The subsidiary of Pakistan Petroleum Limited (PSX: PPL) PPL Asia E&P B.V. (PPL Asia), has reached a mutually favorable settlement with Midland Oil Company (MdOC), a state-owned Iraqi oil company.
The settlement successfully concludes all matters relating to the Exploration, Development, and Production Service Contract (EDPSC) for Block-8 in Iraq, the company’s stock filing revealed on Monday.
The settlement agreement was officially signed on 6th October 2024 in Baghdad, Iraq, by Imran Abbasy, Managing Director-A of PPL Asia, and Muhammad Yaseen Hassan, Director General of MdOC.
Under the terms of the settlement agreement, MdOC, through a third party, will make a net payment of $6 million to PPL Asia. This settlement, the result of sustained negotiations with Iraqi authorities, marks a significant milestone for PPL Asia and the Company, in successfully concluding their contract in Block-8 while securing and safeguarding their financial interests.
The foregoing information is submitted in compliance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination amongst your members.
At the time of filing, PPL’s scrip at the bourse was Rs. 121.77, up 2.67 percent or Rs. 3.17 with over 8.5 million shares on Monday.
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