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Petroleum Exploration (Pvt.) Ltd

Discovery of Hydrocarbons in Badin IV North Block

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PETROLEUM EXPLORATION (PVT) LTD ANNOUNCES DISCOVERY OF HYDROCARBONS IN BADIN IV NORTH BLOCK

Petroleum Exploration (Pvt) Ltd. (PEL), one of the leading upstream E&P companies of Pakistan is pleased to announce that it has made a significant oil & gas discovery at its exploration well Wasu-1 at Badin IV North Exploration License, in the province of Sindh.

Under the visionary leadership of its late founding chairman, Mr. Zaheeruddin and late founding directors, Mr. Mohammad Kausar and Mr. Zafar Iqbal, PEL embarked on an ambitious exploration journey that has now culminated in the unearthing of substantial hydrocarbon deposits. This discovery is a testament to the dedication, expertise, and perseverance of the PEL's team, whose relentless efforts have led to this extraordinary find.

Director Operations of Petroleum Exploration (Pvt) Ltd., Mr. Shahbaz Zaheer while talking to this scribe said: "We are pleased with the positive results of the well. It will provide the drive for PEL to continue exploring in the Lower Indus Basin, which is one of our focus basins in Pakistan. We look forward for further successful collaborations with our JV Partner and to further strengthen our relationship with the Government of Pakistan. PEL, as the leading Operator in the E&P sector of Pakistan, would like to ensure its progress towards delivering clean and reliable energy in the market in the larger national interest"

Badin IV North Exploration License covering an area of 877.14 Sq. Km, is located in Badin and Tando Muhammad Khan Districts, Sind Province. It is situated within the prospective Lower Indus Basin, where several major hydrocarbon discoveries have been made. Wasu-1 exploratory well was spud on 23rd March 2024 and was successfully drilled down to a total depth of 2420m on 5th April 2024.

Wasu-1 exploratory well encountered several hydrocarbon-bearing zones with good reservoir quality in the Middle Sands of Lower Goru Formation. The well tested with 7.74 MMSCFD (million standard cubic feet per day) of gas, 500 barrels of oil per day and 104 BPD of water production at a flowing well head pressure of 1668 psi on 32/64" choke. This is the first oil discovery of PEL and will help the energy sector to abridge the demand and supply gap.

In a recent statement, Director Mr. Moeenuddin expressed profound elation, stating, "This discovery is a matter of great celebration not only for PEL but also for our beloved country. It showcases our nation's inherent potential and positions us prominently on the global energy map.

It is pertinent to mention that Petroleum Exploration (vt) Ltd is a 100% Pakistani Company that is aggressively engaged in oil & gas exploration and production in the province of Sindh. The exploration and production assets of the Company include 8 Development and Production Leases, 1 Mining Lease, 10 onshore licenses and an offshore exploration license located in the ultra-deep waters of the Arabian Sea. Besides the Company has expended its exploration horizon to overseas. It has 3 blocks in the Kingdom of Morocco where it is exploring hydrocarbons in joint venture with the Moroccan state oil company, ONHYM.

Mr. Shahzad Zaheer, Chairman & Chief Executive of PEL, appreciated the support and cooperation of the Government of Pakistan which made this discovery possible. He further appraised that his Company is committed to building a strong indigenous base of oil and gas exploration and so as, which will to contribute in taking the country on the path of self-sufficiency in the oil and gas sector. He affirmed his commitment to fulfilling all obligations towards the Government of Pakistan, and expressed privilege in being able to contribute to Pakistan's growth and energy security. The Chairman, management and senior executives of PEL celebrate this landmark achievement and extend its gratitude to the Government of Pakistan, regulatory authorities, industry partners, and local communities for their unwavering support and cooperation throughout this journey.

AYESHA GAS COMPLEX

PEL has recently made four discoveries of natural gas in onshore Pakistan which will add 65 MMCFD of gas in the national grid. Brief statistics of all the four discoveries are:

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