PACRA Assigns Entity Ratings to Zaver Petroleum Corporation Limited - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- December 31, 2020 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

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Zaver Petroleum Corporation (Pvt) Limited (Zaver "ZPCL") is part of the group which includes Orient Petroleum Inc. (OPI) and Orient Petroleum Pty Ltd. (OPPL). Zaver Petroleum Corporation (Pvt) Limited is engaged in the exploration, development and production of oil and natural gas reserves in Pakistan. Currently, ZPCL operates one exploration block i.e. Sari South whereas it is non-operated partner in four exploratory blocks i.e. Sakhi Sarwar, Marwat and Harnai South operated by Orient Petroleum Inc. and Bannu West operated by Mari Petroleum Company Limited.

ZPCL also holds non-operated working interests in Chanda D and PL under Shakardara Concession operated by Oil and Gas Development Company limited and Mehar and Sofiya D and PLs under Mehar Concession operated by UEP Alpha limited. The group is an established oil and gas business unit in Pakistan, with a portfolio of 9 Exploration Licenses and 8 Development and Production Leases. The topline stands at PKR1.2bn for the year ended Jun-20 and has remained stable over the years. Margins have remained modest. ZPCL's management is pursuing an expansion strategy as it aims to make additions to its revenue stream.

ZPCL has 2P recoverable reserves of 1.3 MMBOE (million barrels of oil equivalent) and...