Karachi: Mari Petroleum Company Limited (MARI) held a corporate briefing today to discuss its FY24 achievements and future plans, where it reported a notable 37% year-over-year increase in earnings per share (EPS) and declared a dividend per share (DPS) of Rs25.8, in addition to an 800% bonus share issue.
According to JS Global, the briefing revealed that MARI drilled a total of 12 wells during FY24, which included 4 exploratory wells, 5 appraisal wells, 2 development wells, and 1 water disposal well, marking a significant increase in activity with over 18,000 meters drilled compared to 9,867 meters in FY23. The exploration capital expenditure for the year was $117 million.
The session also highlighted the ongoing Mari Revitalization Project, crucial for ensuring a reliable gas supply to fertilizer plants. The project’s Phase I has seen the successful completion of 17 loops with 3 currently in progress, and Phase II is underway to further optimize the system. Additionally, efforts to enhance compression stations are ongoing.
MARI’s exploration capital expenditures for drilling and seismic activities are expected to stay consistent with the previous year. The Peshawar East-2D Seismic project is 82% complete, and the Wali West project is 68% complete. Moreover, development wells Ghazij – 6 and Ghazij – 7 have been drilled, with the latter still undergoing testing.
The Mari D and P lease has been renewed for an additional five years, lasting until November 2029, with a new stipulation allowing a lease extension as long as the field remains economically viable, per the latest amendments to the Petroleum Policy 2012.
In its bid to diversify, MARI has established Mari Technologies Limited, a subsidiary focusing on data centers, cloud computing, artificial intelligence, and other high-tech endeavors related to petroleum and mining. This follows the creation of Mari Mining Company the previous year, aimed at expanding the company’s mining activities.
Management also outlined the process for the distribution of the announced bonus shares, noting that reconciliation of shareholders who have paid taxes is underway, after which the shares will be distributed. For shareholders who haven’t paid taxes, the company plans to sell the shares at market price, with any gains or losses adjusted against the shares on lien.