GAS CONDENSATE DISCOVERY AT BALOCH–2 WELL

Oil and Gas Development Company Ltd

30 August 2024

 

OIL & GAS DEVELOPMENT COMPANY LIMITED (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

August 30, 2024

The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Building, Stock Exchange Road, Karachi-74000, Pakistan. Fax No. (92-21) 3241 0825, 3241 5136

London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS. Tel: [phone]

Subject:      GAS CONDENSATE DISCOVERY AT BALOCH-2 WELL IN DISTRICT SANGHAR, SINDH PROVINCE, PAKISTAN

Dear Sir,

The Joint Venture of Sinjhoro Block comprising Oil & Gas Development Company Limited (OGDCL) as Operator with 76% working interest, Orient Petroleum (19%) & GHPL (5%) has made gas condensate discovery at the Baloch-2 well in the exploratory zone of Sembar Formation, in Baloch Development and Production Lease (D&PL), Sinjhoro Exploration Licence, located in District Sanghar, Sindh Province.

Baloch-2 well was spudded-in on February 24, 2024 and drilled down to total depth of 3920m TVD in Sembar Formation as an exploratory effort by OGDCL, with in-house evaluation and technical support from its Joint Venture Partners (JVPs). Based on the results of wireline logs interpretation, Drill Stem Test-3 in the Sembar Formation has tested 6.8 Million Standard Cubic Feet per Day (MMSCFD) of gas and 388 Barrels of Condensate per Day (BCPD) through choke size 32/64'' at Well Head Flowing Pressure (WHFP) of 2180 Pounds per Square Inch (Psi).

This discovery marks the first milestone in Sinjhoro Block from Sembar Formation. Sembar Formation is known for its promising source potential and is widely distributed across the Middle and Lower Indus basin of Pakistan. The discovery not only confirms the untapped potential of the Sembar Formation but also opens a new play, paving the way for further exploration and development of hydrocarbon reserves in the Block. In addition to appraisal and development of Baloch 2, OGDCL is proactively planning to re-enter existing shut-in wells and swiftly develop the full potential of Sembar Formation.

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, Offsite-II Department, Supervision Division,

Jinnah Avenue, Blue Area ,63, NIC Building, Islamabad

 

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