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Pakistan Oilfields Says Gas Found in Northwest Well

Feb. 15 (Bloomberg) -- Pakistan Oilfields Ltd., the nation’s third-biggest fuels explorer, said gas was found in an exploration well in the northwest Khyber Pakhtunkhwa province.

The discovery was made in the Tolanj X-1 well in the Tal block, the Rawalpindi-based company said in a filing to the Karachi Stock Exchange today. The well is initially estimated to produce 16.3 million cubic feet of gas a day and the full potential of the find will be known in the next two months, after further drilling, according to the statement.

Mol Nyrt., Hungary’s largest oil refiner, is the operator of the Tal Block and Pakistan Oilfields is a partner.

Pakistan Oilfields was poised for its first gain in seven days, rising as much as 1.9 percent to 317.10 rupees in Karachi. The stock climbed 1.7 percent to 316.30 rupees at 10:58 a.m. local time.

The explorer posted a 57 percent increase in profit to 2.97 billion rupees in the three months ended Dec. 31.

To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

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