Mari Energies Limited, formerly known as Mari Petroleum Company Limited (MARI), has discovered hydrocarbon reserves at the Spinwam-1 exploration well in Khyber Pakhtunkhwa.
The development was made public in the listed company’s Tuesday notice to the Pakistan Stock Exchange (PSX), one of the largest energy and exploration companies in Pakistan. “Mari Energies Limited has made a gas/condensate discovery at the Spinwam-1 exploration well, drilled in the Waziristan Block, located in North Waziristan District of Khyber Pakhtunkhwa,” read the notice.
Spinwam-1 is the second exploratory well in the Waziristan Block, which was spud-in on May 28, 2024, and drilled down to a total depth of 4,400 m.
Read more: Pakistan strikes major gas reserves in North Waziristan that is expected to last 17 years
The well is currently being tested. Initial pre-acid testing of the Samanasuk Formation has shown a flow of 12.96 MMSCFD of gas and approx. 20 bbl/day of condensate at a 32/64″ choke and a wellhead flowing pressure of 2,127 psig.
To fully assess the well’s potential, additional testing, including a post-acid job and assessments in the existing formation and additional targeted formations, is underway. According to the filing, this discovery has opened a new play within the block.
MARI reported a profit-after-tax (PAT) of Rs 11.17 billion in the second quarter of fiscal year 2025 (2QFY25), a decrease of over 39% year-over-year (YoY) compared to a PAT of Rs 18.36 billion in the preceding year. The lower revenue and higher expenses incurred during the period were the primary causes of the decline in profit.