REG - Oil and Gas Devt Co - Material Information

Oil And Gas Development CoAnnouncement

19/02/2024 07:00

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RNS Number : 5815D  Oil and Gas Development Company Ltd  19 February 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

February 19, 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 GAS AND CONDENSATE AT KHARO WELL - 1

 

Dear Sir,

 

The Oil and Gas Development Company Limited (OGDCL) is honored to announce a
significant gas-condensate discovery from its exploration efforts at Kharo-1,
a well drilled in the Khewari exploration license area, located in District
Khairpur, Sindh Province. OGDCL operates the Khewari Block, holding a 95%
working interest, with GHPL (Government Holdings Private Limited) as a joint
venture partner holding a 5% working interest.

The execution of drilling and testing operations for the Kharo-1 well
structure, undertaken with the proprietary expertise of OGDCL, achieved a
depth of 3,762 meters. Subsequent testing procedures registered 14.3 million
standard cubic feet per day (MMSCFD) of gas, in addition to 93 barrels per day
(bbls/d) of condensate. The results were attained at a 32/64-inch choke size,
under a wellhead flowing pressure (WHFP) of 2,737 pounds per square inch
(psi), emanating from the Massive sand strata of the Lower Goru Formation.

The discovery at Kharo-1 is a testament to the diligent and strategic
exploration approach adopted by the Company. It has the potential to
significantly enhance the hydrocarbon reserves of OGDCL and its esteemed joint
venture partners, and ultimately contribute to the national energy resources
of the Country.

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)

  A/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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