PPL following string of gas discoveries distributes 125% cash dividends

KARACHI: Consequent to significant gas and condensate discoveries made by Pakistan Petroleum Limited (PPL) the company has distributed 125% cash dividend to its shareholders during fiscal year that ended this June.

Chairman, PPL, Waqar A Malik addressing its 63rd Annual General Meeting here Friday said the company besides payment of final cash dividend of 75% on ordinary share capital also paid an interim cash dividend of 50% to its shareholders during fiscal year 2013-2014.

Attributing this to hard efforts made by the outgoing Board as well as workers and professional associated with PPL, Malik, the Chairman of the newly elected Board of Directors sounded confident that the collective experience will drive the corporate agenda with vigor to further enhance shareholder value.

On the occasion PPL Managing Director and CEO, Arshad Mirza said the company during past one and half years has made six significant natural gas – condensate explorations in Sindh.

A string of discoveries in company operated blocks, including gas condensate from Shahdad X-1 in Gambat South Block and tight gas from Naushahro Firoz X-1 in Naushahro Firoz Block has been discovered, he said.

Mirza said subsequent to the year end Adam West X-1 and Kinza X-1 wells at company operated Hala and Gambat South blocks, respectively also flowed gas and condensate.

Reiterating that the company is striving to fast track first gas from the discoveries, he said oil discovery by PPL in coordination with partner companies have also registered at different site.

Source: APP