Cricket is not Cricket without Shahid Afridi

· As per the latest industry reserve figures from the PPIS for Dec’25, rising by 6%/4% for oil and gas, respectively.  · We reiterate our ‘BUY’ stance on OGDC, PPL, MARI and POL, with Dec’26 target prices of PkR522/412/935/850 per share, respectively. Industry reserves see modest upgrade in Dec'25: As per the latest reserve figures published by PPIS for Dec'25, the industry's balance recoverable reserves improved on both fronts, with oil balance recoverable rising to 253mn bbls (+6%YoY) from 238mn bbls and gas balance recoverable increasing to 18,854 bcf (+4%YoY) from 18,142bcf. The aforementioned increase during the period is behest of the accelerated exploration and appraisal activity, leading to estimate reserve replacement ratio of 1.2x/1.5x for oil and gas, respectively (assuming latest production levels). Critically, oil reserve depletion improved to 81% (vs. 82% in Dec'24), the first improvement in several years, while gas depletion stabilized at 72%, indicati...

Iran seeks greater control over Hormuz as Gulf states back fee plan Iran has proposed to Oman a temporary arrangement to reopen the Strait of Hormuz under which one direction of traffic would pass through Iranian waters and part of the opposite route would also be in Iranian waters, Deputy Foreign Minister Kazem Gharibabadi told state television on Tuesday. Gharibabadi said Tehran rejected an Omani proposal for an equal division of transit routes between the two countries, saying such a plan did not address Tehran’s security concerns until long-term regional stability is achieved. He said the Strait of Hormuz would remain closed if Muscat rejected Iran’s proposal, adding that Tehran had never recognised the southern route along Oman’s coast. Gharibabadi also said Tehran had made it clear to Muscat that it no longer recognised the Traffic Separation Scheme (TSS), arguing that this pathway roughly in the middle of the waterway lies mostly within Omani waters and runs contrary to Iran’s ...