REG - Oil and Gas Devt Co - Hydrocarbon Discovery Exploratory Well Spinwam-1

Oil And Gas Development CoAnnouncement

25/02/2025 07:15

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RNS Number : 3513Y  Oil and Gas Development Company Ltd  25 February 2025

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

February 25, 2025

 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: Hydrocarbon Discovery at Exploratory Well Spinwam-1 in Waziristan
Block, KP Province

Dear Sir,

 

We are pleased to announce the gas/condensate discovery at the Spinwam-1,
exploratory well, drilled in the Waziristan Block, located in North Waziristan
District of Khyber Pakhtunkhwa Province. The joint venture comprises Oil &
Gas Development Company Limited (OGDCL) (35% working interest), Mari Energies
Limited, the Operator (55%) and Orient Petroleum Inc. (10%).

 

The well was spudded-in on May 28, 2024 and drilled down to the depth of
4,400m. Initial pre-acid testing of the Samanasuk Formation has shown a flow
of 12.96 Million Standard Cubic Feet per Day (MMscfd) of gas and approx. 20
bbl/day of condensate at 32/64" choke and a Wellhead Flowing Pressure of 2,127
psig. Further testing is underway, including post acid job and assessments in
the existing formation and additional targeted formations, to fully evaluate
the well's potential. This discovery has opened a new play within the Block.

 

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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