REG - Oil and Gas Devt Co - Provisional Award of New Exploration Blocks

Oil And Gas Development CoAnnouncement

11/01/2024 07:00

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RNS Number : 3779Z  Oil and Gas Development Company Ltd  11 January 2024

 

 

CS04-08 (PSX/LSE/SECP)

January 11, 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:          Provisional Award of New Exploration Blocks

 

Dear Sir,

 

Oil and Gas Development Company Limited (OGDCL) participated in the
competitive bidding round for exploration blocks held by the Government in
November 2023. The Directorate General of Petroleum Concessions (DGPC) has
communicated the provisional award of new exploration blocks to OGDCL,
Pakistan Petroleum Limited (PPL), and Pakistan Oilfields Limited (POL). These
blocks have been awarded based on the work units committed by OGDCL and its JV
partners. The details of the blocks provisionally awarded to OGDCL are as
follows:

 Block Name            Province     Working Interest       JV Partner(s)

                                                           Working Interest
 Kotra East (2867-8)   Balochistan  OGDCL (100%) Operator  -
 Murradi (2767-7)      Sindh        OGDCL (100%) Operator  -
 Gambat-II (2668-25)   Sindh        OGDCL (30%)            PPL (70%) Operator
 Saruna West (2666-1)  Balochistan  OGDCL (30%)            POL (40%) Operator,

                                                           PPL (30%)

 

Participation in the bidding round is in furtherance of the Company's strategy
and business plan to invest in its core business, accelerate exploratory
activities and augment hydrocarbon reserves balance.

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, Offsite-II Department, Supervision Division,

Securities & Exchange Commission of Pakistan,63, NIC Building,

Jinnah Avenue, Blue Area,

Islamabad.

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