Material Information

Oil and Gas Development Company Ltd

25 September 2024

 

OIL & GAS DEVELOPMENT COMPANY LIMITED (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

September 25, 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:        Discovery of Hydrocarbons in Sawan South Block at Akhiro-1 Exploratory Well, District Khairpur, Sindh Province

Dear Sir,

We are pleased to announce that Sawan South Joint Venture, comprising Oil and Gas Development Company Limited (OGDCL) (20% working interest), United Energy Pakistan Limited (UEPL), the Operator (75%), Government Holding Private Limited (GHPL) (2.5%) and Sindh Energy Holding Limited (SEHL), (2.5%) has discovered gas from Lower Gour B Reservoir Sand of Akhiro-1 well located in district Khairpur, Sindh Province.

The well was spudded-in on June 15, 2024 and has been successfully drilled down to the depth of 12,442 ft MD. The well was tested successfully at the rate around 10 Million Standard Cubic Feet per Day (MMSCFD) gas at choke size 24/64" at Wellhead Flowing Pressure (WHFP) of 4000 Pounds per Square Inch (Psig).

The new discovery has de-risked further exploration play in Sawan South Block. The said discovery will also help and contribute towards improving energy security of the country from indigenous resources and add to the hydrocarbon reserves base.

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,

Offsite-II Department, Supervision Division,

Securities & Exchange Commission of Pakistan,63,

NIC Building, Jinnah Avenue, Blue Area,

Islamabad.

 

END