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) held its 41st Annual General Meeting following the release of FY25 results.</li><li>The company managed to achieve its highest ever production level of 39.13 MMBOE in FY25. Management highlighted that the additional 15% royalty charge resulted in a revenue loss of Rs9bn loss for the company.</li><li>In its initial phase, Spinwam is expected to produce around 30 mmcfd, while Shewa is currently operating at about 50-60 mmcfd. However, the company is targeting a combined production of 300 mmcfd from both fields. This will also require an additional pipeline from SNGP and a field development plan, for which discussions are underway.</li></ul>

Mari Energies (MARI) held its 41st Annual General Meeting following the release of FY25 results.The company managed to achieve its highest ever production level of 39.13 MMBOE in FY25. Management highlighted that the additional 15% royalty charge resulted in a revenue loss of Rs9bn loss for the company.In its initial phase, Spinwam is expected to produce around 30 mmcfd, while Shewa is currently operating at about 50-60 mmcfd. However, the company is targeting a combined production of 300 mmcfd from both fields. This will also require an additional pipeline from SNGP and a field development plan, for which discussions are underway.

Sui Northern Gas Pipelines Limited (SNGP PA)

Topline Flash Note: Mari Energies Limited (MARI) - AGM Key Takeaways

Mari Petroleum

Topline Flash Note: Mari Energies Limited (MARI) - AGM Key Takeaways