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KARACHI:

Mari Energies Limited has announced a commercial oil and gas discovery at its Mari Ghazij CF-B1 exploration well in Sindh, according to a material disclosure sent to the Pakistan Stock Exchange (PSX) on Thursday.

The formal announcement, made in compliance with Section 96 Securities Act, 2015, confirms the success of the company’s exploratory campaign. The discovery was made in the Mari Development and Production Lease (D&PL) area.

Section 96 of the Securities Act mandates issuers disclosure of material information to the public, particularly information that could reasonably be expected to affect the price of any securities.

Read: Mari Energies buys 20% stake in Indus-C Block

The company stated that the drilling operation commenced on September 12, 2025, and the well was successfully drilled to a total depth of 1,195 meters into the Sui Upper Limestone (SUL) formation, targeting oil-prone zones within the Ghazij formation.

During initial testing, the well flowed at a rate of 305 barrels of oil per day and 3 Million Standard Cubic Feet per Day (MMSCFD) of natural gas, with a wellhead flowing pressure of 225 pounds per square inch (Psi).

Mari Energies holds a 100% working interest and is the operator of the Mari D&PL, giving it full ownership and control over the production from this discovery.

Earlier this week, Mari Energies acquired a 20% working interest in the Eastern Offshore Indus-C Block from Pakistan Petroleum Limited (PPL), alongside Turkish Petroleum Overseas Company (TPOC).

Read more: Mari to produce 25,000 bpd in UAE

The agreement also included TPOC, a wholly owned subsidiary of Türkiye Petrolleri Anonim Ortakl?g? (TPAO), Türkiye’s national oil company, and Oil & Gas Development Company Limited (OGDCL).

This discovery adds new, domestically produced hydrocarbons to Pakistan’s energy inventory, which is crucial for reducing the costly reliance on energy imports and improving the nation’s energy security.

The company is already a cornerstone of Pakistan’s energy landscape, operating the country’s largest gas field at Dharki Mari and holding the position of the nation’s largest natural gas producer with an approximate 30% market share.

Gold and silver continued to rally this week, despite a Friday tumble, amid renewed trade tensions between the world’s top economies.

In China, credit growth slowed, dragged by government bond sales and sluggish loan demand among households and companies. In the US, private-sector gauges of inflation showed signs of tariffs boosting the prices of some goods in the absence of official government data.