REG - Oil and Gas Devt Co - Gas Discovery at Chak 214-1 Exploratory Well

Oil And Gas Development CoAnnouncement

19/09/2023 07:00

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RNS Number : 8957M  Oil and Gas Development Company Ltd  19 September 2023

CS04-08 (PSX/LSE/SECP)

September 19, 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,

Karachi-74000, Pakistan.

                                            Tel: (44) 20 7334 8907

Subject:          GAS DISCOVERY AT CHAK 214-1 EXPLORATORY WELL IN MARI
EAST BLOCK, DISTRICT RAHIM YAR KHAN, PUNJAB PROVINCE, PAKISTAN

Dear Sir,

          Oil and Gas Development Company Limited (OGDCL), being
operator of Mari East Block (100%), has discovered gas at the Chak 214-1
exploratory well situated in the District Rahim Yar Khan, Punjab Province.

 

2.       Chak 214-1 well was spudded on June 29, 2023, utilizing OGDCL's
in-house expertise. The well reached a depth of 1851 meters. Based on wireline
log interpretations, Drill Stem Test-1 conducted in the Dunghan Formation
demonstrated a yield of 1.1 Million Standard Cubic Feet per Day (MMSCFD) of
gas with a choke size of 32/64" and a Well Head Flowing Pressure (WHFP) of 230
Pounds per Square Inch (PSI). Furthermore, Drill Stem Test-2 in the Sui Main
Limestone (SML) yielded 1.31 MMSCFD of gas at the same choke size and a WHFP
of 260 PSI.

 

3.       This discovery marks the first in the Mari East Block and is a
testament to the Company's commitment to harnessing the hydrocarbon potential
of the Block through aggressive exploration strategies.

 

4.       The above information is submitted in compliance of Section 96 of
theSecurities 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

NIC Building,63 Jinnah Avenue, Blue Area,

Islamabad

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