PPL Executes Agreements for Sui Gas Field Operations 

Pakistan Petroleum Limited (PSX: PPL) Friday announced execution of the Sui Development and Production Lease (D&PL) and the Sui Petroleum Concession Agreement (PCA) with the Federal Government of Pakistan for continued operations of the Sui Gas Field.  In a notice to the Pakistan Stock Exchange (PSX), PPL said a D&PL has been granted, for the Sui Gas Field, covering an area of 455.80 square kilometers, situated in District Dera Bugti, Balochistan. The lease has been granted for an initial term of ten (10) years, effective from 1st June 2015 to 31st May 2025, in accordance with Rule 30A of the Pakistan Onshore Petroleum (Exploration and Production) Rules, 2013. Pursuant to the Rules, the D&PL is eligible for extension, it added.  Additionally, the company, a sole working interest owner of the Sui Gas Field, has executed a Memorandum of Agreement (MoA) with the Government of Balochistan at a formal signing ceremony held at the Sui Field today. Under this MoA, the company has committed to implement specific initiatives, including various social welfare initiatives under its Corporate Social Responsibility (CSR) program in accordance with the terms of D&PL and PCA.  In accordance with the terms of the executed agreements, the company is obligated to make payments against Lease Extension Bonus and fulfill other financial commitments under the D&PL and PCA. The future arrangements beyond 31st May 2025, will be mutually agreed within the validity period of the D&PL, in accordance with the Rules.