Pakistan Oilfields Limited (POL) has made a significant oil and gas discovery in its Ikhlas Block, located in northern Potward, Attock District. According to POL material information sent to Pakistan Stock Exchange on Wednesday, the block is located in a prospective but geologically very complex area, surrounded by a number of major oil discoveries.
The drilling of a deep exploratory well Jhandial-I was proposed after acquisition and interpretation of recently acquired 3D seismic data. The well was drilled down to base Paleocene, with a total depth of 18,497 feet, to test the Eocene and Paleocene carbonate reservoirs. During production testing significant amount of Hydrocarbons (oil and gas) were encountered in Sakessar, Nammal and Patala formations with estimated flows of up to 2,520bopd and 21mmcfd of gas.
"Although the company is currently evaluating sustainable levels of oil and gas flow, our channel checks suggest it will be 1600-1800bopd and 16-18mmcfd of gas", an analyst at Topline Securities said. "At this level, we estimate an annualized EPS impact of Rs 7.5-8.5 per share (15-17 percent of FY18 earnings) with POL's holding of 80 percent in Ikhlas Block, he added.