REG - Oil and Gas Devt Co - Discovery of Gas Condensate at Dars West Well # 2

Oil And Gas Development CoAnnouncement

08/12/2023 07:15

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RNS Number : 1641W  Oil and Gas Development Company Ltd  08 December 2023

CS04-08 (PSX/LSE/SECP)

December 08, 2023

 1.       The General Manager,                         2.       London Stock Exchange Plc,

           Pakistan Stock Exchange Limited,                      10 Paternoster Square,

           Stock Exchange Building,                              London EC4M 7LS.

           Stock Exchange Road,                                  Tel. (44) 20 7334 8907

           Karachi

 

Subject:        DISCOVERY OF GAS CONDENSATE AT DARS WEST WELL # 02,
DISTRICT TANDO ALLAH YAR, SINDH PROVINCE

Dear Sir,

The Joint Venture of Dars West Development and Production Lease (D&PL)
Comprising Oil & Gas Development Company Limited (OGDCL) as Operator (77.5
%) & GHPL (22.5 % carried) has discovered Gas & Condensate from its
exploratory efforts into "C" Sands of Lower Goru Formation over Development
Well Dars West # 02, located in district Tando Allah Yar, Sindh Province.

2.         The structure of Dars West Well # 02 was drilled and tested
using OGDCL's in house expertise. The well was drilled down to the depth of
2081 Meters.  The well has tested 8.51 Million Standard Cubic Feet per Day
(MMSCFD) gas, 360 Barrels Per Day (BPD) condensate through choke size 32/64"
at Well Head Flowing Pressure 1947 Pounds per Square Inch (PSI) from Lower
Guru C-Sand (Exploratory Zone).

 

3.         The discovery of Dars West Well # 02 is the result of
aggressive exploration strategy adopted by the Company. It would add to the
hydrocarbon reserves base of the OGDCL, Joint Venture Partners and of the
Country.

 

4.         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)

A/ 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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