Mari Energies makes second gas and condensate discovery at Spinwam-1 well
- Sara Habib
- March 18, 2025
- 9:20 am
- 232
- Current Affairs
Mari Energies Limited has announced a second gas and condensate discovery at its Spinwam-1 well in the Waziristan Block, Khyber Pakhtunkhwa. This strengthens Pakistan’s domestic energy reserves and reduces dependency on imported fuel.
Second Gas Discovery at Spinwam-1
The company holds a 55% working interest in the Waziristan Block. The new discovery was made in the Kawagarh Formation, following an earlier find in the Samanasuk Formation.
Impressive Production Numbers
According to a notice from Mari Energies to the PSX, the Spinwam-1 well has produced:
20.485 million standard cubic feet per day (MMSCFD) of gas
117 barrels per day (BPD) of condensate
Wellhead flowing pressure of 3,431 pounds per square inch (psig)
These figures were achieved using a 32/64-inch choke size. Further evaluation is underway to assess the full potential of the well and other targeted formations.
Impact on Pakistan’s Energy Sector
This discovery will boost Pakistan’s local energy production. It will help reduce reliance on costly fuel imports and support economic growth. A steady domestic supply of natural gas is essential for industrial and household consumption.
Market Reaction and Share Price Surge
Following the announcement, Mari Energies’ share price surged 7.32%, reflecting investor confidence. As of 1:39 PM on March 17, 2025, the company’s stock was trading at Rs649.98, up Rs44.32 from the previous session. This rise highlights market optimism about the company’s growing reserves.
Partnership in the Waziristan Block
Mari Energies operates the Waziristan Block in partnership with:
Oil and Gas Development Company Limited (OGDCL) – 35% working interest
Orient Petroleum Inc. – 10% working interest
This collaboration ensures efficient resource extraction and development.
Future Prospects
The new discovery signals growth for Pakistan’s energy sector. More exploration and investment in local gas fields can lead to long-term energy security. The government and private sector must work together to maximize these resources.
Pakistan Stock Exchange – Track share prices and market updates.
Mari Energies Limited – Official website for company news and reports.
