REG - Oil and Gas Devt Co - Oil & Gas Discovery at Faakir-1 Exploratory Well

Oil And Gas Development CoAnnouncement

12/06/2025 10:00

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RNS Number : 5853M  Oil and Gas Development Company Ltd  12 June 2025

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08/(PSX/LSE/SECP)
                                           June 12, 2025

 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:          Oil & Gas Discovery at Faakir-1 Exploratory
Well in Bitrisim Exploration License District Khairpur, Sindh Province,
Pakistan

Dear Sir,

 

We are pleased to announce a gas/condensate discovery from the exploratory
well Faakir-1, located within Bitrisim Exploration Licence in District
Khairpur, Sindh Province. The well is operated by Oil & Gas Development
Company Limited (OGDCL), holding a 95% working interest, in joint venture with
Government Holdings (Private) Limited (GHPL), which holds the remaining 5%
interest.

 

Faakir-1 was spudded on December 31, 2024, as an exploratory well and drilled
to a total depth of 4,185 meters in the Sembar Formation. The well was drilled
using OGDCL's in-house expertise in close collaboration with the Joint Venture
Partner.

 

Based on the interpretation of wireline log results, two Drill Stem Tests
(DSTs) were carried out in the Lower Goru Formation, targeting the Massive
Sand and Basal Sand intervals. The cumulative test results indicated a
production of 6.4 million standard cubic feet of gas per day (MMSCFD) and 55
barrels per day (BPD) of condensate through a 32/64" choke. The wellhead
flowing pressures recorded were 450 psi for DST-1 and 850 psi for DST-2,
respectively.

 

The said discovery marks a significant breakthrough in the Bitrisim
Exploration Licence from the Lower Goru Formation (Basal and Massive Sands),
thereby enhancing the commercial prospectivity and extending the life of the
licence. It reflects the Joint Venture's commitment to pursuing the full
hydrocarbon potential of the block through an aggressive exploration strategy.
This discovery is expected to contribute meaningfully toward reducing the
energy demand-supply gap through indigenous resources and will also add to the
hydrocarbon reserves base of both OGDCL and the country.

 

The foregoing information is submitted in compliance with Section 96 of the
Securities Act, 2015 and Clause 5.6.1 of the Pakistan Stock Exchange Limited
Regulations, for dissemination amongst your members.

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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