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Government Grants Petroleum Exploration License to PEL For Mirpu Mathelo Area

Islamabad, June 3, 2002.
            The Government of Pakistan today June 3, 2002 granted a Petroleum Exploration Licence to the Joint Venture of Petroleum Exploration (Private) Limited (95%) and Government Holdings (Private) Limited (5%) over Block No.2769-9 (Mirpur Mathelo) covering an area of 1030.68 square kilometers in Zone III in districts Sukkur and Khairpur of Sindh province. The area has a high potential of producing gaseous hydrocarbons from shallow reservoirs like Sui Main Limestone, Sui Uppper Limestone and Habib Rahi Limestone of Eocene Age. Goru Sands of cretaceous age can also be considered as a secondary reservoir.
            PEL is a local company established in 1994 and since then is engaged in exploration and production activities. Presently PEL is the operator of Kandra and Ghauspur blocks. Badar Gas Mining Lease in Ghasupur Block was granted to them in March 2002 which will supply 16 MMSCFD of Gas to SNGPOL during the third quarter of 2003. PEL is also working interest owner in Block 22 where gas has been discovered in Sadiq, Hasan and Hamza Wells and on Extended Well Test basis gas is being produced from Hasan Gas Field since December 2000.
            In Mirpur Mathelo Block, the Joint Venture intends to purchase Seismic Data, Geological and geophysical Studies in the first year, Reprocessing of Existing Seismic Data or Acquisition of 50 line km of Seismic Data in the second year and One Exploratory Well upto a depth of 1,200 meters or SML whichever is encountered earlier, will be drilled in the third year.
            The Licences and the Petroleum Concession agreements were signed by Mr. M. Abdullah Yusuf, Secretary Petroleum and Natural Resources on behalf of the President Islamic Republic of Pakistan, Mr. G.A. Sabri, Director General Petroleum Concessions Mr. Zaheeruddin Chief Executive, PEL and Mr. M. Mansoor Zubair on behalf of Government Holdings (Private) Limited.

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