REG - Oil and Gas Devt Co - Gas/Condensate Discovery at Bettani-02 Well

Oil And Gas Development CoAnnouncement

13/12/2024 07:00

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RNS Number : 0140Q  Oil and Gas Development Company Ltd  13 December 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

December 13, 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

 

Subject:          Gas/Condensate Discovery in Samanasuk Formation at
Bettani-02 (Slant) Well IN Wali Block, Khyber Pakhtunkhwa Province

Dear Sir,

 

We are pleased to announce that Oil and Gas Development Company Limited
(OGDCL), the operator of Wali Exploration License with a 100% working
interest, has made a gas and condensate discovery in Samanasuk formation, an
exploratory zone, at the Bettani-02 (Slant) well located in District Laki
Marwat, Khyber Pakhtunkhwa Province.

 

2.         Bettani-02 (Slant) well was spudded in as an appraisal well
and drilled to a depth of 5,080 meters into the Shinawari formation. During
drilling, a 247-meter-thick Samanasuk formation (exploratory effort) was
penetrated. Cased Hole DST-1 was carried out, and the well flowed at a rate of
2.14 Million Standard Cubic Feet per Day (MMSCFD) of gas and 74 barrels of
condensate per day (BCPD) on a 32/64" choke with a wellhead flowing pressure
of 435 psi.

3.         Based on initial testing results, the discovery marks the
first-ever hydrocarbon find in Samanasuk formation within Wali Exploration
License. This discovery has further extended the hydrocarbon play area in the
southwestern part of Bannu Basin and de-risked the exploration potential of
deeper reservoirs, for which OGDCL has formulated a comprehensive exploration
program.

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.

 

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