It was reported in March 2019 that Pakistan Petroleum Ltd (PPL) has assigned 2.5% working interest in Hisal 3372-23 EL (Potwar Basin) onshore licence to Government Holding Pvt Ltd (GHPL) which would be effective retrospectively from 20 July 2018. As a result of this transaction the revised equity split is as follows: PPL (62.5%, operator), Pakistan Oilfields Ltd (POL) (25%), Attock Oil Company (AOC) (10%) and GHPL (2.5%). Hisal EL covers an area of 1,506 sq km and is located in the Attock, Chakwal and Rawalpindi districts of Punjab province.  PPL recently drilled Misrial X-1 exploratory well in the block which was plugged and abandoned (P&A) in January 2019 after it failed to flow hydrocarbons during testing. The company had drilled a sidetrack hole â the sidetrack drilling was initiated in October 2018 after reaching 5,167 m depth. The well was spudded on 1 February 2018 using the âCCDC-23â land rig with a prognosed TD of 5,208 m in the Eocene.  Â   Background Information    PPL was exclusively awarded the Hisal EL licence with the signing of Petroleum Concession Agreement (PCA) on 10 February 2014. PPL then assigned 25% working interest to POL and 10% working interest to AOC, effective from 30 November 2016. As a result, the new equity split is as follows: PPL 65% (operator), POL 25% and AOC 10%.  The block was offered under the 2012 Licensing Round which was launched from 11 October 2012 to 10 March 2013. A total of 58 blocks were offered for competitive bidding - the bids were opened on 10 March 2013. A total of 66 bids were received for 50 blocks from various companies, whereas eight blocks did not receive any bid. Oil and Gas Development Company Ltd (OGDCL) was the highest bidder in 28 blocks, whereas Pakistan Petroleum Ltd (PPL) is believed to be a highest bidder in nine blocks and Pakistan Oilfields Ltd (POL) in five blocks. Al Haj and Oil & Gas Investment Ltd (OGIL) were the highest bidders in two blocks each, whereas Ocean Pakistan Ltd (OPL), OMV-PPL, TRI and Mari Petroleum Pakistan Ltd (MPCL) were the highest bidders in one block each. As a result of this bidding round, the E&P Companies had committed to invest a minimum finacial expenditure of around US$ 372 million (Pak Rupees 37 billion).    Al Haj Group had also submitted application for Hisal block during the bid round which was rejected by the government.  PPL acquired 463 line km 2D seismic in the block during February-June 2016 using a Dana Geophysics seismic crew. The company was granted a ten-month extension to the Phase-I of initial term of Hisal EL, effective from 10 February 2017 to 9 December 2017. PPL acquired further 63 line km of 2D seismic (vibroseis source) in the block using the BGP 9501-C seismic crew during September-October 2017.  PPL was granted an additional three-month extension to the Phase-I of initial term of Hisal EL from 10 December 2017 to 9 March 2018. The company was granted a further 11-month extension to the Phase-I of initial term from 10 March 2018 to 9 February 2019.
Pakistan Petroleum Ltd (PPL) has assigned 2.5% working interest in Hisal 3372-23 EL (Potwar Basin) onshore licence to Government Holding Pvt Ltd (GHPL) 