How does Mari Energies’ Soho-1 discovery position it for growth in FY26?

Key takeaways

• Mari Energies Ltd (MARI) discovered gas at Soho-1 well in Sujawal Block, Sindh.
• Gas flow tested at 30 million cubic feet per day (mmcfd) at 64” choke size.
• Expected to add around PKR 5.0 per share to MARI’s annualized earnings in FY26E.
• This discovery could boost MARI’s FY26 earnings by approximately 8%.

Mari Energies discovers gas at Soho-1 in Sujawal block: What investors should know?

Mari Energies Limited (MARI) has announced a significant gas discovery at its exploratory well, Soho-1, located in the Sujawal Block of Sindh. The company, holding 100% working interest, successfully tested gas flow from two different formations. The well showed an impressive gas flow rate of 30 million cubic feet per day (mmcfd) at a 64-inch choke size, signaling promising production potential.

This discovery is expected to have a meaningful impact on Mari Energies’ financial performance. Analysts estimate that the gas find could contribute approximately PKR 5.0 per share to the company’s earnings per share (EPS) on an annualized basis for FY26. This translates to about 8% of the projected earnings for FY26, marking a significant boost for investors to watch.

Mari’s current projections assume an oil price of $75 per barrel for FY26 and an exchange rate of 290 PKR/USD. While the discovery is gas-focused, these assumptions provide a stable backdrop for the company’s broader energy portfolio valuation.

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For investors, this discovery reinforces Mari Energies’ position as a leading exploration and production player in Pakistan’s energy sector. The successful test at Soho-1 highlights the company’s strong operational capabilities and its potential to add valuable reserves, which could translate into improved cash flows and shareholder returns going forward.

As energy demand continues to grow domestically, discoveries like this one are vital for Pakistan’s energy security and the growth prospects of local energy companies. Mari Energies is now well-positioned to leverage this success as it develops the Sujawal Block further.

In summary, the Soho-1 gas discovery is a positive development for Mari Energies and investors alike, offering a clear earnings upside and strengthening the company’s future production outlook. Investors should keep a close eye on follow-up developments and production ramp-up timelines as this asset moves towards commercial production.

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Source: AKD Securities Limited

⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →