meeting (AGM) held on Tuesday.
The annual accounts of the company were approved by the shareholders in the meeting, says a press release. The shareholders were informed that, as compared to last year, gross sales for 2005-06 increased by 23 percent to Rs 19,652 million. The rate of return to the shareholder under the revised gas price has been increased proportionately to 32.18 percent against last year's 30.98 percent due to an increase in production level.
The Company's cumulative gas production for the year ended June 30, 2006 was 171,045 million standard cubic feet (MMSCF) as against 162,263 (MMSCF) during the corresponding year. The daily average gas production for the year was 469 MMSCFD as compared to 445 MMSCFD last year.
The shareholders were informed that the Company was awarded four new exploration licenses as operators during the year. This makes a total of sixteen onshore exploration blocks, including 9 non-operative blocks in which the company holds stakes. These blocks are spread in all four provinces of the country.
While commenting on the future outlook of the company, the Chairman of the Board said that company is aiming to expand its production, development and exploration activities.-PR