Karachi, Mari Petroleum Company Limitedinformed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Islamabad on February 22, 2018.
The agenda of the meeting was discussion of profit and loss account for quarter ended December 31, 2017 which portrayed a profit of Rs. 3,203,323 with earnings per share 29.05 basic and diluted respectively.
Further, 35% payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from March 15, 2018 to March21, 2018 (both days inclusive).
Mari Gas Field was originally owned by Pakistan Stanvac Petroleum Project, a joint venture formed in 1954 between Government of Pakistan and M/s Esso Eastern Incorporated, having 49% and 51% ownership interest, respectively. The first gas discovery was made by the Joint Venture in 1957 when the first well in lower Kirthar ‘Zone-B’ Limestone Formation was drilled. Production from the field started in 1967. In 1983, M/s Esso Eastern transferred its entire share to Fauji Foundation, which set up a public limited company for the purpose of acquiring the assets and liabilities of the Project.
In 2001, the Company expanded its operations and entered into exploration business. The Company is now a major player in the Country’s oil and gas exploration and production sector operating eleven exploration and production assets (two D&P leases and nine operated blocks) and has partnership with leading national and international E&P companies in six non-operated blocks.
To reflect its diversified business operations and expanded activities, the name of the Company was changed from “Mari Gas Company Limited” to “Mari Petroleum Company Limited” (MPCL) in November 2012.