MARI

⚡ Flash Summary

Mari Energies Limited (MARI) has entered into a Joint Venture Agreement with Ghani Chemical Industries Ltd. (GCI) to establish a project company focused on processing vent/exhaust gas from the Sachal Gas Processing Complex in Daharki, Sindh. The project aims to recover hydrocarbons from exhaust gas and produce liquefied natural gas (LNG) along with industrial and food-grade carbon dioxide (CO2). MARI will hold a 51% equity stake in the project company, while GCI will hold the remaining 49%. This initiative is expected to reduce greenhouse gas emissions and generate economic value for stakeholders.

📌 Key Takeaways

• 🤝 Joint Venture: MARI partners with Ghani Chemical Industries Ltd. (GCI).
• 🏭 Project Company: A new entity will be formed for the project.
• 💨 Vent Gas Processing: Focus on processing vent/exhaust gas from Sachal Gas Processing Complex.
• 📍 Location: The project is based in Daharki, Sindh.
• 🌱 Environmental Impact: Aims to reduce greenhouse gas emissions.
• 💰 Economic Value: Project intends to generate economic value for stakeholders.
• ⛽ LNG Production: Liquefied Natural Gas (LNG) will be produced.
• 🧪 CO2 Production: Industrial and food-grade Carbon Dioxide (CO2) will be produced.
• 📊 Equity Split: MariEnergies holds 51% equity.
• 🤝 Equity Split: GCI holds 49% equity.
• 📅 Agreement Date: The Joint Venture Agreement was executed on November 19, 2025.
• ℹ️ Previous Notice: Refers to earlier notice CA-25-4607 dated July 01, 2025.
• 🏢 Stakeholders: Project benefits stakeholders by reducing emissions and creating economic value.
• 🌱 Sustainability: Supports sustainable practices through waste gas recovery and processing.

🎯 Investment Thesis

I recommend a BUY rating for Mari Energies Limited. The joint venture with GCI to process vent/exhaust gas presents a compelling opportunity for MARI to diversify its revenue streams, reduce its environmental footprint, and enhance its ESG profile. The project aligns with global trends towards sustainable energy practices and positions MARI favorably in the market. Based on the potential for increased revenue and improved profitability, I set a price target of PKR 180 with a medium-term horizon (12-18 months).

⚡ Flash Summary

Mari Energies Limited has been provisionally awarded the Block 28-North (3068-11) for petroleum exploration rights by the Ministry of Energy (Petroleum Division). The block is located in Balochistan. The company is coordinating with the Directorate General of Petroleum Concessions (DGPC) to finalize the Petroleum Concession Agreement (PCA) and Exploration Licence (EL). This award is subject to the final execution of relevant agreements with the Government, marking a potential expansion of Mari Energies’ exploration portfolio.

📌 Key Takeaways

• ✅ Mari Energies provisionally wins Block 28-North for exploration.
• 🗺️ The block is located in the Balochistan province.
• 🤝 Awarded by the Ministry of Energy (Petroleum Division).
• 📑 Coordinating with DGPC for PCA and EL finalization.
• 📜 Award subject to final government agreements.
• ⬆️ Potential for increased exploration activities.
• 💼 Expansion of Mari Energies’ asset portfolio.
• 🗓️ Announcement date: November 07, 2025.
• 📍 Registered office: Islamabad, Pakistan.
• 🌐 Listed on Pakistan Stock Exchange.
• 🏢 Company Secretary: Brig Sumair Ashraf Sheikh (Retd).
• ✉️ Subject: Disclosure of Material/Price Sensitive Information
• 🔑 Key agreement is the Petroleum Concession Agreement (PCA).

🎯 Investment Thesis

The provisional award of Block 28-North exploration rights presents a BUY opportunity for Mari Energies. The potential for new discoveries could significantly boost the company’s future revenue and profitability. The time horizon for realizing these gains is MEDIUM_TERM, contingent on successful exploration results.

⚡ 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.