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Oil and Gas Devt Co (OGDC)

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Tuesday 07 August, 2018

Oil and Gas Devt Co

Discovery of Oil &Gas at Mela Well # 05

RNS Number : 0359X
Oil and Gas Development Company Ltd
07 August 2018
 

No. CS04-08 (PSX/LSE)                                                                                            August 7, 2018

 

1.

The General Manager,

Pakistan Stock Exchange Limited,
Stock Exchange Building,

Stock Exchange Road,
Karachi-74000, Pakistan.

 

Fax No. (92-21) 3241 0825, 3241 5136

 

2.

London Stock Exchange Plc.,

10 Paternoster Square,

London EC4M 7LS.

 

Tel: (44) 20 7334 8907

Subject:            DISCOVERY OF CURDE OIL AND GAS AT MELA WELL # 05

Dear Sir,

            The joint Venture of Mela D&PL block comprising Oil and Gas Development Company Limited (OGDCL) as Operator (56.45%), Pakistan Petroleum Limited (PPL) (28.55%) and Government Holdings (Private) Limited (GHPL) (15%) has discovered Crude Oil & Gas from the development Well Mela # 05, which is located in District Kohat, Khyber Pakhtoonkhwa Province. This is the first discovery of Crude Oil & Gas from "Samanasuk Formation" in Mela oil field.

 

2.         The structure of Mela Well # 05 was dirlled and tested using OGDCL's in house expertise. The well was drilled down to the depth of 5070 Meters. The well has tested 95 BPD of curde Oil and 0.249 MMSCFD of gas through 32/64" choke at well head flowing pressure of 160-67 Psi from Samanasuk formation.

 

3.         The discovery of Mela # 05 is the result of aggressive exploration strategy adopted by the company. It has opened a new avenue and would add to the hydrocarbon reserves base of OGDCL and of the country.

 

4.         The above information is submitted in compliance with Clause 5.19.13(c) of Code of Corporate Governance contained in the rule book of the exchange for dissemination amongst your members please.

 

 

Yours Sincerely,

 

 

 

 

(Zafar Ahmad)

For Company Secretary

 

Copy:

 

Director/HOD,

Surveillance, Supervision and Enforcement Department

Securities & Exchange Commission of Pakistan,

NIC Building, 63 Jinnah Avenue, Blue Area,

Islamabad.


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