Page 6 - Condensed Interim Financial Statements For the nine months ended March 31, 2023
P. 6

Adhi South-5 tested to the target depth and not produced any hydrocarbons, frac job was also not successful. Adhi
        South-5 has been side tracked and testing is in progress.
        Adhi-35 well was spuded on January 27, 2023 and drilling at 2,517 meters is in progress. The target depth is around
        3,666 meters.
        Exploration Blocks
        At Ikhlas block (operated by POL with 80% share), Jhandial well-3 has been finalized, start of drilling is expected in
        the third quarter of the calendar year.
        At DG Khan block (operated by POL with a 70% share), DGK-1, exploratory well drilled down to 15,206 ft but
        clearance of hole was not achieved to acquire hole logs. During conditioning 455 ft of fish left in hole and despite
        several attempts no success was made to recover the fish. Placed cement plugs and tested Chiltan formation but no
        hydrocarbons were flowed. Finally the well was plug and abandoned.  Remaining leads of DG Khan Block are under
        evaluation.
        North Dhurnal block (operated by POL with 60% share) design study has been completed to acquire 285.3 square
        kilometers 3D seismic data acquisition.
        At Kirthar South block (operated by POL with 51% share), 34% share has been farm-out to Polish National Oil and
        Gas Company (PGNiG) and Assignment Agreement has been approved by the Government. The Company is
        actively pursuing to get Provincial Government approval for resumption of oil and gas exploration activities in this
        license area.
        At Margala block (operated by MOL where POL has 30% share), Tarnol-1 was spuded on Sep 20, 2022. During
        drilling the prognosed formations were not encountered at the prognosed depth and the well was plugged and
        abandoned.
        At Tal block (operated by MOL where POL has pre commerciality share of 25%), an exploratory well Razgir has
        been approved by the joint venture partners but on hold due to gas price dispute with the Government. 3D seismic
        data  interpretation  of  Makori,  Makori  Deep,  Billitang  and  Kot  South,  has  been  completed  while  seismic
        interpretation on Sarozai & Sarozai Deep is in progress at Top of Lockhart level. Makori Deep-3 (Development Well)
        location is also under review for the approval. 3D Seismic data interpretation of Tal East is in progress at top of
        Lockhart level to mature Kot South prospect.
        Mamikhel South-1 well production line has been completed. In order to start production Government's approval is
        awaited.
        At Hisal block (operated by PPL where POL has 25% share), 3D seismic acquisition of 235 square kilometers has
        been completed.
        At Gurgalot block (operated by OGDCL where POL has 20% share), 3D seismic data interpretation has been
        completed and subsurface location of Gurgalot X-1 has been finalized, well planning is in progress.
        At Taung block (operated by Mari Petroleum where POL has 40% share), 340.94 square kilometers 3D Seismic
        acquisition has been completed and seismic data interpretation is in progress.
        At Nareli block (operated by Mari Petroleum where POL has 32% share), 2D seismic acquisition program of 456 line
        kilometers-firm and 164 line kilometers-contingent was approved and data acquisition work is in progress.
        In the recent bidding POL won Multanai block as an operator (100%). The post bidding process of award is in
        progress with DGPC.
        Chah Bali exploration license was awarded to OGDC as an operator with 70% share and to POL with 30% share on
        November 22, 2022.
        Acknowledgement
        The Board would like to extend its gratitude to all its stakeholders for their continuous support, which they have
        extended to Pakistan Oilfields Limited.
        On behalf of the Board





        Shuaib A. Malik                                                   Abdus Sattar
        Chairman & Chief Executive                                          Director
        Rawalpindi
        April 27, 2023
        04
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