Karachi: The Hub Power Company Limited has announced that its fully owned subsidiary, Hub Power Holdings Limited, through its joint venture entity, Prime International Oil and Gas Company Limited, has successfully secured joint bids for two onshore exploration blocks. This disclosure, made in accordance with sections 96 and 131 of the Securities Act, 2015, and Rule 5.6.1. (a) of the Pakistan Stock Exchange (PSX) Rule Book, highlights the acquisition of the Sukhpur-II and Naing Sharif blocks.

The announcement, dated October 2023, emphasized that the successful bid is subject to approval from regulatory authorities. The designated market category for this announcement is the oil and gas exploration sector, a crucial area for energy resource development in Pakistan.

According to information available from the Pakistan Stock Exchange (PSX), the joint venture's bid, if approved, would mark a significant expansion in Prime International's portfolio, potentially enhancing its capabilities in onshore exploration activities. The Hub Power Company Limited has requested that this information be disseminated to the Members of the Exchange.

This development is part of Hub Power Company Limited's strategy to diversify its energy portfolio and strengthen its foothold in the energy sector through strategic partnerships and exploration initiatives.