Gas Discovery at Chak 214-1 Exploratory Well

Oil and Gas Development Company Ltd

19 September 2023

 

CS04-08 (PSX/LSE/SECP)

September 19, 2023

1.

The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Building, Stock Exchange Road, Karachi-74000, Pakistan.

2.

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

Subject:          GAS DISCOVERY AT CHAK 214-1 EXPLORATORY WELL IN MARI EAST BLOCK, DISTRICT RAHIM YAR KHAN, PUNJAB PROVINCE, PAKISTAN

Dear Sir,

          Oil and Gas Development Company Limited (OGDCL), being operator of Mari East Block (100%), has discovered gas at the Chak 214-1 exploratory well situated in the District Rahim Yar Khan, Punjab Province.

2.       Chak 214-1 well was spudded on June 29, 2023, utilizing OGDCL's in-house expertise. The well reached a depth of 1851 meters. Based on wireline log interpretations, Drill Stem Test-1 conducted in the Dunghan Formation demonstrated a yield of 1.1 Million Standard Cubic Feet per Day (MMSCFD) of gas with a choke size of 32/64" and a Well Head Flowing Pressure (WHFP) of 230 Pounds per Square Inch (PSI). Furthermore, Drill Stem Test-2 in the Sui Main Limestone (SML) yielded 1.31 MMSCFD of gas at the same choke size and a WHFP of 260 PSI.

3.       This discovery marks the first in the Mari East Block and is a testament to the Company's commitment to harnessing the hydrocarbon potential of the Block through aggressive exploration strategies.

4.       The above information is submitted in compliance of Section 96 of theSecurities 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

NIC Building,63 Jinnah Avenue, Blue Area,

Islamabad

 

END