Karachi, March 09, 2018 (PPI-OT): Discovery at Adhi South, impact for PPL/OGDC/POL at PkR0.36/0.19/0.71
In a recent bourse filing, PPL notified that it had discovered hydrocarbons from Adhi-South X-1 exploratory well to the tune of 1,550bpd of oil and 2.62MMCFD of gas.
Recall that Adhi lease is operated by PPL with a 39% stake, while OGDC and POL also have 50% and 11% working interests respectively.
At the reported number of hydrocarbons, the annualized bottom-line impact for PPL/OGDC/POL comes out to be PkR0.36/0.19/0.71/sh.
Since Adhi is a producing field, we believe the well would be tied-up to production facilities earlier than the usual time span.
We await further clarity on the flow rates before incorporating the well in our assumptions.