Mari Energies Limited has announced a fourth hydrocarbon discovery at the Spinwam-1 exploratory well, located in the Lockhart Formation of the Waziristan Block, situated in Khyber Pakhtunkhwa (KP), according to a filing by the energy giant at the Pakistan Stock Exchange (PSX) on Tuesday.
“We are pleased to announce the fourth gas and condensate discovery at Spinwam-1 exploratory well in the Lockhart Formation drilled in the Waziristan Block, in KP Province,” read Mari’s notice sent to the PSX.
The discovery at Spinwam-1 well has yielded promising results with gas production of 70.3 million standard cubic feet per day (MMSCFD) and a condensate output of 310 barrels per day, recorded at a choke size of 64/64″.
The well also showed a wellhead flowing pressure (WHFP) of 3,264 psi. A second choke size of 32/64″ also produced gas at 29.3 MMSCFD, with a condensate output of 166 barrels per day, and a WHFP of 4,993 psi.
Mari Energies is the operator of Waziristan Block having 55% working interest along with Oil and Gas Development Company Limited and Orient Petroleum Inc. as joint venture partners, holding 35% and 10% working interest respectively.
This discovery follows Mari’s previous announcements on February 25, 2025, March 17, 2025, and April 03, 2025, about hydrocarbon discoveries in the Samanasuk, Kawagarh, and Hangu formations, respectively, in the same well, bringing the total number of discoveries from this well to four.
The well’s successful testing program indicates the high potential of the region for further hydrocarbon exploration. The company is optimistic about the continued success of this exploration project and its potential contributions to Pakistan’s energy resources.
Following the announcement, Mari Energies’ stocks rose 5.65%, reaching Rs. 692.00, up by Rs. 36.99 on Apr 8, 2025, at around 12:00 PM. This marked a boost in investor interest, reflecting confidence in the company’s ongoing exploration activities.
Mari Energies’ equity profile shows a market capitalisation of Rs. 830.83 billion, with 1.2 billion shares in circulation. The company’s free float stands at 240,124,500 shares, representing 20% of the total shares.