External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices).</li><li>Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd.</li><li>Based on our estimates, if MARI volumes go up by 100mmcfd, it will result in an earnings impact of Rs13.5 per share, which is 25-29% of FY26/27 earnings. With incremental volumes of 180mmcfd, this impact would be Rs24.1 per share (or 40-50%).</li></ul>

Mari Energies (MARI) has announced the approval of gas allocation from its Ghazij/Shawal discoveries in the Mari field at well head gas prices notified by OGRA (i.e. Petroleum Policy 2012 prices).Under the revised allocation, the flows from MARI from HRL, Ghazij/Shawal, Deep and SML/SUL will increase to 1054mmcfd from the current direct allocation of ~850-900mmcfd over the next 2-3 years, following the development of the required infrastructure. This is a whopping increase of 180mmcfd.Based on our estimates, if MARI volumes go up by 100mmcfd, it will result in an earnings impact of Rs13.5 per share, which is 25-29% of FY26/27 earnings. With incremental volumes of 180mmcfd, this impact would be Rs24.1 per share (or 40-50%).

Sui Northern Gas Pipelines Limited (SNGP PA)

Pakistan Oil & Gas and Fertilizer – Allocation of Gas from Mari Field; MARI to Emerge as Beneficiary; Neutral for Fertilizer Companies