KARACHI: Sapphire Fibres Ltd (SFL) has entered into an agreement with UPLHC I Ltd and UPLHC II Ltd, both companies incorporated in the UAE, to acquire 50 per cent share of UCH Power Private Ltd which is fully owned by UPLHC I and II.

In a notice to the Pakistan Stock Exchange (PSX) on Monday, SFL said its consortium partner had signed a similar agreement to acquire the remaining 50pc shares of UCH Power (Pvt) Ltd.

SFL had also entered into an agreement with International Power UCH Holdings B.V, a company incorporated in the Netherlands, to acquire 50pc shares of UCH-II Power (Pvt) Ltd, which is fully owned by International Power UCH Holdings B.V.

“Our consortium partner has signed a similar agreement to acquire the remaining 50pc shares of UCH-II Power (Pvt) Ltd,” the notice said.

SFL said the completion of the proposed transactions contemplated in the agreements is subject to the satisfaction of conditions stipulated in the said agreements and receipt of requisite approvals.

Hydrocarbon reserves found in Attock

Pakistan Oilfields Ltd (POL) has discovered hydrocarbon reserves at Jhandial-03 well in Attock district.

In a stock filing on Monday, the company said that the drilling of Jhandial-03 well commenced on Oct 12, 2023 and the well was drilled till the depth of 17,778 feet in base Lockhart Formation.

The well has currently been completed in Sakesar formation. Hydrocarbon flows from the well

were around 677-767 barrels of oil per day (bopd) and 7.4-10.2 million cubic feet per day (mmcfd) of gas.

Published in Dawn, July 16th, 2024