Mari Energies Limited (MARI) reported earnings per share of PKR 41.32 for 9MFY26 (9MFY25: PKR 38.56). Meanwhile in 3QFY26, MARI reported EPS of PKR 17.63 (3QFY25: PKR 13.25). The company now holds 72 exploration licenses and 15 development and production leases, covering approximately 155,000 sq. km. MARI is essential to Pakistan’s food security, as more than 90% of the country’s urea is produced using gas from the Mari field.
A significant high-BTU discovery in the mature Mari Field (Goru-B Reservoir). Spudded in January 2026, discovery announced in March, and production commenced on June 19, 2026. It is currently supplying more than 30 mmcfd under early well testing to SNGPL. The Spinwam-1 well (Waziristan Block) was brought online on April 1, 2026, increasing total block production to 100 mmcfd. Management noted that production is subject to security conditions and sabotage activities, which have occasionally caused pipeline ruptures.
Gas from Ghazij field has been allocated to FFC Port Qasim (104 mmcfd), Fatimafert (68 mmcfd), and Agritech (50 mmcfd). Production is currently 75 mmcfd and is planned to ramp up to 222 mmcfd pending full field development and regulatory approvals from OGRA. Mari holds a significant offshore portfolio in the Indus and Makran basins. Seismic surveys are planned for late 2026, with the first exploratory well targeted for October 2027.
MARI is diversifying through three primary subsidiaries to ensure long-term value creation beyond fossil fuels. Sky47 under Mari Technologies is developing tier-III/IV data centers across Pakistan to support country’s Cloud-first policy ensuring the localization of sovereign national data.
The Islamabad facility was completed in a record 12 months with an inauguration expected in July 2026. As for the Karachi site, the designed is finalized and construction will commence by end June 2027. Under Mari Minerals, the company is positioning itself as a leader in the sector with five project companies and a new Minerals Lab in Islamabad to assess drilling cores locally. GHG Emissions Mitigation Limited is a partnership between Mari Energies (51%) and Ghani Chemical Industries (49%) to capture and monetize vent gas and CO2 from the Daharki plant. Financing agreements have been mandated to HBL, and production is expected to begin in the second quarter of 2027.
Going forward, for the Ghazij and Shewa fields, a ramp-up timeline of 18 to 24 months is estimated once final agreements and financial commitments from fertilizer customers are secured. Operating in frontier areas like Waziristan requires high security cover. Management emphasized that the safety of people and assets is paramount and affects drilling timelines.
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