REG - Oil and Gas Devt Co - Discovery of Tight Gas AT Nur West #01

Oil And Gas Development CoAnnouncement

08/04/2024 07:00

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RNS Number : 6485J  Oil and Gas Development Company Ltd  08 April 2024

CS04-08 (PSX/LSE/SECP)

April 08, 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 TIGHT GAS AT NUR WEST # 01

 

Dear Sir,

Oil & Gas Development Company Limited (OGDCL) as Operator (100%) of Nur
Development & Production Lease (D&PL) has discovered gas at its
exploratory Well Nur West # 01, located in district Sujawal, Sindh Province.

The structure of Nur West # 01 was drilled and tested using OGDCL's in-house
expertise to a depth of 2975 meters. The well tested 1.24 Million Standard
Cubic Feet per Day (MMSCFD) of gas through a 32/64" choke at a wellhead
flowing pressure of 150 Pounds per Square Inch (PSI) from the Lower Goru
Formation ('A' Sand). The discovery is being evaluated as Tight Gas.

The discovery at Nur West #01, stemming from the Company's diligent
exploration strategy, paves the way for new avenues that will contribute to
augmenting the hydrocarbon reserve base of OGDCL and the Country. In
furtherance of strategic direction, OGDCL has embarked on a fast-track
implementation of its tight gas exploration program, underlining its
commitment to enhancing energy resources.

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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