document: It was reported in December 2018 that Saif Energy Ltd has assigned its full 10% interest in Bannu West 3370-13 EL (Potwar Basin) onshore concession to Zaver Petroleum Corporation Ltd (ZPCL) and it would be effective retrospectively from 8 June 2018.  The licence covers an area of 1,230 sq km and is located in the FATA administrative region of the country. MPCL is the operator of this licence and the revised equity spilt is as follows: MPCL (55%, operator), Oil and Gas Development Company Ltd (OGDCL) (35%) and ZPCL (10%).  MPCL initiated 3D seismic acquisition (dynamite/vibroseis source) programme in the block in July 2018 and a total of 216 sq km was acquired by the end of the November 2018 â the survey was continuing although the company has already exceeded the planned target of 150 sq km 3D acquisition.Â    Â   Background Information  The licence was awarded to Tullow Pakistan (Developments) Ltd (85%, operator) and Tullow Pakistan (Operations) Private Ltd (15%) on 27 April 2005 and the work programme for the initial three year exploration phase (with a minimum financial commitment of US$13.16 million) is believed to include G&G studies, the acquisition of 150 sq km 3D seismic and the drilling of one exploration well.   Tullow Pakistan (Developments) Ltd assigned a 35% working interest to OGDC with effect from 12 September 2005, with a further 10% also assigned to Saif Energy Ltd. It is understood that Tullow Pakistan (Operations) Private Ltd also assigned a 5% working interest to OGDC at the same time, as a result of which the revised equity split was as follows - Tullow Pakistan (Developments) Ltd (40%, operator), OGDCL (40%), Saif Energy Ltd (10%) and Tullow Pakistan (Operations) Private Ltd (10%).   Tullow Pakistan (Operations) Private Ltd subsequently assigned its entire 10% working interest to Mari Gas Co Ltd (MGCL) with effect from 24 May 2006, as a result of which the revised equity split is as follows - Tullow Pakistan (Developments) Ltd (40%, operator), OGDCL (40%), Saif Energy Ltd (10%) and Mari Gas Co Ltd (MGCL) (10%). Mari Gas Co Ltd (MGCL) subsequently changed its name to Mari Petroleum Company Ltd (MPCL) with effect from 19 November 2012.  The licence was granted a one year extension to the first contract year with effect from 1 September 2007 - a one year extension having previously been granted. Tullow was granted an additional one year extension to the first contract year of the license with effect from 1 September 2008, followed by a further 12 month extension to the first contract year with effect from 1 September 2009. Tullow was granted an additional one-year extension to the first contract year of the licence concession with effect from 1 September 2010. It was followed by a further two-year extension effective 1 September 2011.  Tullow was granted an additional four-year extension to the first contract year of the Bannu West EL from 1 September 2013 to 31 August 2017.   It was reported in Tullow Oilâs 2016 Financial Results that Tullow Pakistan (Developments) Ltd had agreed in May 2016 to sell its 20% interest and transfer operatorship in Bannu West EL to MPCL. MPCL subsequently announced on 28 March 2017 that the government has granted approval for the operatorship of Bannu West EL. The company also announced acquiring 5% interest from Oil and Gas Development Company Ltd (OGDCL) in the block and as a result, effective 20 March 2017, MPCL became the operator of block with revised equity split as follows: MPCL (35%, operator), OGDCL (35%), TPDC (20%) and Saif Energy Ltd (10%).   MPCL announced on 19 July 2017 that it signed the Head of Terms (HoT) agreement with Tullow Pakistan (Development) Ltd for acquiring Tullowâs entire working interests in three onshore blocks in Pakistan â Bannu West, Block 28 and Kalchas blocks. It was subsequently reported in early July 2018 that MPCL acquired Tullowâs full 20% working interest in the Bannu West EL with effective date as 7 June 2018 and the revised equity split was as follows: MPCL (55%, operator), OGDCL (35%) and Saif Energy Ltd (10%).  MPCL acquired 105 line km 2D seismic (dynamite / vibroseis source) in the block using the Mari Seismic Unitâs âMSU-1â seismic crew. The survey was initiated in March 2018 with a plan of acquiring 99 line km 2D and it was completed in April 2018.
summary: Saif Energy Ltd has assigned its full 10% interest in Bannu West 3370-13 EL (Potwar Basin) onshore concession to Zaver Petroleum Corporation Ltd (ZPCL) and the revised equity split was as follows: MPCL (55%, operator), OGDCL (35%) and Saif Energy Ltd (10%). 