Islamabad, October 22, 2024: Mari Petroleum Company Limited (MARI) conducted its corporate briefing today, highlighting its financial results for FY24 and the company’s outlook. MARI reported earnings per share (EPS) of Rs64, reflecting a 37% year-on-year (YoY) increase. Alongside these results, the company also announced a dividend per share (DPS) of Rs25.8 and an 800% bonus share issue.
Operational Highlights
During FY24, MARI successfully drilled 12 wells, including 4 exploratory, 5 appraisal, 2 development, and 1 water disposal well. The company invested US$117 million in exploration, with over 18,000 meters drilled, significantly up from 9,867 meters in FY23.
Mari Revitalization Project
The company also provided updates on the Mari Revitalization Project aimed at enhancing pressure and debottlenecking within the HRL system to ensure a steady gas supply to fertilizer plants. Phase I of the project saw the completion of 17 loops, while 3 loops are in progress. Phase II is also underway, and work on compression stations continues to improve system efficiency.
Exploration and Future Outlook
MARI’s exploration activities remain robust, with consistent CapEx planned for drilling and seismic projects. The Peshawar East-2D Seismic project is 82% complete, and Wali West is at 68%. Additionally, the Ghazij-6 development well has been drilled and tested, with Ghazij-7 currently under testing.
The company also confirmed the renewal of its Mari D&P lease for five years, extending until November 2029, with an additional 15% wellhead value payment. Under the Petroleum Policy 2012, the lease can be extended as long as the field remains economically viable.
Diversification into Technology and Mining
As part of its portfolio diversification strategy, MARI has established Mari Technologies Limited, a subsidiary specializing in data centers, cloud computing, artificial intelligence, and technologies relevant to petroleum and mining. Last year, the company also launched Mari Mining Company to focus on mining activities.
Bonus Share Distribution
Regarding the bonus shares, management shared that shareholders who have paid taxes will soon receive their shares, while for non-taxpayers, the company will sell the shares at market value and adjust any gains or losses accordingly.
MARI continues to strengthen its position with innovative projects, strategic diversification, and consistent operational progress.
