⚡ Flash Summary

Mari Energies Limited (MARI) has entered into a farm-out agreement to acquire a 20% working interest in the Eastern Offshore Indus-C Block from Pakistan Petroleum Limited (PPL). This strategic move marks MARI’s entry into Pakistan’s offshore basins, positioning the company for accelerated exploration. The partnership includes Turkish Petroleum Overseas Company (TPOC) and Oil & Gas Development Company Limited (OGDC), fostering cooperation between Pakistan and Türkiye. The operatorship of the block is expected to transfer to TPOC, pending regulatory approvals.

📌 Key Takeaways

• ✅ MARI acquires 20% working interest in Eastern Offshore Indus-C Block.
• 🤝 Strategic partnership with Turkish Petroleum Overseas Company (TPOC), PPL and OGDC.
• 🌍 TPOC will hold 25% interest and become the operator, pending regulatory approvals.
• 🇵🇰 PPL will retain a 35% working interest.
• 🏢 OGDC will also hold a 20% working interest.
• 🌊 MARI enters Pakistan’s offshore basins for the first time.
• 🚀 Positions MARI for accelerated offshore exploration.
• 🇹🇷 Collaboration with TPOC strengthens ties between Pakistan and Türkiye.
• 🌱 Aims to unlock Pakistan’s offshore hydrocarbon potential.
• 📜 The acquisition is subject to regulatory approvals.
• 📅 Announcement date: October 15, 2025.

🎯 Investment Thesis

BUY. The acquisition of a 20% working interest in the Eastern Offshore Indus-C Block positions Mari Energies for significant growth in the long term. The strategic partnership with TPOC, PPL, and OGDC reduces the risk and provides access to expertise. The company’s entry into offshore exploration diversifies its portfolio and opens up new revenue streams. Price Target: PKR 1800. Time Horizon: 3 years.