REG - Oil and Gas Devt Co - OGDCL Enhances Production from Pasakhi-5 Well

Oil And Gas Development CoAnnouncement

27/12/2024 07:00

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RNS Number : 3493R  Oil and Gas Development Company Ltd  26 December 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

December 26, 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

 

Subject:        OGDCL Enhances Production from Pasakhi-5 Well

Dear Sir,

Oil & Gas Development Company Limited (OGDCL) is pleased to announce the
successful revival and enhanced production of oil from Pasakhi-5 well, located
in District Hyderabad, Sindh. The well is part of the Pasakhi Development
& Production Lease (D&PL) in which OGDCL holds a 100% working
interest.

As part of a strategic optimization initiative, OGDCL deployed a rig to
install an artificial lift system (ESP). Previously, the well was producing
480 barrels of oil per day (BPD) on natural flow. Following the installation,
production has increased to 900 BPD, reflecting a notable increment of 420
BPD.

 

This achievement underscores OGDCL's commitment to leveraging innovative
technologies to maximize energy output, ensure a sustainable energy supply,
and enhance Pakistan's energy resources, thereby contributing to the nation's
economic growth.

 

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, SECP, 63, NIC Building, Jinnah Avenue, Islamabad.

 

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