MARI
achieved highest-ever hydrocarbon sales of 39 MMBOE up 18%YoY in FY24.
MARI’s 2C
resources increased from 106 MMBOE in FY23 to 112 MMBOE in FY24. Similarly, 2P
reserves increased from 577 MMBOE in FY23 to 704 MMBOE in FY24. Ghazij, Shawal,
and HRL were the key contributors to the reserves/ resource additions.
MARI’s
Reserves to Production (R/P) life is 17 years.
MARI
spudded/ delivered a total of 12 wells in FY24, comprising of four
exploratory wells (Maiwand X-1, Bolan West-1, Spinwam-1, and
Shawal-1); five appraisal wells (4 Ghazij
wells (Ghazij-2, 3, 4, & 5) and one Shewa-2; two
development wells (Mari-124 and MD-20); and one water disposal well, WDW-3.
The company
has also planned drilling for this year, and the CAPEX will be similar to last
year.
Phase 1 of
the HRL Pressure Enhancement Facilities/ Debottlenecking Project is near
completion, with 17 loops completed and 3 loops in progress. Work on the
compression stations is also in progress.
Regarding
Enhancement Pressure Facilities (EPF) management highlighted that work on SNGPL
pipeline has been completed. Pipeline Hydro testing of the remaining section is
under process. The commencement of production will depend on the security
situation and local dynamics. The expected production will be 70 MMSCFD.
Management
highlighted that Mari D&P lease has been renewed for five years until November 2029
with an additional recurring 15% payment of wellhead value.
Mari Mining
Company (a wholly owned subsidiary of MARI) was incorporated in July 2023.
Currently, MARI holds three mining licenses in Chagai district of
Balochistan (MPCL 1, MMC 2).
MARI has
also incorporated Mari Technologies Limited, a wholly owned subsidiary company,
focusing on Data Centre, Cloud Computing, Artificial Intelligence and other
Petroleum and Mining related Technologies.
The
management informed that they will sell the bonus shares at market price, and
any difference from the price of PKR448.7/ share will be adjusted from the
extra 10% shares of the shareholders held by the company.
The key
focus of the company would be: 1) the safe startup of Shewa Early Production
Facilities, 2) preparation and execution of Ghazij and Shewa FDPs, 3) completion of
offshore evaluation and readiness for the bid round, 4) work streams on carbon
capture and green hydrogen, 5) diversification in mining and technologies, and 6)
building on technical excellence and enhancing employee experience.
