Mari Energies Acquires Majority Stake in Peshawar Block

Mari Energies Limited has announced the acquisition of a 65% working interest and operatorship in the Peshawar Block, Khyber Pakhtunkhwa, from Hycarbex-American Energy Inc., marking a significant expansion in the company’s upstream portfolio. The agreement, disclosed to the Pakistan Stock Exchange on Tuesday, was formalized through a farm-out deal between the two companies. The transaction is still subject to regulatory approvals, execution of assignment deeds with the government, and other necessary formalities. With this move, Mari Energies will take over as operator of the Peshawar Block, furthering its strategy to expand into promising onshore areas and boost indigenous hydrocarbon exploration and development. The company said the acquisition underscores its commitment to supporting Pakistan’s energy security by increasing domestic exploration activities. “This transaction demonstrates MariEnergies’ commitment towards strengthening its upstream portfolio by expanding into prospective onshore areas across the country, supporting indigenous hydrocarbon exploration & development activities and contributing to Pakistan’s energy security,” the company stated in its official notice.