REG - Oil and Gas Devt Co - DISCOVERY AT CHAKAR1 EXPLORATORY WELL AT TAY BLOCK

Oil And Gas Development CoAnnouncement

01/08/2025 07:00

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RNS Number : 5814T  Oil and Gas Development Company Ltd  01 August 2025

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

August 01, 2025

 The General Manager,               London Stock Exchange Plc.,

 Pakistan Stock Exchange Limited,   10 Paternoster Square,

Stock Exchange Building,

                                  London EC4M 7LS.
 Stock Exchange Road,

Karachi-74000, Pakistan.

                                    Tel: (44) 20 7334 8907

 

Subject:     DISCOVERY AT CHAKAR-1 EXPLORATORY WELL IN TAY BLOCK, DISTRICT
TANDO ALLAH YAR, SINDH, PROVINCE, PAKISTAN

Dear Sir,

Oil & Gas Development Company Limited (OGDCL), as Operator (95%) of the
TAY Exploration License (E.L), along with its joint venture partner Government
Holdings (Private) Limited (GHPL) with 5% carried interest, has made an oil
discovery at the exploratory well Chakar-1, located in District Tando Allah
Yar, Sindh Province.

Chakar-1 was spudded on June 02, 2025, as an exploratory well under the Tando
Allah Yar Exploration License and drilled down to a total depth of 1,926
meters into the Upper Shale of the Lower Goru Formation. Based on the
interpretation of wireline logs and Reservoir Evaluation Services (RES) log,
Drill Stem Test (DST) was carried out in the B-Sand, followed by testing with
an Electrical Submersible Pump (ESP). The well flowed 275 barrels of oil per
day (BOPD) through a 32/64" choke at a wellhead flowing pressure (WHFP) of 400
psi. Furthermore, during formation testing using RES, oil was encountered in
the Lower Ranikot formation. A second DST/ESP is now being conducted to
further assess its hydrocarbon potential.

This marks the 13(th) discovery in the TAY E.L and reflects the joint
venture's sustained efforts to assess and unlock the hydrocarbon potential of
the block. The results to date reinforce confidence in the geological
prospectivity of the area and support ongoing exploration and appraisal
efforts to further delineate its resource base.

The above information is submitted in compliance of Section 96 of the
Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination
amongst your members please.

Yours Sincerely,

 
 
 

 

 

 

(Wasim Ahmad)

  Company Secretary

 

Copy:

 

Executive Director/HOD,

Offsite-II Department, Supervision Division,

Securities & Exchange Commission of Pakistan,63,

NIC Building, Jinnah Avenue, Blue Area,

Islamabad.

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