Bloomberg News

Pakistan’s Mari Gas Advances After Discovering Oil Reserves

October 14, 2011

Oct. 14 (Bloomberg) -- Mari Gas Co., a Pakistani energy explorer, jumped almost by its daily limit of 5 percent in Karachi after saying it discovered oil reserves at a block.

Shares of the company, based in Islamabad, were set for their biggest gain in a month, rising to 94.87 rupees at 11:45 a.m. local time.

The company struck oil at a depth of 5,350 meters (17,600 feet) in Karak on the border of Khyber Pakhtunkhwa and Punjab provinces, it said in a filing to the stock exchange today. Tests indicated output of 1,700 barrels a day.

Mari Gas is partly owned by Mol Pakistan Oil & Gas BV, a unit of Mol Nyrt., Hungary’s largest refiner. Mol Pakistan has a 40 percent share in the Karak block, the company said.

--Editors: Sam Nagarajan, Abhay Singh

To contact the reporter on this story: Khurrum Anis in Karachi at kkhan14@bloomberg.net

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net


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