Topline Securities Limited - Pakistan Oil Gas Exploration: MOL Pakistan discover hydrocarbons in Tal Block; 3,240 bpd of oil and 16.12mmcfd of gas

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Topline Securities Limited

Hammad Akram

EUR 30.00 For Business Accounts Only

Pakistan Oil & Gas Exploration: MOL Pakistan discover hydrocarbons in Tal Block; 3,240 bpd of oil and 16.12mmcfd of gas

MOL Pakistan (operator of Tal Block) has discovered oil and gas condensate with flows of 3,240 barrels of oil per day and 16.12 mmcfd of gas, as per Bloomberg.
As per recent drilling report available at PPIS website, the side tracking activity was going on at Mami Khel South 1 as of Jun 30, 2020.
POL, OGDC, and PPL holds 21.0%, 27.8%, and 27.8%, respectively stakes in Tal Block.
At an oil price assumption of US$40/bbl and PKR/US$ at Rs170, the table below shows the impact on earnings of listed companies.

Commercial operations from this field, in our view can begin within one year, as its adjacent field Mamikhel is already operational. However, we await for management guidance on its commercial operations date.

14/07/2020 2 EN

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Topline Securities Limited

Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.

Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.

Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.

JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).

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Analysts

Hammad Akram

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Pakistan Oil & Gas Exploration: MOL Pakistan discover hydrocarbons in Tal Block; 3,240 bpd of oil and 16.12mmcfd of gas

Pakistan Strategy: Foreign selling at PSX; Will this trend continue in 2021?

Pakistan Strategy: Pakistan Outlook 2021 based on Topline Poll

Pakistan Automobiles: Car sales (including KIA) up ~63% YoY in Nov-2020

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