Pakistan Petroleum Limited (PSX: PPL) has announced the commencement of oil and gas production at the Adhi South-9 well, located in the Potohar region. The company informed the Pakistan Stock Exchange of this development on Monday.
The new production is part of PPL’s ongoing efforts to increase its oil and gas output. The Adhi South-9 well is a new development within the Adhi Mining Lease, operated by PPL, which holds a 39% working interest. The company’s joint venture partners in this project are Oil & Gas Development Company Limited (OGDC) and Pakistan Oilfields Limited (POL), with working interests of 50% and 11%, respectively.
The Adhi South-9 well was successfully drilled to a depth of 3,430 meters and completed as a producer based on promising log results. Following the well’s integration with the plant, production has commenced at a rate of 530 barrels per day (bpd) of oil and 0.6 million standard cubic feet per day (MMSCFD) of gas.
Despite this positive development, PPL’s stock closed at Rs. 130.47 on Monday, down 0.96% or Rs. 1.27, with over 3.4 million shares traded
