KARACHI: Mari Energies Limited has announced a major expansion of its upstream portfolio through the acquisition of a 65% working interest and operatorship of the Peshawar Block in Khyber Pakhtunkhwa from Hycarbex-American Energy Inc.
The transaction was formalised under a farmout agreement between the two companies, as disclosed in a material information notice filed with the Pakistan Stock Exchange (PSX) on Tuesday. The deal remains subject to regulatory approvals, execution of deeds of assignment with the Government of Pakistan, and completion of other formalities.
Mari Energies said the acquisition reflects its commitment to strengthening its exploration and production footprint in “prospective onshore areas” of the country. The company emphasized that this step will advance indigenous hydrocarbon exploration and development, while contributing to Pakistan’s long-term energy security.
Industry experts view the assumption of operatorship in the Peshawar Block as a strategic move that could significantly enhance domestic exploration and production activities in the KP region.
Story by Muhammad Saqib