REG - Oil and Gas Devt Co - Material Information

Oil And Gas Development CoAnnouncement

03/06/2024 11:00

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RNS Number : 8682Q  Oil and Gas Development Company Ltd  03 June 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

 

No.CS04-08/ (PSX/LSE/SECP)
                                             June 03,
2024

 

 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:        Material Information

Dear Sir,

We are pleased to disclose the following information in compliance with
Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations,
for dissemination amongst your members:

Production Commencement -New Development Well Chanda-7

Chanda-7 well has been successfully tested, completed and brought into the
production. The structure of Chanda-7 was delineated, drilled and tested using
the Company's in-house expertise. The well reached a depth of 5492 meters,
targeting the hydrocarbon potential of Wargal, Kingriali and Datta formations.
Currently, the Kingriali and Datta formations are yielding 305 BPD of Oil and
2.5 MMSCFD of Gas through 32/64" choke at wellhead flowing pressure (WHFP) of
670-710 PSI. Additionally, 3.0 MTD of LPG is being recovered. As of June 02,
2024 the well has been connected to the Company's Chanda Plant through a 1.3
Km flow line, and gas is being injected into the SNGPL network.

 

The venture is a collaborative effort where OGDCL stands as the Operator of
Chanda D&P.L, holding a 72% stake. The partnership also involves
Government Holding Private Limited (GHPL) with a 17.5% share and Orient
Petroleum Inc. (OPI) with 10.5% share. The well is located in district Kohat,
Khyber Pakhtunkhwa province.

 

Production Revival - Kunnar-8 Well

In pursuit of enhancing production efficiency and maximizing resource
recovery, the Company has successfully revitalized Kunnar-8 well. The well was
re-evaluated for the potential of the Lower Goru upper sands and
comprehensively re-completed with an Electrical Submersible Pump (ESP). This
re-completion, coupled with stimulation techniques, has revived production,
adding 540 barrels of oil per day to the system.

 

Kunnar well-8 is located in district Hyderabad, Sindh province and being
produced through OGDCL Kunnar Oil Field. OGDCL owns 100% working interest in
Kunnar Mining Lease Area. The initiative not only underscores the Company's
commitment to optimizing production but also demonstrates the efficacy of
modern recovery techniques in rejuvenating mature wells.

 

OGDCL's proactive approach aligns with its mission to enhance oil and gas
production, ensuring national energy security and fostering sustainable
development for Pakistan.

 

Yours sincerely,

 

 

(Wasim Ahmad)

Company Secretary

 

 

Copy

Executive Director/HOD,

Offsite-II Department, Supervision Division,

Securities and Exchange Commission of Pakistan

Islamabad.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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