REG - Oil and Gas Devt Co - Material Information

Oil And Gas Development CoAnnouncement

29/07/2024 08:30

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RNS Number : 1867Y  Oil and Gas Development Company Ltd  29 July 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

July 29, 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 Hydrocarbons in Tal Block at Razgir-1 Exploratory Well

 

Dear Sir,

 

We are pleased to announce the discovery of gas condensate from the
Lumshiwal-1 zone at the Razgir-1 exploratory well, located in district Kohat,
Khyber Pakhtunkhwa Province. TAL Joint Venture comprises Oil & Gas
Development Company Limited (OGDCL) (30% working interest), MOL Pakistan Oil
& Gas Co. B.V. (the Operator) (10%), Pakistan Petroleum Limited (PPL)
(30%), Pakistan Oilfields Limited (POL) (25%), and Government Holdings Private
Limited (GHPL) (5%).

The well was spudded-in on January 9, 2024 and successfully reached target
depth at 3950mMD. Based on wireline logs interpretation, Lumshiwal-1 formation
(Exploratory Target) was successfully tested at rate of 20 Million Standard
Cubic Feet Per Day (MMSCFD) gas and 250 Barrels Per Day (BPDC) Condensate at
40/64" Choke against Wellhead Flowing Pressure (WHFP) 2348 Pounds per Square
Inch (Psi).

This discovery has de-risked further exploration play in TAL Block, leading to
new upside opportunities. The said discovery will help to enhance indigenous
hydrocarbons supply of the Country and also add to the hydrocarbon reserves
base.

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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