​​Mari Energies announces fourth hydrocarbon discovery in Waziristan block

Mari Energies Limited has uncovered its fourth hydrocarbon deposit at the Spinwam-1 well, located in the Waziristan Block of Khyber Pakhtunkhwa province.

Announcing the discovery on Tuesday, the company shared that initial tests in the Lockhart Formation revealed gas flows of 27.73 million standard cubic feet per day, alongside 155 barrels per day of condensate, with a wellhead pressure measured at 3,122 psig on a 32/64" choke.

This marks yet another success for the well, which previously yielded three hydrocarbon finds in the Samanasuk, Kawagarh, and Hangu formations—announced on Feb. 25, March 17, and April 3, respectively.

Mari Energies operates the Waziristan Block with a 55% working interest, partnering with Oil and Gas Development Company Limited (OGDCL) and Orient Petroleum Inc., which hold 35% and 10% stakes, respectively.

According to AKD Securities, the Spinwam-1 well is estimated to contribute to an annualized earnings per share (EPS) impact of PKR 13.35 per share for MARI and PKR 2.37 per share for Oil and Gas Development Company Limited (OGDCL). The brokerage firm further noted that the incremental EPS impact from this latest discovery alone is projected to be PKR 7.4 per share for MARI and PKR 1.3 per share for OGDCL.

The company confirmed that testing across all target formations in the well has now concluded, signaling promising prospects for future production.