Pakistan Discovers Major Oil and Gas Reserve in Attock. Pakistan Oilfields Limited (POL), an oil and gas exploration company, has announced the discovery of significant hydrocarbon reserves at its Jhandial-03 well in the Attock district. This development was communicated to the Pakistan Stock Exchange (PSX) on Monday. POL is a subsidiary of Attock Oil Company Limited, UK, and is ultimately owned by Coral Holding Limited.
The notification stated, “We are pleased to inform you that a significant quantity of hydrocarbons has been encountered from the Jhandial-03 well drilled in the Ikhlas block of Pakistan Oilfields Limited located in Attock District.” The well was drilled to a depth of 17,778 feet in the base Lockhart Formation, starting on October 12, 2023.
The Jhandial-03 well was initially aimed at evaluating previously discovered hydrocarbons in the Sakesar formation (Eocene) and exploring the deeper Lockhart and Patala formations (Paleocene). Currently, the well has been completed in the Sakesar formation, with reported flow rates of approximately 677-767 barrels of oil per day (bopd) and 7.4-10.2 million cubic feet per day (mmcfd) of gas.
The company anticipates that the well will be connected to the production line within three weeks. POL operates the Ikhlas block with an 80% working interest, while the Attock Oil Company holds the remaining 20%. According to Topline Securities, the annualized impact on earnings is projected to be around Rs10 per share, representing 7% of FY25 earnings.
