Pakistan Oilfields Discovers Significant Hydrocarbons in Attock

Pakistan Oilfields Limited (PSX: POL) on Monday announced that it has discovered significant quantity of hydrocarbons in Attock District. In a notice to the Pakistan Stock Exchange (PSX), said that a significant quantity of hydrocarbons has been encountered from the Jhandial-03 well drilled in the Ikhlas Block located in Attock District. Drilling of Jhandial-03 well was commenced on October 12, 2023, and the well was drilled to the depth of 17,778 feet in the base Lockhart Formation. Jhandial-03 well was drilled to appraise the already discovered hydrocarbons in the Sakesar formation (Eocene) and to explore the potential of deeper Lockhart and Patala formations (Paleocene), the notice said. The well has currently been completed in Sakesar formation and following are the details of flow rates at different Choke sizes;   The company said that the well is expected to be connected to the production line within three weeks’ time. Pakistan Oilfields Limited is the operator in Ikhlas Block with 80 percent working interest, while the Attock Oil Company (AOC) has a 20 percent working interest. According to Topline Securities, the annualized impact on earnings is around Rs. 10/share, 7% of FY25 earnings.