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Corporate Alert: Mari Petroleum acquires Working Interests in Different Blocks from Tullow Pakistan (Developments) Ltd. and MOL Pakistan Oil & Gas Co. B.V.

In a notice issued by Mari Petroleum, it has informed the relevant stakeholders that it has acquired the working interests in Different Blocks from Tullow Pakistan (Developments) Ltd. and MOL Pakistan Oil & Gas Co. B.V.

It is informed that MPCL Board of Directors, in its meeting held today i.e. July 27, 2017 has approved acquisition of following working interests on terms and conditions as approved by the Board:

From Tullow Pakistan (Development) Limited (Tullow)

  1. 20% Working Interest in Bannu West Block, KPK & FATA
  2. 95 % Working Interest in Block 28, Balochistan
  3. 30% Working Interest in Kalchas Block, Balochistan & Punjab

From MOL Pakistan Oil & Gas Co. B.V. (MOL)

  1. 30% Working Interest in Ghauri Block, Punjab

The above acquisitions are subject to:

  1. Approvals by the Boards of Tullow and MOL, respectively.
  2. Execution of a binding Sale and Purchase Agreement by the Parties; and
  3. Approval of the Government of Pakistan in terms of respective Petroleum Concession Agreements and Petroleum Rules applicable to these blocks.

The acquisitions are part of MPCL's campaign to expand its exploration portfolio for enhancing its reserves base through reserve-led growth strategy.

The complete notice can be accessed here.

Posted on: 2017-07-27T15:31:00+05:00
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