PPL’s 63rd AGM approves 75 percent cash dividend 

Karachi, October 24, 2014: The 63rd Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held on October 24, 2014. Shareholders of the company approved financial statements together with the auditor’s report for the fiscal year ended June 30, 2014 besides payment of final cash dividend of 75 percent on ordinary share capital. This is in addition to an interim cash dividend of 50 percent already paid to shareholders, bringing total distribution for the financial year 2013 – 2014 to 125 percent cash dividend.

Chairman of the newly elected Board of Directors Waqar A. Malik appreciated the outgoing Board for steering the company to greater achievements aligned with best governance practices. Expressing confidence in the new Board, Malik stated that its collective experience will drive the corporate agenda with vigor to further enhance shareholder value.

On behalf of the Board, MD and CEO Arshad Mirza apprised members on the company’s performance, highlighting milestones achieved during the financial year, notably a string of discoveries in company-operated blocks, including gas-condensate from Shahdad X-1 in Gambat South Block and tight gas from Naushahro Firoz X-1 in Naushahro Firoz Block. 

Subsequent to the year-end, Adam West X-1, Sharf X-1 and Kinza X-1 wells at company-operated Hala and Gambat South blocks, respectively, also flowed gas and condensate.

The company, assured Mirza, is striving to fast track first gas from the discoveries.

Sharing significant achievements on the joint ventures front, Mirza mentioned the oil discovery at Ghauri X-1 well in partner-operated Ghauri Block and the inauguration of first gas delivery from Latif-Sawan Development Project.