Annual general meeting of Mari Petroleum Company Limited to be held on September 27, 2016

Karachi, Mari Petroleum Company Limited informed Pakistan Stock Exchange that annual general meeting of the company is scheduled to be held on September 27, 2016 at Islamabad.

The agenda of the meeting will be confirming the minutes of annual general meeting held on September 18, 2015, consideration of the audited financial statement of the company for the year ended June 30, 2016, considering the payment of cash dividend of Rs. 2.10 per share, i.e. 21%, appointing and fixing the remuneration of the auditors.

Further, the closed period of the company is from September 21, 2016 to September 27, 2016 (both days inclusive).

Mari Gas Field was originally owned by Pakistan Stanvac Petroleum Project, a joint venture formed in 1954 between Government of Pakistan and M/s Esso Eastern Incorporated, having 49% and 51% ownership interest, respectively. The first gas discovery was made by the Joint Venture in 1957 when the first well in lower Kirthar ‘Zone-B’ Limestone Formation was drilled. Production from the field started in 1967. In 1983, M/s Esso Eastern transferred its entire share to Fauji Foundation, which set up a public limited company for the purpose of acquiring the assets and liabilities of the Project.

In 2001, the Company expanded its operations and entered into exploration business. The Company is now a major player in the Country’s oil and gas exploration and production sector operating eleven exploration and production assets (two D&P leases and nine operated blocks) and has partnership with leading national and international E&P companies in six non-operated blocks.

To reflect its diversified business operations and expanded activities, the name of the Company was changed from “Mari Gas Company Limited” to “Mari Petroleum Company Limited” (MPCL) in November 2012.