HUBCO Subsidiary’s Joint Venture Wins Provisional Rights to Four Onshore Exploration Blocks

PAKISTAN

The Hub Power Company Limited (HUBCO) has announced that Prime International Oil and Gas Company Limited (Prime) — a joint venture of its wholly owned subsidiary, Hub Power Holdings Limited — has been provisionally awarded exploration rights for four onshore petroleum blocks, subject to regulatory approvals and completion of legal formalities.

The development was disclosed in a notice to the Pakistan Stock Exchange (PSX) in accordance with Section 96 of the Securities Act, 2015, and Rule 5.6.1(a) of the PSX Rule Book.

According to the filing, Prime’s wholly owned subsidiary, Prime Global Energies Limited, secured the exploration rights in partnership with Pakistan Petroleum Limited (PPL), Mari Energies Limited (Mari) and Oil and Gas Development Company Limited (OGDCL). The awarded blocks are:

Block 2465-5 (Sapat Bandar) – Prime will act as the operator and holds a 31% participating share.

Block 2267-3 (Zarrar) – Prime holds a 20% share.
Block 2367-6 (Keti Bandar) – Prime holds a 20% share.
Block 2466-10 (Bin Qasim South) – Prime holds a 20% share.

ER News Desk

READ MORE