REG - Oil and Gas Devt Co - Material Information

Oil And Gas Development CoAnnouncement

06/08/2024 07:00

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RNS Number : 3317Z  Oil and Gas Development Company Ltd  06 August 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

August 06, 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

                (Kawargarh-1 Formation)

Dear Sir,

 

We are pleased to announce the discovery of gas condensate from Kawagarh-1
formation in 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 09, 2024 and has been successfully drilled
down to the depth of 3773.98m TVD. Based on interpretation results of wireline
logs data, Kawagarh-1 Formation (Exploratory Target) was tested successfully
at rate of around 16.4 Million Standard Cubic Feet per Day (MMSCFD) gas and
159 Barrels per Day (BPD) of Condensate at choke size 40/64" at Wellhead
Flowing Pressure (WHFP) of 1874 Pounds per Square Inch (Psi).

This new 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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