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...

Oil set for second weekly rise as unsettled US-Iran war crimps supply Oil prices were little changed on Friday, but were on track for a second weekly rise as the stalemated U.S.-Iran war continues to disrupt ​supply from the key Middle East producing region. Brent crude futures rose 4 cents to $93.82 ‌a barrel by 0142 GMT, after climbing 2.4% in the previous session. U.S. West Texas Intermediate crude futures slipped 6 cents to $86.78 a barrel, after climbing 2.3% in the prior session. During the previous ​five days of gains, Brent gained more than 7% and WTI climbed ​more than 8%, reaching their highest since July 24. Prices have climbed on ⁠ concerns the inconclusive state of the U.S.-Israeli war on Iran will mean the ​continued curtailment of supply from major oil producers such as Saudi Arabia, Iraq, the ​UAE and Kuwait. The earlier peace deal between them expired this week with no effort by either side to restart talks and U.S. President Donald Trump threatened economic retaliat...