ISLAMABAD-The government of Balochistan has allotted an area of 501 sq. km to Mari Petroleum Company Limited for mineral exploration in district Chaghi.
The Directorate General Mines & Minerals Balochistan has granted an exploration license (EL-186), Mari Petroleum Company Limited said in its disclosure submitted to Pakistan Stock Exchange Limited (PSEL).
In accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1 (a) of the PSX Regulations, we hereby convey the following information: Grant of mineral licence in Balochistan.
The Directorate General Mines & Minerals Balochistan has granted an exploration license (EL-186) and allotted an area of 501 sq. km to Mari Petroleum Company Limited for mineral exploration near Dalbandin, district Chaghi, Balochistan. This is in line with the MPCL’s strategy to diversify into near core areas and its commitment to contributing to the growth of the mineral mining sector of Pakistan, said the disclosure. “You may disseminate this information to the TRE certificate holders of the Exchange,” it said. However, it is not clear that whether the huge land is allotted by the previous government or the sitting caretaker government.
As of June 30, 2022 shareholding status of the Mari Petroleum, Fauji Foundation owns 40 percent share of the company, followed by Oil and Gas Development Company Limited 20 percent, while the remaining by various mutual funds.
It is worth noting that Mari Petroleum Company Limited (MPCL) had announced excellent financial and operational results for FY2022-23. Year on year, the company’s net sales and net profit recorded impressive growth of 53% and 70% and stood at the historically highest levels of Rs. 145.7 billion and Rs. 56.1 billion respectively. The net profit would have been Rs. 64.7 billion without the provision of 10% super tax. Growth in net profit was reflected in EPS, which also reached the historically highest level of Rs. 420.75 per share from Rs. 247.8 per share of the previous year.
MPCL Board of Directors has recommended final cash dividend of Rs. 58 per share (580%) for approval of the shareholders in the upcoming AGM. With this, the total dividend for FY2022-23 will come to a Rs. 147 per share (1,470%), also the highest in the company’s history. The company contributed Rs. 74 billion to the government exchequer in the form of royalty, taxes, levies and duties, said the company announcement.