REG - Oil and Gas Devt Co - Production Enhancement

Oil And Gas Development CoAnnouncement

30/08/2023 11:15

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RNS Number : 8273K  Oil and Gas Development Company Ltd  30 August 2023

No.CS04-08/ (PSX/LSE/SECP)
                   August 30, 2023

 

 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:        PRODUCTION ENHANCEMENT

 

Dear Sir,

Oil & Gas Development Company Limited (OGDCL) is pursuing production
optimization initiatives. A significant production enhancement has been
achieved at Siab-1 well, in Baratai Block located in Kohat district, Khyber
Pakhtunkhwa province. This well operates under a joint venture, where OGDCL is
the operator, holding 97.5% stake, and the Khyber Pakhtunkhwa Oil & Gas
Company Limited (KPOGCL) holds 2.5% share.

Since its production commencement on January 13, 2022, the Siab-1 well has
recorded flow rates of 125 BPD of condensate and 6.2 MMSCFD of gas at a well
head flowing pressure (WHFP) of 1700 PSI from the Lockhart formation. The well
is operated through the OGDCL Dhok Hussain Field.

As a result of successful implementation of production enhancement strategy
through a rigless intervention in the Lockhart formation, a substantial
increase in hydrocarbon production has been achieved with an additional
production of 265 BPD of oil and 14.3 MMSCFD of gas at a WHFP of 4300 PSI.
This additional gas production is being injected into the SNGPL network. The
enhanced production from the well commenced on August 28, 2023. The cumulative
production from the well is now 20.5 MMSCFD gas and 390 BPD oil.

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)

A/Company Secretary

 

 

Copy

Executive Director/HOD, SECP, Offsite-II Department, Supervision Division,
SECP, Islamabad

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