Mari Petroleum reaches agreement with Tullow Pakistan to buy working interests in three blocks
The acquisition of the blocks are subject to approvals by the board of Mari Petroleum and Tullow.
ISLAMABAD (Dunya News) - Mari Petroleum Co., Pakistan’s third biggest gas explorer Wednesday said has reached agreement with Tullow Pakistan to buy working interests in three of its blocks in the country, the statement of the company said.
Mari Petroleum Company Limited and Tullow Pakistan (Development) Ltd., have signed heads of terms for proposed acquisition of different blocks where Tullow has working interests, said a statement of Mari Petroleum to Pakistan Stock Exchange.
The planned buy out in three blocks are: 20% working interest in Bannu West Block, in Khyber Pakhtunkhawa, 95% working interest in Block 28, Balochistan and 30% working interest in Kalchas Block, Balochistan & Punjab, the statement said.
The acquisition of the blocks are subject to approvals by the board of Mari Petroleum and Tullow, execution of a binding sale and purchase agreement by the parties and approval of Government of Pakistan in terms of respective Petroleum Concession Agreements and Petroleum Rules applicable to these blocks.
“Signing of the agreement for acquisition of entire working interests in these blocks has been a substantive step by Mari towards enhancement of its exploration portfolio for reserves led growth strategy”, statement said.
Mari Petroleum gas production as of March 31, 2017 has been totaled at 633 MMSCF as compared with 597 MMSCF of the same period corresponding year, according to the quarterly report posted on the website of the company.
