PPL AGM approves 55% cash dividend, 20% bonus

KARACHI: The 62nd annual general meeting AGM of Pakistan Petroleum Limited PPL was held on Monday in which AGM approved financial statements together with the auditor’s report for the fiscal year ended June 30, 2013 besides payment of final cash dividend of 55 percent on ordinary share capital and issue of bonus shares in proportion of 1 ordinary share for every 5 ordinary shares held by members.

This is in addition to an interim cash dividend of 50 percent already paid to the shareholders, bringing total distribution for the financial year 2012–2013 to 105 percent cash dividend and 20 percent bonus shares.

On behalf of PPL Board of Directors, MD and CEO Asim Murtaza Khan apprised members about the company’s performance, focusing on milestones achieved during the financial year, the most important of which were two back-to-back gas-condensate discoveries in Wafiq X1 and Shahdad X1 wells in company operated Gambat South Block. The company is striving to fast track first gas from both discoveries, he added.

In addition, Khan informed members of successful production testing of gas condensate from deeper reservoir at exploratory well Adam X1 in company operated Hala Field and the bilateral agreement recently signed with Orion Energy Plc. of UK for a joint study of Pakistan’s offshore basins for hydrocarbon potential and establishing a state-of-the-art power plant for more efficient utilization of gas from PPL’s wholly owned and operated Kandhkot Gas Field.

On the joint ventures front, Khan highlighted discovery at Lundali 1 in the Sukhpur joint venture and start of the firstever production of tight gas from Rehman Discovery in partner operated Kirthar Block.

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