Karachi: Mari Energies Limited has reported a significant hydrocarbon discovery at its Spinwam-1 exploratory well, located in the Waziristan Block of Khyber Pakhtunkhwa Province. The announcement, made on February 25, 2025, highlights the company's role as the operator of the Waziristan Block, where it holds a 55% working interest. The joint venture partners in this venture include Oil and Gas Development Company Limited and Orient Petroleum Inc., with 35% and 10% working interests, respectively.

Spinwam-1 marks the second exploratory well in the Waziristan Block. The well was spud-in on May 28, 2024, and drilled to a total depth of 4,400 meters. Initial testing of the Samanasuk Formation has resulted in a flow rate of 12.96 million standard cubic feet per day (MMSCFD) of gas and approximately 20 barrels per day of condensate, measured at a 32/64" choke with a wellhead flowing pressure of 2,127 pounds per square inch gauge (psig).

According to information available from the Pakistan Stock Exchange (PSX), the testing process is still ongoing. Further assessments, including post-acid job evaluations and examinations of both existing and additional targeted formations, are planned to fully ascertain the potential of the well.

This discovery is being viewed as a significant development, opening a new play within the Waziristan Block, with potential impacts on the designated market category. The company has indicated that this information can be shared with members of the exchange.