OMV announced a discovery and successful testing of gas in its Latif 1 exploration well Pakistan. Preliminary results show that the well is capable of flowing over 1,700 boe/d (10 mn scf/d) from the tested zones. However, the actual flow potential and size of the field would be determined after a long term test and appraisal of the field.
Our view: This is an additional discovery in an area where OMV has discovered two major gas fields before, Miano and Sawan, which were brought on stream in 2001 and 2003. We expect the market to react neutrally to the news.