OGDCL Increases Working Interest in Qadirpur D&PL

Oil and Gas Development Company Ltd

23 January 2025

 

OIL & GAS DEVELOPMENT COMPANY LIMITED (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

January 23, 2025

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

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

Subject:        OGDCL Increases Working Interest in Qadirpur D&PL through
Farm-in Agreement

Oil and Gas Development Company Limited (OGDCL) is pleased to announce the successful execution of Farm-in Agreement with M/s KUFPEC Pakistan B.V. The agreement marks a pivotal step in strengthening OGDCL's position in the Qadirpur D&PL.

Under the terms of the agreement, OGDCL exercised its right of preemption in accordance with Article 12.5 of the Qadirpur Petroleum Concession Agreement (PCA). As a result, OGDCL will acquire 7.99% of KUFPEC's share, increasing its working interest in Qadirpur D&PL from 75% to 82.99%, subject to the regulatory approvals.

This development highlights OGDCL's strategic focus on optimizing its asset portfolio and strengthening its role in Pakistan's energy sector, ensuring sustainable growth and value creation for stakeholders.

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