REG - Oil and Gas Devt Co - Discovery of Hydrocarbons in Sawan South Shahu-1

Oil And Gas Development CoAnnouncement

23/10/2024 09:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241023:nRSW2921Ja&default-theme=true

RNS Number : 2921J  Oil and Gas Development Company Ltd  23 October 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

October 23, 2024

 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

 Fax No. (92-21) 3241 0825, 3241 5136

 

 

 

Subject:        Discovery of Hydrocarbons in Sawan South Block at
Shahu-1 Exploratory Well, Located in District Khairpur, Sindh Province

Dear Sir,

 

We are pleased to announce the gas discovery from Sawan South Block lower Goru
B Reservoir Sand of Shahu-1 well located in district Khairpur, Sindh Province.
The Joint Venture comprising Oil & Gas Development Company Limited (OGDCL)
(20% working interest), United Energy Pakistan Limited (UEPL), the Operator
(75%), Government Holding Private Limited (GHPL) (2.5%) and Sindh Energy
Holding Limited (SEHL) (2.5%).

2.       The well was spudded-in on August 18, 2024 and has been
successfully drilled down to the depth of 12,675 ft MD. The well was estimated
to produce gas at rate of around 10 Million Standard Cubic Feet per Day
(MMSCFD) gas at Wellhead Flowing Pressure (WHFP) of ~4100 Pounds per Square
Inch (Psig).

3.       The discovery has de-risked further exploration play in Sawan
South Block. The said discovery will also help & contribute towards
improving energy security of the country from indigenous resources and add to
the hydrocarbon reserves base.

 

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)

  Company Secretary

 

 

Copy:

 

Executive Director/HOD, Offsite-II Department, Supervision Division,

Securities & Exchange Commission of Pakistan, 63, NIC Building,

Jinnah Avenue, Blue Area,

Islamabad.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLKZMZGNFLGDZG