KARACHI: Mari Petroleum Company Ltd (MPCL) has signed ‘Head of Terms’ with Tullow Pakistan (Developments) Ltd for acquisition of working interest in three blocks.

MPCL informed the PSX through a notice on Wednesday that the proposed acquisition included 20pc working interest in Bannu West Block, KP and Fata; 95pc of Block 28, Balochistan; and 30pc in Kalchas Block, Balochistan and Punjab.

The company cautioned that the planned acquisition was, however, subject to approval by the board of MPCL and Tullow, execution of a binding sale and purchase agreement by the parties and approval of the government in terms of respective Petroleum Concession Agreement and Petroleum Rules applicable to the blocks.

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Pakistani columnist Farman Nawaz, who previously ran an Urdu Weekly Jirga Bannu, is the editor of The Bannu Times. Nawaz also runs an online newspaper Khyber Pakhtunkhwa News and KAS Research Journal. Nawaz has written English articles for Global Times China , Daily Outlook Afghanistan and several leading English newspapers of Pakistan. He had also worked as a blogger for Express News TV Network website.

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