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Oil And Gas Development CoAnnouncement

12/09/2023 11:00

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RNS Number : 1786M  Oil and Gas Development Company Ltd  12 September 2023

 

No.CS04-08/
(PSX/LSE/SECP)
     September 12, 2023

 

 The General Manager,                                        London Stock Exchange Plc.

 Pakistan Stock Exchange Limited, Stock Exchange Building,   10 Paternoster Square,

 Stock Exchange Road,                                        London EC4M 7LS

 Karachi                                                     Tel: (44) 20 7334 8907

 

Subject: Production Commencement - New Development Well Nashpa-11

 

Dear Sir,

 

Oil & Gas Development Company Limited (OGDCL) is diligently pursuing a
harmonized approach to exploration, drilling, and development activities with
a focus on optimizing production on a fast-track basis.

 

We are pleased to share an encouraging development where the Nashpa-11 well
has been successfully tested, completed, and brought into the production
stream. This development is the result of OGDCL's in-house expertise. The well
was drilled to a depth of 4,485 meters, targeting the hydrocarbon potential
within the Lumshiwal, Hangu, and Lockhart formations. Presently, these
formations are yielding 830 BPD of oil and 1.0 MMSCFD of gas through a 32/64"
choke at a wellhead flowing pressure (WHFP) of 520 PSI. As of September 11,
2023, the well has been connected to the OGDCL Nashpa plant through a 1.8 Km
flow line, and gas is being injected into the SNGPL network.

 

This venture is a collaborative effort where OGDCL stands as the operator,
holding a 56.45% stake. The partnership also involves Pakistan Petroleum
Limited (PPL), which holds a 28.55% share, and Government Holding Private
Limited (GHPL) with a 15% share.

 

The above information is submitted in compliance with 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)

A/Company Secretary

 

 

 

Copy

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

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