PPI Original Text (PPI-OT) – PPL wins Exploration Block-8 in Iraq – Alfalah Securities Limited

Karachi, June 01, 2012 (PPI-OT): Pakistan Petroleum Ltd. (PPL) has come out as a successful bidder for Exploration Block – 8 in Iraq for which it had submitted a bid earlier.

According to Alfalah Securities Limited, the block is about 110 km east of Baghdad. The said acquisition would add to the company’s asset profile and any additional oil or gas production would improve the profitability of PPL. Therefore, Alfalah Securities Limited recommends a BUY on PPL with a DCF based target price of PkR 246 and FY13E P/E of 6.6x.

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