REG - Oil and Gas Devt Co - OGDCL Increases Working Interest in Qadirpur D&PL

Oil And Gas Development CoAnnouncement

23/01/2025 09:00

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RNS Number : 4525U  Oil and Gas Development Company Ltd  23 January 2025

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

January 23, 2025

 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 Increases Working Interest in Qadirpur D&PL
through

Farm-in Agreement

Oil and Gas Development Company Limited (OGDCL) is pleased to announce the
successful execution of Farm-in Agreement with M/s KUFPEC Pakistan B.V. The
agreement marks a pivotal step in strengthening OGDCL's position in the
Qadirpur D&PL.

Under the terms of the agreement, OGDCL exercised its right of preemption in
accordance with Article 12.5 of the Qadirpur Petroleum Concession Agreement
(PCA). As a result, OGDCL will acquire 7.99% of KUFPEC's share, increasing its
working interest in Qadirpur D&PL from 75% to 82.99%, subject to the
regulatory approvals.

This development highlights OGDCL's strategic focus on optimizing its asset
portfolio and strengthening its role in Pakistan's energy sector, ensuring
sustainable growth and value creation for stakeholders.

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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